Product Code: PMRREP16984
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
By Vehicle Type
- Passenger Cars
- Commercial Vehicles/Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Table of Contents
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