Automotive Steering Wheel Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

The global automotive steering wheel market is set to grow significantly, projected to increase from US$29.7 billion in 2024 to US$53.3 billion by 2031. The market is expected to achieve a compound annual growth rate (CAGR) of 8.7% during the forecast period from 2024 to 2031. Here are the key highlights and trends driving this growth:

Key Market Highlights:

Market Valuation (2024): US$29.7 billion
Market Valuation (2031): US$53.3 billion
CAGR (2024-2031): 8.7%
Leading Region: Asia Pacific, with a projected CAGR of 9.8% through 2031

Market Dynamics and Trends

1. Integration of Advanced Technologies

Steering wheels are increasingly incorporating sensors and controls to support Advanced Driver Assistance Systems (ADAS). This integration is enhancing vehicle safety and driving experience, making steering wheels more sophisticated and essential for modern automotive systems.

2. Lightweight and Efficient Materials

The adoption of lightweight and efficient steering wheel materials is gaining momentum to improve fuel economy. Manufacturers are focusing on materials that reduce vehicle weight, thereby contributing to better fuel efficiency and overall performance.

3. Growth in Passenger Vehicles

The passenger vehicle segment is anticipated to witness substantial growth. As consumer preferences shift towards more advanced and comfortable driving experiences, the demand for innovative steering wheel designs and technologies in passenger vehicles is increasing.

4. Shift Towards Electric and Autonomous Vehicles

The market is experiencing a notable shift towards electric and autonomous vehicles. This transition is driving the demand for advanced steering wheel technologies that cater to the needs of electric and self-driving cars, including enhanced control systems and integration with autonomous driving features.

5. Dominance of Asia Pacific

Asia Pacific is expected to dominate the global automotive steering wheel market, driven by burgeoning vehicle production and governmental initiatives promoting electric and autonomous vehicles. The region's growth is fueled by increasing vehicle production, rapid adoption of Electric Power Steering (EPS) technology, and technological advancements.

China, in particular, is emerging as a major player due to its status as a global electronics manufacturing hub. The rapid adoption of EPS technology in passenger cars and light commercial vehicles in China is expected to further drive market growth. Leading automotive manufacturers and suppliers based in Asia Pacific are leveraging their expertise and production capabilities to enhance the region's influence and competitiveness in the global steering wheel market.

Conclusion

The global automotive steering wheel market is poised for robust growth, driven by advancements in technology, material innovations, and the shift towards electric and autonomous vehicles. With Asia Pacific leading the charge, the market is set to witness significant developments and opportunities in the coming years.

Key Companies Profiled:

JTEKT Corporation
Toyoda Gosei Co. Ltd
Autoliv Inc
ZF Friedrichshafen AG
Hyundai Mobis Co. Ltd
GKN Automotive
Nihon Plast Co. Ltd
Ningbo Joyson Electronics Co. Ltd
Nexteer Corporation

Automotive Steering Wheel Market Research Segmentation

By Product Type

Magnesium Steering Wheel
Aluminum Steering Wheel
Steel Steering Wheel
Others

By Technology Type

Normal
Control Embedded

By Vehicle Type

Passenger Cars
Commercial Vehicles/Light Commercial Vehicles
Heavy Commercial Vehicles

By Sales Channel

OEM
Aftermarket

By Region

North America
Latin America
Europe
Asia Pacific
The Middle East and Africa

Product Code: PMRREP16984

1. Executive Summary

1.1. Global Automotive Steering Wheel Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Bn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Product Lifecycle Analysis
2.4. Automotive Steering Wheel Market: Value Chain
- 2.4.1. List of Raw Material Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of Vehicle Types
- 2.4.5. Profitability Analysis
2.5. Forecast Factors - Relevance and Impact
2.6. Covid-19 Impact Assessment
2.7. PESTLE Analysis
2.8. Porter Five Force's Analysis
2.9. Geopolitical Tensions: Market Impact
2.10. Regulatory and Technology Landscape

3. Macroeconomic Factors

3.1. Global Sectorial Outlook
3.2. Global GDP Growth Outlook
3.3. Global Parent Market Overview

4. Price Trend Analysis, 2019-2031

4.1. Key Highlights
4.2. Key Factors Impacting Product Prices
4.3. Prices By Product Type/Technology/Vehicle Type
4.4. Regional Prices and Product Preferences

