Automotive Steering Wheel Market by Type, Material, Sales Channel, Vehicle Type

List of Tables

The Automotive Steering Wheel Market was valued at USD 21.10 billion in 2023, expected to reach USD 22.62 billion in 2024, and is projected to grow at a CAGR of 7.59%, to USD 35.22 billion by 2030.

The automotive steering wheel market is a critical component within the broader automotive industry, focused on steering mechanisms essential for vehicle safety, control, and performance. It's defined by components such as steering columns, wheels, and associated electronic controls. The necessity of steering wheels stems from their foundational role in vehicle maneuverability and safety. Within applications, they extend beyond standard steering to integrate with advanced driver-assistance systems (ADAS), evolving towards steer-by-wire technology for enhanced control and precision. The end-use scope encompasses a range of vehicles, including passenger cars, commercial trucks, and emerging electric and autonomous vehicles, each demanding tailored steering solutions. Market growth is propelled by technological advancements in steering systems, consumer demand for enhanced safety features, and regulatory mandates for vehicle performance and safety. Opportunities abound in the integration of innovative materials and designs that enhance ergonomics and user interaction, as well as the incorporation of smart technologies that align with the push towards connected vehicles and smart mobility. However, the automotive steering wheel market faces challenges such as high costs associated with technological advancements, competition from alternative steering mechanisms, and stringent regulatory landscapes. Limitations also arise from supply chain disruptions and the need for significant investment in R&D. Key innovation areas lie in the development of lightweight materials for better fuel efficiency, the integration of IoT for smart steering solutions, and interfaces that enhance user experience in autonomous driving. For businesses, focusing on these innovations and improving adaptive designs for various vehicle types will be crucial. The market's nature is highly competitive and dynamic, driven by rapid technological changes and the evolving landscape of automotive manufacturing, which businesses must navigate strategically for sustained growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 21.10 billion
Estimated Year [2024]	USD 22.62 billion
Forecast Year [2030]	USD 35.22 billion
CAGR (%)	7.59%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Automotive Steering Wheel Market

The Automotive Steering Wheel Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Growing vehicle production and sales worldwide
- Rapid consumer shift towards automated driving and additional comfort in vehicles
- Increasing demand for steering wheels for advanced safety and performance
Market Restraints
- High cost of raw materials for steering wheels
Market Opportunities
- Advancements and development of novel power steering wheels
- Investment in research activities for the development of steering wheels
Market Challenges
- Concern regarding functionality and operational issues of steering wheels

Porter's Five Forces: A Strategic Tool for Navigating the Automotive Steering Wheel Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Automotive Steering Wheel Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Automotive Steering Wheel Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Automotive Steering Wheel Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Automotive Steering Wheel Market

A detailed market share analysis in the Automotive Steering Wheel Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Automotive Steering Wheel Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Automotive Steering Wheel Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Automotive Steering Wheel Market

A strategic analysis of the Automotive Steering Wheel Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Automotive Steering Wheel Market, highlighting leading vendors and their innovative profiles. These include Amani Forged Wheels, Autoliv Inc., Caravaggio Corvettes Inc., Fanatec by Endor AG, Gentherm, GKN Automotive Ltd., Grant Products, GSK InTek Co. Ltd., ISOTECNIC S.r.l., Joyson Safety Systems Aschaffenburg GmbH, KKR Metal Components, Lokar, Inc., Mitsubishi Electric Corporation, Moto-Lita Limited, MW Company LLC, Neaton Auto Products Manufacturing Inc., Nexteer Automotive Group Ltd., Nihon Plast Co., Ltd., Sparco S.p.A., Sun Autoelektrik Pvt., Ltd., ThyssenKrupp AG, Tokai Rika Co., Ltd., Toyoda Gosei Co., Ltd., Yanfeng Automotive Interior Systems Co., Ltd., and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Automotive Steering Wheel Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Type, market is studied across Dual-Spoke Steering Wheels, Single-Spoke Steering Wheels, Swing-Away Steering Wheel, Telescoping Steering Wheel, and Three-Spoke Steering Wheels.
Based on Material, market is studied across Leather, Metal, Plastic, Rubber, and Wooden.
Based on Sales Channel, market is studied across Aftermarket and Original Equipment Manufacturer.
Based on Vehicle Type, market is studied across Commercial Vehicles and Passenger Car.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-D27C4B4F0AE9

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing vehicle production and sales worldwide
  - 5.1.1.2. Rapid consumer shift towards automated driving and additional comfort in vehicles
  - 5.1.1.3. Increasing demand for steering wheels for advanced safety and performance
- 5.1.2. Restraints
  - 5.1.2.1. High cost of raw materials for steering wheels
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements and development of novel power steering wheels
  - 5.1.3.2. Investment in research activities for the development of steering wheels
- 5.1.4. Challenges
  - 5.1.4.1. Concern regarding functionality and operational issues of steering wheels
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Automotive Steering Wheel Market, by Type

6.1. Introduction
6.2. Dual-Spoke Steering Wheels
6.3. Single-Spoke Steering Wheels
6.4. Swing-Away Steering Wheel
6.5. Telescoping Steering Wheel
6.6. Three-Spoke Steering Wheels

7. Automotive Steering Wheel Market, by Material

7.1. Introduction
7.2. Leather
7.3. Metal
7.4. Plastic
7.5. Rubber
7.6. Wooden

8. Automotive Steering Wheel Market, by Sales Channel

8.1. Introduction
8.2. Aftermarket
8.3. Original Equipment Manufacturer

9. Automotive Steering Wheel Market, by Vehicle Type

9.1. Introduction
9.2. Commercial Vehicles
9.3. Passenger Car

10. Americas Automotive Steering Wheel Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Automotive Steering Wheel Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Automotive Steering Wheel Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
13.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Amani Forged Wheels
2. Autoliv Inc.
3. Caravaggio Corvettes Inc.
4. Fanatec by Endor AG
5. Gentherm
6. GKN Automotive Ltd.
7. Grant Products
8. GSK InTek Co. Ltd.
9. ISOTECNIC S.r.l.
10. Joyson Safety Systems Aschaffenburg GmbH
11. KKR Metal Components
12. Lokar, Inc.
13. Mitsubishi Electric Corporation
14. Moto-Lita Limited
15. MW Company LLC
16. Neaton Auto Products Manufacturing Inc.
17. Nexteer Automotive Group Ltd.
18. Nihon Plast Co., Ltd.
19. Sparco S.p.A.
20. Sun Autoelektrik Pvt., Ltd.
21. ThyssenKrupp AG
22. Tokai Rika Co., Ltd.
23. Toyoda Gosei Co., Ltd.
24. Yanfeng Automotive Interior Systems Co., Ltd.
25. ZF Friedrichshafen AG