LONDON--(BUSINESS WIRE)--The automotive heated steering wheel market is expected to grow by 0.47 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Request challenges and opportunities influenced by COVID-19 pandemic - Request a Free Sample Report on COVID-19 Impacts
The rise in daily commute time is increasing the consumers’ time spent in their vehicles, which has driven the demand for additional comfort features. For instance, over 4 million people in the US in interstate commute spend many irregular hours driving. During winters, cold steering could become uncomfortable and might affect the driving experience. Hence, automobile manufacturers are offering heated steering wheels in their vehicles to enhance the driving experience. Heated steering wheel warms up quicker than the HVAC unit and improves driving comfort in the vehicle. This is one of the major factors driving the growth of the global automotive heated steering wheel market.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44500
As per Technavio, the increase in demand for luxury vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Heated Steering Wheel Market: Increasing Demand for Luxury Vehicles
The automotive industry has witnessed a steady rise in the demand for luxury vehicles over recent years. This can be attributed to the improving economic conditions and rising disposable incomes of consumers in developing countries such as China and India. For instance, Mercedes-Benz sold about 2.34 million vehicles in 2019, registering a 1.35% growth compared to 2018. Similarly, BMW witnessed a 2% increase in sales between 2018 and 2019. Modern luxury vehicles usually come equipped with various advanced safety and comfort features, including pre-tension brakes, entertainment systems, and heated steering wheels. Therefore, the rise in the sales of luxury vehicles will fuel the growth of the global automotive heated steering wheel market during the forecast period.
“Rise in auto sales in colder regions and the easy availability of aftermarket heated steering wheel covers will further boost market growth during the forecast period”, says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Technavio's SUBSCRIPTION platform
Automotive Heated Steering Wheel Market: Segmentation Analysis
This market research report segments the automotive heated steering wheel market by End-user (OEM and Aftermarket) and Geography (North America, APAC, Europe, South America, and MEA).
The North American region led the automotive heated steering wheel market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the emergence of Mexico as a major automotive hub in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
September 08, 2020 at 07:30PM
https://www.businesswire.com/news/home/20200908005556/en/Automotive-Heated-Steering-Wheel-Market-Highlights-Impact
Automotive Heated Steering Wheel Market Highlights the Impact of COVID-19, (2020-2024) | Increased Comfort While Driving to Boost Market Growth | Technavio - Business Wire
https://news.google.com/search?q=Wheel&hl=en-US&gl=US&ceid=US:en
No comments:
Post a Comment