5. Global Automotive Steering Wheel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Volume (Unit) Projections
- 5.1.2. Market Size and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size Analysis, 2019-2023
- 5.2.2. Current Market Size Forecast, 2024-2031
5.3. Global Automotive Steering Wheel Market Outlook: Product Type
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Product Type, 2019-2023
- 5.3.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product Type, 2024-2031
  - 5.3.3.1. Magnesium Steering Wheel
  - 5.3.3.2. Aluminum Steering Wheel
  - 5.3.3.3. Steel Steering Wheel
  - 5.3.3.4. Others
5.4. Market Attractiveness Analysis: Product Type
5.5. Global Automotive Steering Wheel Market Outlook: Technology
- 5.5.1. Introduction / Key Findings
- 5.5.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Technology, 2019-2023
- 5.5.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Technology, 2024-2031
  - 5.5.3.1. Conventional
  - 5.5.3.2. Control Embedded
5.6. Market Attractiveness Analysis: Technology
5.7. Global Automotive Steering Wheel Market Outlook: Vehicle Type
- 5.7.1. Introduction / Key Findings
- 5.7.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Vehicle Type, 2019-2023
- 5.7.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Vehicle Type, 2024-2031
  - 5.7.3.1. Passenger Vehicle
    - 5.7.3.1.1. Hatchbacks
    - 5.7.3.1.2. Sedans
    - 5.7.3.1.3. SUVs
    - 5.7.3.1.4. Crossovers
  - 5.7.3.2. Commercial Vehicles
  - 5.7.3.3. Electric Vehicles.
5.8. Market Attractiveness Analysis: Vehicle Type
5.9. Global Automotive Steering Wheel Market Outlook: Sales Channel
- 5.9.1. Introduction / Key Findings
- 5.9.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Sales Channel, 2019-2023
- 5.9.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Sales Channel, 2024-2031
  - 5.9.3.1. OEM
  - 5.9.3.2. Aftermarket
5.10. Market Attractiveness Analysis: Sales Channel

6. Global Automotive Steering Wheel Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Region, 2024-2031
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. East Asia
- 6.3.4. South Asia and Oceania
- 6.3.5. Latin America
- 6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region

7. North America Automotive Steering Wheel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
- 7.3.1. By Country
- 7.3.2. By Product Type
- 7.3.3. By Technology
- 7.3.4. By Vehicle Type
- 7.3.5. By Sales Channel
7.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
- 7.4.1. U.S.
- 7.4.2. Canada
7.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product Type, 2024-2031
- 7.5.1. Magnesium Steering Wheel
- 7.5.2. Aluminum Steering Wheel
- 7.5.3. Steel Steering Wheel
- 7.5.4. Others
7.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Technology, 2024-2031
- 7.6.1. Conventional
- 7.6.2. Control Embedded
7.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Vehicle Type, 2024-2031
- 7.7.1. Passenger Vehicle
  - 7.7.1.1. Hatchbacks
  - 7.7.1.2. Sedans
  - 7.7.1.3. SUVs
  - 7.7.1.4. Crossovers
- 7.7.2. Commercial Vehicles
- 7.7.3. Electric Vehicles
7.8. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Sales Channel, 2024-2031
- 7.8.1. OEM
- 7.8.2. Aftermarket
7.9. Market Attractiveness Analysis

8. Europe Automotive Steering Wheel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
- 8.3.1. By Country
- 8.3.2. By Product Type
- 8.3.3. By Technology
- 8.3.4. By Vehicle Type
- 8.3.5. By Sales Channel
8.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
- 8.4.1. Germany
- 8.4.2. France
- 8.4.3. U.K.
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Turkey
- 8.4.8. Rest of Europe
8.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product Type, 2024-2031
- 8.5.1. Magnesium Steering Wheel
- 8.5.2. Aluminum Steering Wheel
- 8.5.3. Steel Steering Wheel
- 8.5.4. Others
8.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Technology, 2024-2031
- 8.6.1. Conventional
- 8.6.2. Control Embedded
8.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Vehicle Type, 2024-2031
- 8.7.1. Passenger Vehicle
  - 8.7.1.1. Hatchbacks
  - 8.7.1.2. Sedans
  - 8.7.1.3. SUVs
  - 8.7.1.4. Crossovers
- 8.7.2. Commercial Vehicles
- 8.7.3. Electric Vehicles
8.8. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Sales Channel, 2024-2031
- 8.8.1. OEM
- 8.8.2. Aftermarket
8.9. Market Attractiveness Analysis

9. East Asia Automotive Steering Wheel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
- 9.3.1. By Country
- 9.3.2. By Product Type
- 9.3.3. By Technology
- 9.3.4. By Vehicle Type
- 9.3.5. By Sales Channel
9.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
- 9.4.1. China
- 9.4.2. Japan
- 9.4.3. South Korea
9.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product Type, 2024-2031
- 9.5.1. Magnesium Steering Wheel
- 9.5.2. Aluminum Steering Wheel
- 9.5.3. Steel Steering Wheel
- 9.5.4. Others
9.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Technology, 2024-2031
- 9.6.1. Conventional
- 9.6.2. Control Embedded
9.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Vehicle Type, 2024-2031
- 9.7.1. Passenger Vehicle
  - 9.7.1.1. Hatchbacks
  - 9.7.1.2. Sedans
  - 9.7.1.3. SUVs
  - 9.7.1.4. Crossovers
- 9.7.2. Commercial Vehicles
- 9.7.3. Electric Vehicles
9.8. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Sales Channel, 2024-2031
- 9.8.1. OEM
- 9.8.2. Aftermarket
9.9. Market Attractiveness Analysis

