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).      

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.

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Key Market Reports Highlights

·        Market Dimensions & Projections

·        Pricing Evaluation

·        Recent Strategic Moves by Companies

·        Primary Stakeholders

·        Import/Export Trend Analysis

·        Competitive Landscape Assessment

·        Emerging Opportunities

·        Market Trends and Indicators

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Automotive Steering Wheel Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2024

-Historical Period: 2020 to 2023

-Forecast Period: 2025 to 2030

• 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

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

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