Global Automotive Steering Wheel Market Research Report: Forecast (2025-2030)

Market Definition

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.

Market Insights & Analysis: Global Automotive Steering Wheel Market (2025-2030):

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). Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS).

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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 in both passenger & commercial vehicles. The major growth is derived from countries like China & India where vehicles are produced on a high scale. In 2023, around 30.16 million vehicles were produced by China which was a 12% increase from 2022. By the end of 2024, India will be able to reach a mark of more than 4.8 million passenger vehicles. Also, large producers like Hyundai and Toyota are increasing their output which is fueling the need for premium steering wheel parts for both passenger and commercial automobiles.

The global focus on safety standards is further propelling the market growth. Governments around the world are imposing more stringent safety regulations which helps manufacturers to incorporate features like electronic steering controls, airbags inside steering wheels, and ergonomic designs to lessen driver fatigue. For Instance; Stringent safety regulations including airbags in the steering wheel, and hands-on detection sensors for vehicles with driver assistance features, are made mandatory by the European New Car Assessment Programme (Euro NCAP).

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.

Global Automotive Steering Wheel Market Challenge:

Resistance to Non-Traditional Steering Designs by Consumers – In the Global Automobile Steering Wheel Market, one major challenge is consumer resistance to unconventional steering designs. Despite the emergence of innovative steering wheel designs especially in luxury and electric vehicle (EV) models, many drivers are reluctant to adopt these adjustments because of worries about safety usability, and comfort. Customers have mixed and confused reactions to the move from traditional circular steering wheels to unusual shapes like rectangular or yoke designs making innovations almost impossible with the shape of the steering. For Instance; Toyota faced criticism when they introduced Yoke Steering in the bZ4X EV as it was impractical for daily driving according to consumers for which they eventually provided both, a traditional circular wheel and a yoke option to address consumer hesitancy.

Global Automotive Steering Wheel Market Trend

Integration with Advanced Driver Assistance System – Advanced Driver Assistance Systems (ADAS)-equipped steering wheels with lane-keeping assistance, adaptive cruise control, and emergency braking are gaining popularity amongst consumers. As of the 2023 model year, 10 out of the 14 features using ADAS in automotive parts including the steering wheel had surpassed 50% market penetration making it a significant trend in the market. Technological developments of this kind will positively alter the market dynamics and give producers several opportunities to meet the constantly rising demand. Automakers around the globe are accelerating the integration of ADAS with advanced steering wheel technologies in their vehicle models to meet the consumer demand for a safe driving experience. For instance;

• A high-end EV manufacturer Lucid Motors integrated ADAS & touch-sensitive controls in the steering wheel that they introduced in Lucid Air.

Global Automotive Steering Wheel Market (2025-2030): Segmentation Analysis

The Global Automotive Steering Wheel Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2025–2030 at the global level. Based on the analysis, the market has been further classified as:

By Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles
• Electric Vehicles

Out of them passenger vehicles dominate the Global Automotive Steering Wheel Market. It holds approx. 69% share of the total market. Passenger cars including luxury cars, SUVs, hatchbacks, and sedans account for a sizable portion of all vehicles produced globally which helps to explain their high market share in the global automotive steering wheel industry. Due to the high volume of passenger cars produced each year the Original Equipment Manufacturer (OEM) segment has a sizable demand for steering wheels and their components. 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.

By Sales Channel:

• Original Equipment Manufacturer (OEM)
• Aftermarket

Out of them, the Original Equipment Manufacturer (OEM) segment dominates the market. It holds approximately 80% share of the total market value globally. This is because OEM auto parts are identical to the parts used to construct the vehicle as the OEM is the original manufacturer of the vehicle's components. OEM guarantees that replacement parts are compatible with the vehicle and delivered by the same quality standards, the buyers usually choose OEM for repairing damaged vehicle components. Automakers work directly with the OEMs to design steering wheels with integrated features like ADAS, haptic feedback, paddle shifters, infotainment control panels, etc. allowing them to provide a seamless driving experience tailored to the vehicle's overall design and technology package.

Also, the large production of steering wheels with standardized features further provides cost benefits to OEMs with the support of economies of scale. The steering wheels that come initially with the vehicles are highly durable and do not require any replacement over a long period making the aftermarket growth sluggish and further boosting the revenue growth of the OEM segment.

Global Automotive Steering Wheel Market (2025-30): Regional Projections

Geographically, the Global Automotive Steering Wheel Market expands across:

• Asia-Pacific
• North America
• South America
• Europe
• The Middle East & Africa

Out of them, Asia-Pacific leads the Global Automotive Steering Wheel Market. It holds approximately 30% market share of the entire industry. The region is an automotive hub with China, Japan, and India producing and selling the most number of cars which explains this growth. The region's market will continue to grow throughout the forecast period as a result of the increasing use of electric and autonomous vehicles as well as the growing adoption of vital government initiatives.

Furthermore, a faster adoption of Electric Power Steering (EPS) benefits China which is a hub for electronics manufacturing. Additionally, the Indian government has been focusing on emission standards like BS-VI and safety regulations. This is the reason why OEMs are moving from hydraulic power steering technology to EPS. Automotive steering wheel demand in this region is further increased by the country's growing EV sales.

Global Automotive Steering Wheel Industry Recent Development:

• October 2024: Hyundai Mobis Co. Ltd held the '2024 R&D Tech Day' that unveiled their 65 new technologies for EVs, electronics, and safety out of which 21 were electronic components including steering systems, and in-wheel motors capable of crab steering.
• October 2024: JTEKT Corporation (INDIA LIMITED) is establishing a new Production base from 2024-27 in Ahmadabad to expand sales of auto parts including the steering systems.

Gain a Competitive Edge with Our Global Automotive Steering Wheel Market Report

1. Global Automotive Steering Wheel Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Automotive Steering Wheel Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.

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