Automotive Steering Wheel Market Trends

Skyquest Technology's expert advisors have carried out comprehensive research on the automotive steering wheel market to identify the major global and regional market trends and growth opportunities for leading players and new entrants in this market. The analysis is based on in-depth primary and secondary research to understand the major market drivers and restraints shaping the future development and growth of the industry.

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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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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Global Automotive Steering Wheel Market
Automotive Steering Wheel Market

Report ID: SQMIG25A2394

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