USD 22 Billion
Report ID:
SQMIG25A2372 |
Region:
Global |
Published Date: February, 2025
Pages:
188
|Tables:
114
|Figures:
73
Global Automotive Steering Wheel Market size was valued at USD 22 Billion in 2023 and is poised to grow from USD 24 Billion in 2024 to USD 48.18 Billion by 2032, growing at a CAGR of 9.1% in the forecast period (2025-2032).
Rapidly surging demand for vehicles and innovations in steering technologies are projected to drive the sales of automotive steering wheels going forward. Rising emphasis on driver safety and improvement of ergonomics to enhance comfort are also forecasted to create new opportunities for market players in the long run. Rising adoption of advanced driver assistance (ADAS) systems and increasing investments in the development of novel steering wheel designs are also slated to boost the demand for automotive steering wheels through 2032. Increasing consumer preference for premium and luxury features in vehicles is also predicted to bolster the demand for novel automotive steering wheels in the long run. The Asia Pacific region is slated to spearhead the global automotive steering wheel market growth over the coming years. On the contrary, challenges in retrofitting, high costs of advanced steering wheels, growing popularity of autonomous vehicles and stringent safety requirements are estimated to hamper the sales of automotive steering wheel across the study period.
Market snapshot - (2025-2032)
Global Market Size
USD 22 Billion
Largest Segment
Control Embedded
Fastest Growth
Normal
Growth Rate
9.1% CAGR
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Global automotive steering wheel market is segmented on the vehicle type, size, technology, sales channel, and region. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By size, the market is segmented into small, medium, and large. By technology, the market is segmented into normal and embedded control. By sales channel, the market is segmented into OEM and aftermarket. By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Analysis by Technology
The embedded control segment is slated to account for a prominent chunk of the global automotive steering wheel market share in the future. These steering wheels have all advanced technologies and safety features integrated into them, thereby eliminating the need for any aftermarket additions. High scope of customization, better driving experience, and improved driver confidence are some of the key benefits associated with embedded control steering wheels that allow them to hold sway over other segments. Cruise control, infotainment systems, and driver assistance features all can be integrated into one steering wheel through embedded technologies thereby further cementing the dominance of this segment.
On the other hand, the demand for normal steering wheels is slated to rise at a slow pace. The increasing preference of consumers towards embedded control steering wheels and the adoption of advanced steering technologies are expected to hurt the adoption of normal steering wheels in the long run. The growing popularity of vehicle restoration around the world is expected to create new opportunities for normal steering wheel suppliers in the long run. Challenges in retrofitting old vehicles with embedded control steering wheels are also expected to push consumers to opt for normal automotive steering wheels going forward.
Analysis by Vehicle Type
Passenger vehicles are slated to spearhead the sales of automotive steering wheels going forward. Rapidly increasing sales of passenger cars and rising demand for better steering wheels among consumers are slated to help this segment bring in the most revenue. Growing disposable income of people and rising vehicle ownership rates are also playing a crucial role in the global automotive steering wheel industry development through 2032 and beyond. The launch of innovative new passenger vehicles with novel steering wheel designs is also estimated to offer new business scope for market players in the long run.
Meanwhile, the commercial vehicle segment is slated to account for the second-largest share of the global automotive steering wheel demand outlook. Large size steering wheels with the ability to control heavy vehicles are slated to help provide new opportunities in the long run. Increasing sales of commercial vehicles and rising emphasis on driver safety and comfort are also projected to bolster the sales of automotive steering wheel via this segment over the coming years. Early replacement cycles of parts in commercial vehicles and commercial vehicles themselves are slated to boost the demand for automotive steering wheel across the study period.
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Asia Pacific is estimated to spearhead the global automotive steering wheel market forecast in the future. High automotive manufacturing activity, the presence of leading automotive manufacturers, and rising sales of vehicles are promoting the demand for automotive steering wheels in this region. The rising popularity of electric vehicles can also present new opportunities for automotive steering wheel suppliers operating in this region. Japan, China, India, and South Korea are the most rewarding markets for automotive steering wheel companies looking to make the most of their investments in the Asia Pacific region going forward.
Meanwhile, Europe is estimated to emerge as the second-largest market for automotive steering wheels. The presence of leading automotive manufacturers, growing demand for advanced steering vehicles, and rising sales of luxury vehicles with advanced steering wheels are helping this region generate new business scope for market players. High emphasis on vehicle and driver safety in this region coupled with high demand for comfortable driving experiences are fostering new opportunities for automotive steering wheel providers. Germany, Italy, the United Kingdom, and France are slated to be highly rewarding markets not just in Europe but in the global automotive steering wheel industry as well.
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Drivers
Emphasis on Safety and Ergonomics
Growing Automotive Production
Restraints
Challenges in Retrofitting
High Costs of Advanced Steering Wheels
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Automotive steering wheel companies should focus on launching new designs and use lightweight components to stand out from the competition. Developing specific automotive steering wheels for electric vehicles can also help market players improve their revenue generation potential. Collaborations and product innovations are the two major strategies for all automotive steering wheel companies as per this global automotive steering wheel market analysis.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing automotive production and emphasis on driver safety are slated to boost sales of automotive steering wheels in the future. On the contrary, high costs of advanced steering wheels and challenges in retrofitting are forecasted to hurt the demand for automotive steering wheels in the long run. The Asia Pacific region is forecasted to lead the global sales of automotive steering wheels owing to high automotive manufacturing activity in countries such as Japan, India, South Koreaand China. Integration of haptic feedback and gesture control along with designing yoke-style steering wheels can help companies boost their business scope through 2032 and beyond.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 22 Billion |
Market size value in 2032 | USD 48.18 Billion |
Growth Rate | 9.1% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Automotive Steering Wheel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Steering Wheel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Steering Wheel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Steering Wheel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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