As per MarkNtel Advisors 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 Systems Market Analysis:

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). 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.

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Automotive Steering Wheel Market Systems Market Segmentation:

• 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

Automotive Steering Wheel Market 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.

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Automotive Steering Wheel Market Drivers:

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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Report Highlights Essential Insights for Strategic Decision-Making

• Detailed market size, share, and forecast analysis
  • In-depth pricing trends and segment-wise cost evaluations
  • Key industry strategies, including innovation, partnerships, and acquisitions
  • Critical value chain analysis and stakeholder profiling
  • Regional import-export market insights and trade flow assessment
  • Thorough competitive benchmarking of top hearing aid manufacturers
  • Identification of new growth opportunities and niche market segments
  • Overview of market trends, drivers, and challenges shaping future demand

Some of the leading players in the Automotive Steering Wheel Market 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.
• Others

Research Methodology Summary

A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.

Key Steps:

• Define objectives and research design
• Collect data through surveys and interviews
• Analyze and validate data using reliable tools
• Forecast trends and deliver actionable insights

About us:

MarkNtel Advisors is a leading research and consulting firm providing strategic intelligence across the automotive industry, spanning automobiles, electric vehicles, autonomous driving, and automotive components & electronics. Our research helps OEMs, suppliers, and investors navigate regulatory shifts, evolving mobility patterns, and emerging EV ecosystems. With Custom Market Analysis, we deliver tailored research solutions that address specific business objectives, empowering clients to optimize investments, accelerate innovation, and sustain long-term growth in the global automotive market.

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