10. South Asia & Oceania Automotive Steering Wheel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
- 10.3.1. By Country
- 10.3.2. By Product Type
- 10.3.3. By Technology
- 10.3.4. By Vehicle Type
- 10.3.5. By Sales Channel
10.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
- 10.4.1. India
- 10.4.2. Southeast Asia
- 10.4.3. ANZ
- 10.4.4. Rest of South Asia & Oceania
10.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product Type, 2024-2031
- 10.5.1. Magnesium Steering Wheel
- 10.5.2. Aluminum Steering Wheel
- 10.5.3. Steel Steering Wheel
- 10.5.4. Others
10.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Technology, 2024-2031
- 10.6.1. Conventional
- 10.6.2. Control Embedded
10.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Vehicle Type, 2024-2031
- 10.7.1. Passenger Vehicle
  - 10.7.1.1. Hatchbacks
  - 10.7.1.2. Sedans
  - 10.7.1.3. SUVs
  - 10.7.1.4. Crossovers
- 10.7.2. Commercial Vehicles
- 10.7.3. Electric Vehicles
10.8. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Sales Channel, 2024-2031
- 10.8.1. OEM
- 10.8.2. Aftermarket
10.9. Market Attractiveness Analysis

11. Latin America Automotive Steering Wheel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

11.1. Key Highlights
11.2. Pricing Analysis
11.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
- 11.3.1. By Country
- 11.3.2. By Product Type
- 11.3.3. By Technology
- 11.3.4. By Vehicle Type
- 11.3.5. By Sales Channel
11.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
- 11.4.1. Brazil
- 11.4.2. Mexico
- 11.4.3. Rest of Latin America
11.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product Type, 2024-2031
- 11.5.1. Magnesium Steering Wheel
- 11.5.2. Aluminum Steering Wheel
- 11.5.3. Steel Steering Wheel
- 11.5.4. Others
11.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Technology, 2024-2031
- 11.6.1. Conventional
- 11.6.2. Control Embedded
11.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Vehicle Type, 2024-2031
- 11.7.1. Passenger Vehicle
  - 11.7.1.1. Hatchbacks
  - 11.7.1.2. Sedans
  - 11.7.1.3. SUVs
  - 11.7.1.4. Crossovers
- 11.7.2. Commercial Vehicles
- 11.7.3. Electric Vehicles
11.8. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Sales Channel, 2024-2031
- 11.8.1. OEM
- 11.8.2. Aftermarket
11.9. Market Attractiveness Analysis

12. Middle East & Africa Automotive Steering Wheel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

12.1. Key Highlights
12.2. Pricing Analysis
12.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
- 12.3.1. By Country
- 12.3.2. By Product Type
- 12.3.3. By Technology
- 12.3.4. By Vehicle Type
- 12.3.5. By Sales Channel
12.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
- 12.4.1. GCC
- 12.4.2. South Africa
- 12.4.3. Northern Africa
- 12.4.4. Rest of Middle East & Africa
12.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product Type, 2024-2031
- 12.5.1. Magnesium Steering Wheel
- 12.5.2. Aluminum Steering Wheel
- 12.5.3. Steel Steering Wheel
- 12.5.4. Others
12.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Technology, 2024-2031
- 12.6.1. Conventional
- 12.6.2. Control Embedded
12.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Vehicle Type, 2024-2031
- 12.7.1. Passenger Vehicle
  - 12.7.1.1. Hatchbacks
  - 12.7.1.2. Sedans
  - 12.7.1.3. SUVs
  - 12.7.1.4. Crossovers
- 12.7.2. Commercial Vehicles
- 12.7.3. Electric Vehicles
12.8. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Sales Channel, 2024-2031
- 12.8.1. OEM
- 12.8.2. Aftermarket
12.9. Market Attractiveness Analysis

13. Competition Landscape

13.1. Market Share Analysis, 2023
13.2. Market Structure
- 13.2.1. Competition Intensity Mapping By Market
- 13.2.2. Competition Dashboard
- 13.2.3. Apparent Production Capacity
13.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 13.3.1. JTEKT Corporation
  - 13.3.1.1. Overview
  - 13.3.1.2. Segments and Products
  - 13.3.1.3. Key Financials
  - 13.3.1.4. Market Developments
  - 13.3.1.5. Market Strategy
- 13.3.2. Toyoda Gosei Co. Ltd
- 13.3.3. Autoliv Inc
- 13.3.4. ZF Friedrichshafen AG
- 13.3.5. Hyundai Mobis Co. Ltd
- 13.3.6. GKN Automotive
- 13.3.7. Nihon Plast Co. Ltd
- 13.3.8. Ningbo Joyson Electronics Co. Ltd
- 13.3.9. Nexteer Corporation.

Note: List of companies is not exhaustive in nature. It is subject to further augmentation during course of research

14. Appendix

14.1. Research Methodology
14.2. Research Assumptions