According to Markntel Advisors Report, Automotive Steering Wheel Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

The steering wheel is the control wheel that the driver uses to operate the vehicle. It has a wiper switch, a light switch, a traffic indicator switch, and others. The steering controls in the car determine whether it is referred to as a hand wheel or a driving wheel. The driver controls the steering wheel while the rest of the steering system reacts to actions from the driver. The steering system multiplies the driver's effort through mechanical advantage by converting the steering wheel’s rotatory movement into the front wheel's angular motion.

 

Global Automotive Steering Wheel Market Research Report & Summary:

The Global Automotive Steering Wheel Market size was valued at around USD 37.5 billion in 2024 and is projected to reach USD 45 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 3.1% during the forecast period (2025-30).      

Time Period Captured in the Report:

• Historical Years: 2020-2023
• Base Years: 2024
• Forecast Years: 2025-2030

Who are the Key Players Operating in the Automotive Steering Wheel Market?

The top companies of the Automotive Steering Wheel Market ruling the industry are: 

Hyundai Mobis Co. Ltd., JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, ATS Automation Tooling System Inc., Mitsubishi Electric Corporation, Autoliv Inc, China Automotive Systems, Inc., and others

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What is Included in Automotive Steering Wheel Market Segmentation?

The Automotive Steering Wheel Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Vehicle Type

-Passenger Vehicles- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Hatchbacks- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Sedans- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-SUVs- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Crossovers- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Commercial Vehicles- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Electric Vehicles-Market Size & Forecast 2020-2030, Units Sold (Thousands)

-By Product Type

-Magnesium Steering Wheel- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Aluminum Steering Wheel (Landscaping)- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Steel Steering Wheel- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Others

-By Technology Type

- Electronic Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)

- H-EPS -Market Size & Forecast 2020-2030, Units Sold (Thousands)

- C-EPS-Market Size & Forecast 2020-2030, Units Sold (Thousands)

- P-EPS-Market Size & Forecast 2020-2030, Units Sold (Thousands)

- R-EPS-Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Hydraulic Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Manual Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Electro-Hydraulic Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Others - Market Size & Forecast 2020-2030, Units Sold (Thousands)

-By Wheel Type

-Small Wheel Type- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Medium Wheel Type- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Large Wheel Type- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-By Sales Channel

-OEM- Market Size & Forecast 2020-2030, Units Sold (Thousands)

-Aftermarket- Market Size & Forecast 2020-2030, Units Sold (Thousands)

- By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

Explore the Complete Automotive Steering Wheel Market Analysis Report – https://www.marknteladvisors.com/research-library/automotive-steering-wheel-market.html

Global Automotive Steering Wheel Market Driver:

Increasing Penetration of Electric Vehicles Globally – Carried by a decarbonization challenge globally, the EV segment has highly penetrated the market over the years with the support of various policies and incentives globally. The need for customized steering wheel designs that fulfill the requirements of electric vehicles and technologically sophisticated vehicles is increasing. In 2023, Nearly 1 in 5 cars sold were EVs with around 14 million new electric car registrations bringing the total number of on-road cars to around 40 million. By the end of 2024, electric car sales would reach up to 17 million accounting for approximately 20% of total car sales.

This is one of the major drivers propelling the global automotive steering wheel industry. By focusing on the integration of cutting-edge features like haptic feedback touch controls and creative steering designs EV manufacturers are opening up new markets for steering wheels. For instance; the introduction of the yoke-style rectangular-shaped steering wheel design by Tesla featured in their Model S & X electric vehicles.

Global Automotive Steering Wheel Market Opportunity:

Steer-by-Wire Technology to Create Lucrative Growth Opportunities – Due to the developments in autonomous driving and electric vehicles (EVs), steer-by-wire (SbW) technology is becoming a lucrative opportunity in the global automotive steering industry. In contrast to conventional mechanical steering, SbW systems use electronic signals to control the direction of the vehicle by eliminating the physical connection between the steering and wheels. The introduction of this technology helps in the reduction of vehicle weight, improves fuel efficiency, and enables more customizable steering setups suited to different driving conditions. Various companies are testing and applying this technology in their vehicles.

For Instance; SbW improved accuracy and responsiveness when Nissan added it to the Ariya an electric SUV. Drivers can adjust steering sensitivity with this system called One Motion Grip which improves control at high speeds and facilitates maneuvering at low ones. The integration of SbW with EVs and autonomous vehicles will offer a blend of unmatchable flexibility and control that cannot be provided by traditional systems.

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