2018 Automotive Heated Steering Wheel Market Key Players Analysis by TMR: ZF Friedrichshafen AG, GENTHERM, Whelio on Top
Albany, NY -- (SBWire) -- 11/02/2018 --Automotive heated steering wheels are additional comfort feature equipped in vehicles. Moreover, heated steering wheel is mounted in premium segment vehicles; however, they are currently available in some standard segment vehicles too.
Heated steering wheels are mostly provided in vehicles launched in Europe and North America owing to the extreme cold weather experienced in these regions. An automotive heated steering wheel comprises a heating element within the steering wheel, which enables the heating process of the steering wheel when the ambient temperature in the vehicle is low.
The automotive heated steering wheel market is anticipated to expand significantly during the forecast period owing to the rise in demand for comfort and enhanced driving conditions in the vehicle. The automotive heated steering wheel market in extremely cold regions, such as Europe, is expected to expand at a significant pace.
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Furthermore, vehicles with highly efficient HVAC systems are likely to hinder the automotive heated steering wheel market owing to their high potential to maintain the temperature of the vehicle's cabin in very short duration of time. Therefore, manufacturers don't prefer the heated steering wheel due to the high power consumed while raising the temperature of the steering wheel.
The global automotive heated steering wheel market can be segmented based on sales channel, vehicle type, and region. In terms of sales channel, currently, the OEM segment is likely to hold a major share of the market, as the technology is penetrating the market. Additionally, the segment is likely to expand at a significant pace, as it is a cost-effective method to heat the steering wheel, which makes the driver more comfortable when the ambient temperature is low.
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However, the aftermarket segment is expected to expand at a significant growth rate during the forecast period as very few manufacturers are providing heated steering wheels in their vehicles, despite being a cost effective feature. Therefore, the aftermarket segment is projected to expand during the forecast period.
In terms of vehicle type, the passenger vehicle segment is anticipated to hold a major share of the automotive heated steering wheel market, owing to the high production of passenger vehicles equipped with the heated steering wheels. Comfort is a preliminary requirement in passenger vehicles, while in commercial vehicles, people spend lesser to enhance driving comfort. Hence, the passenger vehicle segment is anticipated to hold a major share of the market during the forecast period.
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In terms of region, Europe is anticipated to account for a prominent share of the global automotive heated steering wheel market as the region contains a large number of countries that experience extreme cold weather conditions. The U.K. is a major market for automotive heated steering wheel; furthermore, North America is anticipated to be another major market for automotive heated steering wheel.
Major players operating in the global automotive heated steering wheel market include ZF Friedrichshafen AG, GENTHERM, Whelio, SYMTEC, Joyson Safety Systems, EMDET Groups, and Autoliv Inc.
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