Press Release

A USD 37.5 Billion Automotive Steering Wheel Market to Witness a CAGR of Around 3.1% During 2025-30

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), cites MarkNtel Advisors in the recent research report. Various factors are attributed to the growth of the market. Vehicle production has been increasing at a rapid rate globally, leading to the rise in demand for steering wheels due to their requirement in all types of models. As a result of this growing demand, manufacturers will produce steering wheels with high-quality materials, sophisticated controls, and visual appeal. Airbag-equipped steering wheels and ergonomic designs to reduce driver fatigue are also being produced due to the increased emphasis on safety regulations globally.

Governments all across the world are implementing more stringent safety regulations which will support creative innovations with new safety features that open up market expansion prospects. Advanced steering wheels with cutting-edge sensors, control buttons, and Advanced Driver Assistance Systems (ADAS) for functions like adaptive cruise control, emergency braking, and lane-keeping assistance are becoming highly popular. Technological developments of this kind will positively alter the market dynamics and give producers several opportunities to meet the constantly rising demand.

Some challenges can hamper the market growth. The complexity of integrating advanced features creates problems with software and hardware integration. Also, issues like driver distraction, system malfunctions, and ergonomics become more prominent. Moreover, many consumers are resisting Non-Traditional Steering Designs like yoke-style steering wheels, which becomes sometimes difficult to operate leading to slow innovations in designs. Additionally, there is a very high manufacturing & sales cost associated with steering wheels containing advanced features making it difficult to cater to a broad market segment, further estates the research report, “Global Automotive Steering Wheel Market Analysis, 2025.”

Global Automotive Steering Wheel Market Segmentation Analysis

Passenger Vehicles Most Preferred Type in the Market

Based on vehicle type, the market is further bifurcated into Passenger Vehicles, Commercial Vehicles, and Electric Vehicles. Out of them passenger vehicles dominate the Global Automotive Steering Wheel Market. It holds approximately 69% of the total market share. Passenger Vehicles make up a significant amount of all vehicles produced worldwide including luxury cars SUVs hatchbacks, and sedans that justify their large market share in the Global Automotive Steering Wheel Market.

The Original Equipment Manufacturer (OEM) segment has a significant demand for steering wheels and their components due to the large number of passenger vehicles produced annually. The diversity in vehicle types and sizes in passenger vehicles broadens the application of steering vehicle technology tailored to their specific needs, performance, and handling characteristics. Throughout the forecast period, the passenger vehicle segment is expected to continue to dominate the automotive steering wheel industry.

Asia-Pacific Holds a Dominant Position in Automotive Steering Wheel Industry

Asia-Pacific leads the Global Automotive Steering Wheel Market. It holds approximately 30% of the total market share. The reason behind this growth is that the region is an automotive hub with China, Japan, and India, having the largest vehicle production & sales. The growing adoption of vital governmental initiatives, and the use of electric, & autonomous vehicles will further lead to market development in the region during the forecast period. Furthermore, China is a center for electronics manufacturing so it benefits from a quicker adoption of Electric Power Steering (EPS).

Additionally, the Indian government has been concentrating on safety regulations and emission standards such as BS-VI emission standards. This is driving OEMs to switch towards EPS from hydraulic power steering technology. The rising EV sales in the country further boost the demand for the Automotive Steering Wheel in the region.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including 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 are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?