Future Automotive Steering Wheel Market: Key Dynamics, Size & Share Analysis

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).

Top Challenges Impacting the Automotive Steering Wheel Market Growth

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.

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Understanding the Core Segments in the Automotive Steering Wheel Market

Automotive Steering Wheel Market Size, Share & Industry Trends Analysis- By Vehicle Type (Passenger Vehicles [Hatchbacks, Sedans, SUVs, Crossovers], Commercial Vehicles, Electric Vehicles), By Product Type (Magnesium Steering Wheel, Aluminum Steering Wheel, Steel Steering Wheel, Others), By Technology Type (Electronic Steering [H-EPS, C-EPS, P-EPS, R-EPS], Hydraulic Steering, Manual Steering, Electro-Hydraulic Steering), Others, By Wheel Type (Small Wheel Type, Medium Wheel Type, Large Wheel Type), By Sales Channel (OEM, Aftermarket) and Others.

Geographical Analysis of the Automotive Steering Wheel Market

By Region

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

Who Dominates the Automotive Steering Wheel Market Insights on Key Industry Players?

Companies are strengthening their presence in the Automotive Steering Wheel market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

• 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.
•  

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