Technavio has been monitoring the automotive heated steering wheel market and it is poised to grow by 0.47 million units during 2020-2024, progressing at a CAGR of about 1% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Automotive Heated Steering Wheel Market 2020-2024 (Graphic: Business Wire)
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the automotive heated steering wheel market. The market growth in 2020 is likely to decrease compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by end-user, which is the leading segment in the market?
The OEM segment led the market in 2019.
What are the major trends in the market?
The rising demand for luxury cars is the key trend in the market.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of about 1% during 2020-2024.
Who are the top players in the market?
Autoliv Inc., Bombardier Recreational Products Inc., Gentherm Inc., I.G. Bauerhin GmbH, Ningbo Joyson Electronics Co. Ltd., Polaris Inc., SECO, SYMTEC, Toyoda Gosei Co. Ltd., and ZF Friedrichshafen AG are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the increased driving comfort offered by heated steering wheels. However, the slowdown in automobile manufacturing will challenge growth.
How big is the North American market?
North America contributed about 70% of the market growth in 2019.
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The market is concentrated, and the degree of concentration will accelerate during the forecast period. Autoliv Inc., Bombardier Recreational Products Inc., Gentherm Inc., I.G. Bauerhin GmbH, Ningbo Joyson Electronics Co. Ltd., Polaris Inc., SECO, SYMTEC, Toyoda Gosei Co. Ltd., and ZF Friedrichshafen AG are some of the major market participants. Although the increased driving comfort will offer immense growth opportunities, the slowdown in automobile manufacturing is likely to pose a challenge