Automotive Steering Wheel Market Overview and Insights:
According to Markntel Advisors Report, Automotive Steering Wheel Marketsize was valued at around USD 37.5 billion in 2024 and is projected to reach USD 45 billion by 2030.
Automotive Steering Wheel Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
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Industry Growth 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.
What is Included in Automotive Steering Wheel Market Segmentation?
The report has segmented the market into the following categories:
By Vehicle Type
– Passenger Vehicles- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – Hatchbacks- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – Sedans- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – SUVs- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – Crossovers- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Commercial Vehicles- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Electric Vehicles-Market Size & Forecast 2020-2030, Units Sold (Thousands)
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. Due to the high volume of passenger cars produced each year the Original Equipment Manufacturer (OEM) segment has a sizable demand for steering wheels and their components. The diversity in vehicle types and sizes in passenger vehicles broadens the application of steering vehicle technology tailored to their specific needs, performance, and handling characteristics.
By Product Type
– Magnesium Steering Wheel- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Aluminum Steering Wheel (Landscaping)- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Steel Steering Wheel- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Others
By Technology Type
– Electronic Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – H-EPS -Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – C-EPS-Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – P-EPS-Market Size & Forecast 2020-2030, Units Sold (Thousands)
– – R-EPS-Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Hydraulic Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Manual Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Electro-Hydraulic Steering-Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Others – Market Size & Forecast 2020-2030, Units Sold (Thousands)
By Wheel Type
– Small Wheel Type- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Medium Wheel Type- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Large Wheel Type- Market Size & Forecast 2020-2030, Units Sold (Thousands)
By Sales Channel
– OEM- Market Size & Forecast 2020-2030, Units Sold (Thousands)
– Aftermarket- Market Size & Forecast 2020-2030, Units Sold (Thousands)
By Region
– North America
– South America
– Europe
– The Middle East & Africa
– Asia-Pacific
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Who are the Key Players Operating in the Automotive Steering Wheel Industry?
The top companies of the Automotive Steering Wheel market 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.
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FAQs (Frequently Ask Questions)
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