Automotive Steering Wheel Market Size
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 4.00% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Automotive Steering Wheel Market Analysis
The Automotive Steering Wheel Market is expected to register a CAGR of greater than 4% during the forecast period.
- The important components of the steering system, such as the steering coupler, tie rod ends, power steering pump, and steering yoke, are a few main components that are more diverse and complex and offer numerous advantages. Consistent technological advancements and the ease and safety of engaging more features in the steering wheel may foster the target market.
- Rising demand for passenger vehicles in developing economies is expected to boost the market for automotive steering wheels. This is attributed to an increase in consumer disposable income and an increase in demand for luxury and comfort travel.
- High-quality products enable vehicles to run more efficiently, reducing fuel consumption and providing consumers with a better driving experience, which is expected to fuel market growth. Furthermore, as the consumer base grows, major automotive companies are focusing on increasing their production of passenger vehicles, which will support the demand for automotive steering wheels in the coming years.
- The number of functions in a vehicle has grown considerably over the past few years. In the last few decades, more of these modern functions have made their way from the dashboard to an easy-to-reach position on the steering wheel. For instance, vehicles from Toyota, such as Yaris and Proace, have multi-function steering wheels, which provides access to an increasing number of features, from cruise control to air conditioning controls. Thereby allowing the driver to push the appropriate button with the touch of a finger without putting themselves, passengers, and passengers in other vehicles at risk.
- Additionally, some of the other functions that are added to the steering wheels are safety functions like a few steering wheels have built-in vibrating functions and hands-on-off detection systems, which alert the driver when an issue arises.
- The manufacturers' main challenges are extremely complicated linkages, the possibility of overturning, and inflated costs. The system's wire connections are complex, and any failure can have serious consequences. Because of technological advancements, the product's price increased significantly, and more components made the vehicle heavier.
- Asia Pacific market is expected to witness considerable growth over the upcoming time period. This is attributed to the presence of countries such as China, India, Japan, and South Korea. Japan is a developed economy where the Electric Power Steering (EPS) implementation in passenger cars is overgrowing. This is due to its advantages, such as no hoses or fluids required in the steering system, thereby reducing the repair and maintenance costs. Currently, less than 60% of passenger cars are running with EPS technology.
- However, the manufacturer's main concerns are exceedingly convoluted links, the possibility of overturning, and excessive expenses. The system's cable connections are complicated, and any failure can have serious implications. Because of technological developments, the product's price climbed significantly, and more components made the car heavier.
Automotive Steering Wheel Market Trends
Adoption of Steer-by-Wire System Aiding Market Growth
- Several automakers are downsizing vehicles to make them more fuel efficient by incorporating modern technologies. Electronics, algorithms, and actuators replace mechanical steering connection linkage between road wheels and handwheels in the steer-by-wire system. As a result, the overall weight of the steering system is reduced. With a variable steering ratio for a wide range of driving performance and comfort, steer-by-wire also delivers greater maneuverability. Over the forecast period, the steer-by-wire systems are likely to be used for rising customer demand for better rides and driving comfort.
- Mandates for advanced driver assistance systems, concerns about in-car safety, and the development and assimilation of new vehicle technologies are notably pushing the automakers for steer-by-wire systems.
- While electric power steering eliminates hydraulic components while keeping the mechanical steering connection, Steer-By-Wire eliminates the steering linkage entirely. Electric motors turn the wheels, sensors calculate how much steering power to apply, and tactile feedback devices offer tactile input to the driver in these systems. These motors are more energy efficient, quieter, and maintenance-free. The system is controlled by software and may be adapted to various models by changing a few settings. And this may save a deal of time and resources when building new models.
- In the steer-by-wire environment, multi-axis and response torque sensors are often used to evaluate the control system layout. During the verification and validation phase, torque sensors and multi-axis sensors are inserted in the steering wheel input module and the rack-pinion transmission (actuation module) to verify and configure the steer-by-wire control system (control loop parameters, actuators dynamics. The sensors can be incorporated into the steering shaft, which eliminates the requirement for a separate sensor module.
- Major players in the market are developing steer-by-wire systems suitable for all vehicle types. For instance, in March 2022, ZF demonstrated its latest steering systems at Work Truck Week (WTW). ZF's second-generation Active Kinematics Control (AKC) is focused on the North American market by incorporating steer-by-wire technology and the rear steering system, which is now available to EVs, pickups, and heavy-duty vehicles.
Asia-Pacific to Witness a Significant Share
The Asia Pacific dominated the automotive steering wheel market across the globe, followed by Europe and North America. Additionally, with rapid urbanization in countries such as India, China, ASEAN Countries, the demand for passenger cars has been rapidly increasing, in turn boosting the demand for the steering wheel in the automotive industry.
Asia-Pacific region also accounts for the largest share as their owing to the availability of low-cost raw materials, cheap labor, increasing government initiatives towards local manufacturing, and free trade agreements with other countries. Moreover, some factors such as easy availability of credit and low unemployment rate are the major factors rising demand for cars in this region, leading to increasing demand for automotive steering wheels, which in turn is expected to drive the growth of the global market.
Also, expansion of road infrastructure across the region is likely to offer significant opportunities to the advanced convenience features, which includes control embedded steering wheels and safety features. India and China regions accounted for the highest share in the automotive steering wheel market from Asia-Pacific. Increasing population and urbanization and the rise in disposable income are the factors boosting demand in the region.
In addition, electric power steering technology has continued to evolve, with the world's first steer-by-wire systems (no mechanical connection between the steering wheels and the wheels) already in production and on the market. Going forward, the market will need to evolve further in parallel to keep pace with the improved functionality of autonomous driving systems. For instance,
- In January 2022, Tokai Rika announced that it has developed a 'steer-by-wire control unit' compatible with steer-by-wire systems that transmit steering commands to tires through electric signals. Aiming to put the steer-by-wire control unit into practical use by 2024, the company will promote it for ultra-micro electric vehicle and MaaS (mobility as a service) vehicle applications.
