Automotive Steering Wheel Market Size, Share, and Growth Analysis

Automotive Steering Wheel Market By Technology (Embedded Control, Normal), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Size (Small, Large), By Region -Industry Forecast 2025-2032


Report ID: SQMIG25A2372 | Region: Global | Published Date: February, 2025
Pages: 188 |Tables: 114 |Figures: 73

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Automotive Steering Wheel Market Insights

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

Global Automotive Steering Wheel Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Automotive Steering Wheel Market Segments Analysis

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.

Global Automotive Steering Wheel Market By Technology

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Automotive Steering Wheel Market Regional Insights

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.

Global Automotive Steering Wheel Market By Region
  • Largest
  • Fastest

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Automotive Steering Wheel Market Dynamics

Drivers

Emphasis on Safety and Ergonomics

  • Automotive manufacturers around the world are focusing on improving driver and vehicle safety to reduce accident mortality rates. Companies are also designing ergonomic steering wheels to maximize comfort for drivers without compromising on safety and control. Integration of features such as airbags, heated grips, and vibration feedback are also slated to benefit the global automotive steering wheel market outlook going forward.

Growing Automotive Production

  • Surging sales of vehicles around the world are resulting in increased automotive production activity around the world. Evolving living standards and rising disposable income of people are responsible for rising demand for vehicles, which in turn is expected to bolster the sales of automotive steering wheels in the long run.

Restraints

Challenges in Retrofitting

  • Retrofitting advanced automotive steering wheels in older vehicles emerges as a major issue for companies involved in this industry. High labor costs and time-consuming nature of installation and integration of advanced automotive steering wheels with older vehicles are estimated to hamper revenue generation across the global automotive steering wheel market forecast and beyond.

High Costs of Advanced Steering Wheels

  • Automotive steering wheels that are integrated with advanced technologies like touchscreens, haptic feedback, and integrated ADAS systems, are expected to be more expensive than their traditional counterparts. The high costs of advanced automotive steering wheels can especially deter their adoption in cost-sensitive markets where consumer spending potential is limited.

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Automotive Steering Wheel Market Competitive Landscape

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

  • Autoliv Inc (Sweden )
  • ZF Friedrichshafen AG (Germany)
  • JTEKT Corporation (Japan)
  • Denso
  • Thyssenkrupp
  • Toyoda Gosei Co. Ltd (Japan)
  • Ningbo Joyson Electronics Co. Ltd (China)
  • Nexteer Corporation (U.S.)
  • Mando
  • Tokai Rika
  • Neaton Auto Products Manufacturing, Inc.
  • Fang Le
  • Sparco S.P.A
  • Hyundai Mobis Co. Ltd (South Korea)
  • GKN Automotive (U.K.)
  • Nihon Plast Co. Ltd (Japan)

Recent Developments

  • In May 2024, AZULIK Mobility announced the launch of a new prototype of its concept electric car called EK. The new vehicle features a doorless design with a unique wooden steering wheel with a spider-web-like style, machined in tropical zapote wood depicting the future of electric vehicles.
  • In November 2023, Tesla, a leading electric vehicle company led by visionary billionaire Elon Musk announced the launch of the much-awaited Tesla Cybertruck. The new vehicle featured a yoke-style steering wheel made from carbon fiber and functioning on the steering by wire technology.
  • In January 2022, ZEISS, IMUZAK, a renowned Japanese nanotechnology company announced the launch of a new steering wheel display system at the CES 2022 event. The new 3D 2.8-inch floating display projects visual driver notifications from behind the steering wheel to provide a futuristic driving experience without the need for augmented reality glasses.

Automotive Steering Wheel Key Market Trends

Automotive Steering Wheel Market SkyQuest Analysis

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
  • Size
    • Small, Medium, and Large
  • Technology
    • Normal, and Embedded control
  • Vehicle Type
    • Passenger Vehicles, and Commercial Vehicles
  • Sales Channel
    • OEM, and Aftermarket
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
  • Autoliv Inc (Sweden )
  • ZF Friedrichshafen AG (Germany)
  • JTEKT Corporation (Japan)
  • Denso
  • Thyssenkrupp
  • Toyoda Gosei Co. Ltd (Japan)
  • Ningbo Joyson Electronics Co. Ltd (China)
  • Nexteer Corporation (U.S.)
  • Mando
  • Tokai Rika
  • Neaton Auto Products Manufacturing, Inc.
  • Fang Le
  • Sparco S.P.A
  • Hyundai Mobis Co. Ltd (South Korea)
  • GKN Automotive (U.K.)
  • Nihon Plast Co. Ltd (Japan)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Automotive Steering Wheel Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Automotive Steering Wheel Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

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.

Analyst Support

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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FAQs

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).

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. 'Autoliv Inc (Sweden )', 'ZF Friedrichshafen AG (Germany)', 'JTEKT Corporation (Japan)', 'Denso', 'Thyssenkrupp', 'Toyoda Gosei Co. Ltd (Japan)', 'Ningbo Joyson Electronics Co. Ltd (China)', 'Nexteer Corporation (U.S.)', 'Mando', 'Tokai Rika', 'Neaton Auto Products Manufacturing, Inc.', 'Fang Le', 'Sparco S.P.A', 'Hyundai Mobis Co. Ltd (South Korea)', 'GKN Automotive (U.K.)', 'Nihon Plast Co. Ltd (Japan)'

Automotive manufacturers around the world are focusing on improving driver and vehicle safety to reduce accident mortality rates. Companies are also designing ergonomic steering wheels to maximize comfort for drivers without compromising on safety and control. Integration of features such as airbags, heated grips, and vibration feedback are also slated to benefit the global automotive steering wheel market outlook going forward.

Development of Yoke-Style Steering Wheels: Automotive steering wheel companies should invest in the research and development of new types of yoke-style steering wheels going forward. Focusing on this automotive steering wheel market trend can help companies comply with the demand for futuristic and minimalistic interior designs that are gaining traction among consumers around the world.

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.

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Automotive Steering Wheel Market

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