Automotive Steering Wheel Heaters Market Trend, Opportunity, and Forecast Analysis, 2024-2032

Automotive Steering Wheel Heaters Market Highlights

The global automotive steering wheel heaters market is expected to cross a value of USD 6.1 billion by the end of 2032. The market was valued at USD 2.9 billion in 2023 and is expected to expand at a CAGR of 7.6% between 2024-2032.

• Over the mid-term, the growing production of vehicles worldwide is the primary factor anticipated to drive the global automotive steering wheel heaters market.
• The concern for higher cost of vehicles is a major factor to challenge the market growth.
• The Europe automotive steering wheel heaters market is projected to dominate the global market.

Automotive Steering Wheel Heaters Market Outlook

Automotive steering wheel heater is a feature installed in vehicles to warm the surface of the steering wheel. This feature provides comfort and convenience to the driver, especially in cold weather conditions. The steering wheel usually consists of a heating element that is embedded within the rim of the steering wheel. Upon turning it on, the temperature of the steering wheel surface gradually rises.

According to our experts at KD Market Insights, one of the major factors anticipated to drive the growth of the global automotive steering wheel heaters market is the growing production of vehicles worldwide. The International Organization of Motor Vehicle Manufacturers (OICA), shared that the total production of vehicles reached 93546599 units in the year 2023, up from 58374162 units in the year 2000. An increase in vehicle production globally is expected to drive the demand for automotive steering wheel heaters, which in turn, would contribute to the market growth. Further, the rise in adoption of electric and hybrid vehicles worldwide is also expected to add to the market growth. KURABE Industrial Co.,Ltd, SEG Direct, VaygWay are some of the significant parties in the global market for automotive steering wheel heaters.

                                       Get More Insights on This Report - Request Free Sample PDF

Automotive Steering Wheel Heaters Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global automotive steering wheel heaters market are:

• Increasing Preference for Comfort: Consumers around the globe are increasingly prioritizing ride comfort in vehicles and hence are looking out for comfort and convenience features that allows the rider enhanced comfort and safety during cold weather conditions. The heated steering wheel makes driving more enjoyable and reduces the need for bulky gloves or mittens, allowing the driver to ride the vehicle for long hours. On the other hand, the numerous opportunities generated from the sales of luxury cars is also poised to boost the market growth in the coming years. Our experts have found that the revenue generated from the sales of luxury cars is expected to touch USD 283.7 billion by 2032 by growing with a CAGR of about 9% during the forecast period.
• Growing Concern for Vehicle Safety in Harsh Winter Conditions: There has been a growing concern among vehicle owners for safety while riding their vehicles in harsh winter conditions. Regions with cold climate experience freezing temperatures, snow, and ice, and driving in such conditions are life threatening for the vehicle driver. Automotive steering wheel heaters allow driver to have greater control on their vehicles and helps in easy maneuverability. The driver’s hands are thus prevented from becoming numb or stiff due to the impact of the cold weather conditions. Owing to such factors, the demand for automotive steering wheel heaters is expected to increase in the coming years.

Which Probable Factors Could Hamper the Growing Automotive Steering Wheel Heaters Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of automotive steering wheel heaters are:

• Concern for Higher Cost of Vehicles: Upon adding the feature of automotive heater steering wheels, the overall cost of the vehicle may increase, and thus would hamper the affordability of these vehicles, especially those vehicles which are in the budget segment. This concern for price increase of vehicles is therefore expected to limit the market growth during the forecast period.
• Complexities Associated in Retrofitting: The challenges and complexities associated in retrofitting vehicles with aftermarket steering wheel heaters is expected to hinder the market growth in the coming years.

How is the Global Automotive Steering Wheel Heaters Market Segmented?

Our experts at KD Market Insights have segmented the global automotive steering wheel heaters market as:

What are the Probable Factors Influencing the Europe Automotive Steering Wheel Heaters Market Forecast?

The Europe automotive steering wheel heaters market is majorly driven by the fact that the region experiences cold climate conditions, particularly in the norther and eastern regions. During winters, the temperatures in Northern Europe touches close to -6°C, while that in Eastern Europe, the temperature touches about -12°C. Owing to such harsh winter conditions in these areas, automotive steering wheel heaters are highly valued for their ability to improve driver comfort and safety. Alternatively, European consumers have a strong preference for premium and luxury vehicles that offer advanced comfort and convenience features, and hence, vehicle manufacturers often include automotive steering wheel heaters as standard or optional equipment.

As per our analysts at KD Market Insights, the following five players lead the Europe automotive steering wheel heaters market growth:

• Webasto Group
• Gentherm
• W.E.T. Automotive Systems AG
• Autoliv Inc.
• Valeo SA

Which Key Players Top the Global Automotive Steering Wheel Heaters Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global automotive steering wheel heaters market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with automotive steering wheel heaters market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global automotive steering wheel heaters market share:

• KURABE Industrial Co., Ltd.
• SEG Direct
• VaygWay
• ZF Friedrichshafen AG
• Bombardier Recreational Products Inc
• SYMTEC
• EMDET Groups
• Whelio 
• Toyoda Gosei Co., Ltd.
• Autoliv Inc.
• GENTHERM
• Takata Corporation
• Ningbo Joyson Electronics Co.
• Zhejiang Hangzhou Risheng Electric Heating Product Co., Ltd., IG
• Bauerhin GmbH
• Polaris Inc

What are the Recent Developments Observed in the Automotive Steering Wheel Heaters Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global automotive steering wheel heaters market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Ford announced that it would be adding remote start and heated steering wheels to some of its line of cars and trucks.

Further, Tesla shared that it has added the heated steering wheel feature in its Model Y standard range of cars.