Automotive Steering Wheel Market Expected to Reach USD 45 Billion by 2030, Fueled by 3.1% CAGR Growth | MarkNtel

A Quick Overview of Automotive Steering Wheel Market

• Base Year: 2024

• Historical Years: 2020-2023

• Forecast Years: 2025-2030

• Market Growth Rate: 3.1% (2025-2030)

The key object of this report on the Automotive Steering Wheel Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

According to the latest report, the Global Automotive Steering Wheel Market size was valued at around USD 37.5 billion in 2024 and is projected to reach USD 45 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 3.1% from 2025 to 2030. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.

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Market Dynamics:

Driver-

Increasing Penetration of Electric Vehicles Globally - Carried by a decarbonization challenge globally, the EV segment has highly penetrated the market over the years with the support of various policies and incentives globally. The need for customized steering wheel designs that fulfill the requirements of electric vehicles and technologically sophisticated vehicles is increasing. In 2023, Nearly 1 in 5 cars sold were EVs with around 14 million new electric car registrations bringing the total number of on-road cars to around 40 million. By the end of 2024, electric car sales would reach up to 17 million accounting for approximately 20% of total car sales.

This is one of the major drivers propelling the global automotive steering wheel industry. By focusing on the integration of cutting-edge features like haptic feedback touch controls and creative steering designs EV manufacturers are opening up new markets for steering wheels. For instance; the introduction of the yoke-style rectangular-shaped steering wheel design by Tesla featured in their Model S & X electric vehicles.

Automotive Steering Wheel Market Report Segmentation:

The report by MarkNtel Advisors on Automotive Steering Wheel Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

By Vehicle Type

• Passenger Vehicles

•• Hatchbacks

•• Sedans

•• SUVs

•• Crossovers

• Commercial Vehicles

• Electric Vehicles

- Out of them passenger vehicles dominate the Global Automotive Steering Wheel Market. It holds approx. 69% share of the total market. Passenger cars including luxury cars, SUVs, hatchbacks, and sedans account for a sizable portion of all vehicles produced globally which helps to explain their high market share in the global automotive steering wheel industry.

By Product Type

• Magnesium Steering Wheel

• Aluminum Steering Wheel (Landscaping)

• Steel Steering Wheel

• Others

By Technology Type

• Electronic Steering-

•• H-EPS -

•• C-EPS-

•• P-EPS-

•• R-EPS-

• Hydraulic Steering-

• Manual Steering-

• Electro

• Others

By Wheel Type

• Small Wheel Type

• Medium Wheel Type

• Large Wheel Type

By Sales Channel

• OEM

• Aftermarket

By Region

• North America

• South America

• Europe

• The Middle East & Africa

• Asia-Pacific

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Some of the Top Automotive Steering Wheel Companies in the Market

In the fast-changing Automotive Steering Wheel Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top players of the industry ruling the industry are:

• Hyundai Mobis Co. Ltd.

• JTEKT Corporation

• Nexteer Automotive Group Ltd.

• Showa Corp.

• ThyssenKrupp AG

• Hitachi Automotive System Ltd.

• Robert Bosch GmbH

• NSK Steering System Co. Ltd.

• Mando Corp.

• ZF Friedrichshafen AG

• ATS Automation Tooling System Inc.

• Mitsubishi Electric Corporation

• Autoliv Inc

• China Automotive Systems, Inc.

• Others

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This release was published on openPR.