The market has the presence of several Japanese companies, including Toyoda Gosei, Autoliv, Takata, TS TECH. , NSK Ltd., Tokai Rika ., JTEKT Corporation, KYB Corporation, Showa Corporation, and Others. These enterprises are concentrating on expanding their facilities in order to cater to the growing client demand. For instance,
- In April 2022, Autoliv, Inc announced that it will establish a new facility in Chita city, Aichi prefecture, Japan with the purpose of optimizing its production and development sites as well as strengthening its production capacity in Japan. On a 53,000 square metre plot of land, the new facility will include a 4,300 square metre industrial plant footprint and a 9,300 square metre storage. The new factory will produce items like steering wheels and airbags.
Automotive Steering Wheel Industry Overview
The Automotive Steering Wheel Market is dominated by several players such as Autoliv Inc., Takata Corporation, TOYODA GOSEI CO., LTD., ZF Friedrichshafen AG, Joyson Safety Systems, and Neaton Auto Products Manufacturing, Inc. These Companies are expanding their business with new innovative products so that they can have an edge over their competitors. For instance,
In August 2022, Porsche unveiled the new Porsche 911 GT3 RS, which features four unique rotary controls and a Drag Reduction System (DRS) button on the steering wheel.
In August 2022, Dodge unveiled the Dodge Charger Daytona SRT, a muscle car battery-electric concept automobile designed to preview the Dodge brand's electrified vehicles of the future. The steering wheel has a one-button system that allows the driver to select Auto, Sport, Track, and Drag diving modes, quickly modifying the vehicle's characteristics and the information shown.
In August 2022, the Acura Precision EV Concept featured a reduced driving position and a two-grip yoke-style steering wheel. To soothe the driver, the steering wheel is retracted within the car while the cockpit produces pleasant smells and projected visuals imitating underwater landscapes.
Automotive Steering Wheel Market Leaders
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Autoliv Inc.
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Neaton Auto Products Manufacturing, Inc.
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ZF Friedrichshafen AG
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Joyson Safety Systems
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TOYODA GOSEI CO., LTD.
- *Disclaimer: Major Players sorted in no particular order
Automotive Steering Wheel Market News
- September 2022: Geely and Hella forged a collaboration to develop cutting-edge steer-by-wire (SBW) systems for future release in 2026.
- October 2022: NIO and ZF joined forces in a strategic cooperation agreement to advance steer-by-wire (SbW) product development.
- October 2022: Toyota's highly anticipated bZ4X, equipped with JTEKT SBW technology, commenced mass production and hit the market.
Automotive Steering Wheel Industry Segmentation
A steering wheel and the mechanism it is connected to are principally responsible for controlling a vehicle's direction. It converts the driver's rotational commands into swiveling motions of the car's front wheels. The steering system's joints and hydraulic lines allow the driver's movement to eventually reach the tires as it contacts the road.
The automotive steering wheel market report has been segmented by technology type, vehicle type, material type, sales channel, and geography. By technology type (conventional and control embedded), material type (aluminum, steel, magnesium, and others), vehicle type (passenger cars and commercial vehicles), sales channel (OEMs and aftermarket), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).
The report offers market size and forecast for Automotive Steering Wheel Market in value (USD) for all the above segments.
| Technology | Conventional | ||
| Control Embedded | |||
| Material Type | Aluminium | ||
| Magnesium | |||
| Steel | |||
| Other Material Types | |||
| Vehicle Type | Passenger Cars | ||
| Commercial Vehicles | |||
| Sales Channel | Original Equipment Manufacturer | ||
| Aftermarket | |||
| Geography | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Russia | |||
| Rest of Europe | |||
| Asia-Pacific | India | ||
| China | |||
| Japan | |||
| Rest of Asia-Pacific | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle-East and Africa | United Arab Emirates | ||
| Saudi Arabia | |||
| Rest of Middle-East and Africa | |||
| Conventional |
| Control Embedded |
| Aluminium |
| Magnesium |
| Steel |
| Other Material Types |
| Passenger Cars |
| Commercial Vehicles |
| Original Equipment Manufacturer |
| Aftermarket |
| North America | United States |
| Canada | |
| Rest of North America | |
| Europe | Germany |
| United Kingdom | |
| France | |
| Russia | |
| Rest of Europe | |
| Asia-Pacific | India |
| China | |
| Japan | |
| Rest of Asia-Pacific | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle-East and Africa | United Arab Emirates |
| Saudi Arabia | |
| Rest of Middle-East and Africa |
Automotive Steering Wheel Market Research FAQs
What is the current Automotive Steering Wheel Market size?
The Automotive Steering Wheel Market is projected to register a CAGR of greater than 4% during the forecast period (2025-2030)
Who are the key players in Automotive Steering Wheel Market?
Autoliv Inc., Neaton Auto Products Manufacturing, Inc., ZF Friedrichshafen AG, Joyson Safety Systems and TOYODA GOSEI CO., LTD. are the major companies operating in the Automotive Steering Wheel Market.
Which is the fastest growing region in Automotive Steering Wheel Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Automotive Steering Wheel Market?
In 2025, the Asia Pacific accounts for the largest market share in Automotive Steering Wheel Market.
What years does this Automotive Steering Wheel Market cover?
The report covers the Automotive Steering Wheel Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Automotive Steering Wheel Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Automotive Steering Wheel Industry Report
Statistics for the 2025 Automotive Steering Wheel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Steering Wheel analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
