LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive heated steering wheel market to grow at a CAGR of almost 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive heated steering wheel market for 2017-2021. The market is segmented based on end-user (OEM and aftermarket) and geography (the Americas, APAC, and EMEA).
The working principle of an automotive heated steering wheel is similar to that of an electric blanket. The electrical energy is converted into heat by the electrically resistant coil in the steering wheel. The heat provides riding comfort to the driver while traveling long distances and in cold conditions. This device is available as a standard fitment in most luxury cars. Light commercial vehicles (LCVs) and luxury cars are the major adopters of heated steering wheels.
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Technavio automotive research analysts highlight the following three factors that are contributing to the growth of the global automotive heated steering wheel market:
- Increases comfort while driving
- Rise in auto sales in colder regions
- Increase in demand for luxury cars
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Increases comfort while driving
Advances in technology are compelling consumers to prefer more additional features that enhance comfort in vehicles and vice versa. Furthermore, increase in daily commute is compelling individuals to spend more time in the vehicle than before. Therefore, the comfort level is the main factor driving the adoption of luxury cars.
Amey Vikram, a lead automotive electronics research analyst at Technavio, says, “More than 4 million drivers are engaged in interstate commute in the US, and they spend many irregular hours driving. During winters and in cold countries, the cold steering wheel can be uncomfortable to hold and can affect driving. Heated steering wheel enhances driving comfort. It readily heats up while maintaining a comfortable temperature and prevents overheating.”
Rise in auto sales in colder regions
Heated steering wheel is used to provide warmth to the driver by using thermoelectric technology in cold conditions. It enhances the comfort of the individuals driving for long distances. However, comfort is not the only factor that is driving the market growth. The increase in automotive sales in colder regions is also driving the market growth.
“Cold regions such as Europe are witnessing higher growth rates in terms of sales of light vehicles. These regions will be ideal for the adoption of heated steering wheel. For instance, Iceland averages 32°F in winter and 68°F in summers. Therefore, heated steering wheel is an ideal fitment in this region in any season,” adds Amey.
Increase in demand for luxury cars
The demand for luxury vehicles, along with the growing demand for advanced safety and comfort features, has been rising since the past few years and individuals are demanding safer luxury vehicles. With growing demand for personalization and comfort features such as heated steering wheel from consumers, OEMs are trying to incorporate these features in most of their premium segments cars.
Modern luxury vehicles are known as smart machines as they include advanced safety features, pre-tension brakes, entertainment systems, and comfort features such as heated steering wheel. Consumers now demand luxury cars with navigation, collision warning systems, and with heated seats and steering wheel. In the coming years, luxury car brands are planning to provide these advanced safety and comfort features in their less expensive vehicles.
Top vendors:
- Gentherm
- Key Safety Systems
- Takata
- Whelio
- ZF TRW
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