Automotive Steering Wheel Market to Grow Exponentially, Expected to Hit USD 45 billion by 2030 at 3.1% CAGR: MarkNtel Ad

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Automotive Steering Wheel Market, 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% during the forecast period (2025-30). Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Automotive Steering Wheel Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2025-2030
Market Size in 2024: USD 37.5 billion
CAGR (2025-2030): 3.1%

Request for a Free PDF Sample of the Report – https://www.marknteladvisors.com/query/request-sample/automotive-steering-wheel-market.html

Global Automotive Steering Wheel Market Segmentation Breakdown:

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.

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)

Out of them, the Original Equipment Manufacturer (OEM) segment dominates the market. It holds approximately 80% share of the total market value globally.

Geographical Growth Insights:

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

Out of them, Asia-Pacific leads the Global Automotive Steering Wheel Market. It holds approximately 30% market share of the entire industry.

MarkNtel Advisors Highlights Key Market Drivers for Automotive Steering Wheel Market:

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.

A Comprehensive Analysis of Leading Companies in Global Automotive Steering Wheel Market

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., and others

Explore More About This Research Report @ https://www.marknteladvisors.com/research-library/automotive-steering-wheel-market.html

Global Automotive Steering Wheel Industry Recent Development:

October 2024: Hyundai Mobis Co. Ltd held the '2024 R&D Tech Day' that unveiled their 65 new technologies for EVs, electronics, and safety out of which 21 were electronic components including steering systems, and in-wheel motors capable of crab steering.
October 2024: JTEKT Corporation (INDIA LIMITED) is establishing a new Production base from 2024-27 in Ahmadabad to expand sales of auto parts including the steering systems.

What are the growth Opportunity driving the Global Automotive Steering Wheel Market?

Steer-by-Wire Technology to Create Lucrative Growth Opportunities – Due to the developments in autonomous driving and electric vehicles (EVs), steer-by-wire (SbW) technology is becoming a lucrative opportunity in the global automotive steering industry. In contrast to conventional mechanical steering, SbW systems use electronic signals to control the direction of the vehicle by eliminating the physical connection between the steering and wheels. The introduction of this technology helps in the reduction of vehicle weight, improves fuel efficiency, and enables more customizable steering setups suited to different driving conditions. Various companies are testing and applying this technology in their vehicles.

For Instance; SbW improved accuracy and responsiveness when Nissan added it to the Ariya an electric SUV. Drivers can adjust steering sensitivity with this system called One Motion Grip which improves control at high speeds and facilitates maneuvering at low ones. The integration of SbW with EVs and autonomous vehicles will offer a blend of unmatchable flexibility and control that cannot be provided by traditional systems.

“Report Delivery Format: Market research reports from MarkNtel Advisors are available in PDF, Excel, and PowerPoint formats. Once payment is successfully processed, the report will be delivered to your email address within 24 hours”

Key Advantages of the Report by MarkNtel Advisors:

Accurate Revenue Projections: The report provides precise revenue estimates for the market and its key subsegments, benefiting both market leaders and new entrants.

Strategic Insights for Stakeholders: By understanding the competitive landscape, stakeholders can strategically position their businesses and develop effective go-to-market strategies.

Comprehensive Market Dynamics Analysis: The report offers valuable insights into the key drivers, restraints, challenges, and opportunities within the market, helping stakeholders make well-informed decisions.

Note: If you need additional information not included in the report, we can customize it to suit your requirements.

Contact Our Analysts for Brochure Requests, Customization, or Any Pre-Purchase Inquiries: https://www.marknteladvisors.com/query/request-customization/automotive-steering-wheel-market.html

About Us –

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

More Research Studies:

Global Automotive Steering Wheel Market - The Global Automotive Steering Wheel Market size was valued at around USD 0.98 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% during the forecast period, i.e., 2025-30.

Global Metagenomics Market - The Global Metagenomics Market was valued at around USD 2.52 billion in 2024 and is projected to reach USD 5.82 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.1% during the forecast period, i.e., 2025-30.

Global Medical Equipment Maintenance & Repair Market - The Global Medical Equipment Maintenance & Repair Market was valued at around USD 55 billion in 2024 and is projected to reach USD 92 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 10.8% during the forecast period, i.e., 2025-30.