Automotive steering wheel is the primary user interface of a vehicle. This is used to control the direction and speed of the vehicle, and are found in cars, trucks, and buses. The modern steering wheel is typically made of plastic, leather, wood, or metal, and is designed for ergonomic comfort and ease of use. It also feature a range of features including airbags, audio controls, cruise control, and multifunction buttons. The automotive industry has witnessed significant growth in recent years, owing to the increasing demand for luxury cars and improved technology in the automotive sector. This, in turn, has led to an increase in the demand for this. This is available in both types; manual and electric. The global automotive steering wheel market has been segmented for all vehicle types including passenger cars, light commercial vehicles, heavy commercial vehicles in the report.
Along with the increasing demand for vehicles globally, stringent government regulations are also propelling the demand for steering wheel market during the forecast period. Governments in various countries such as the International Council on Clean Transportation in Europe and National Highway Traffic and Safety Administration in the U.S., and others have introduced stringent vehicle regulations for vehicle safety and fuel efficiency. Such regulations have compelled steering wheel manufacturers to invest more on fuel-efficient steering technologies.
The global automotive steering wheel market is driven by the increasing demand for vehicles with advanced safety features, such as cruise control, airbags, and advanced driver assistance systems. Furthermore, the growing demand for steering wheels with additional features, such as ergonomic design, and self-parking, are expected to drive the growth of the global automotive steering wheel market during the forecast period. However, the rise in the cost of raw materials such as aluminum, steel, leather, and others is expected to hinder the market growth during the forecast period.
Technological Advancements in Steering Wheels Technological advancement in the automotive industry is encouraging steering wheel manufacturers to focus on advanced technologies to increase safety and to enhance the overall vehicle efficiency. For instance, in October 2021, Hyundai Mobis Automotive Parts Co. announced the development of foldable steering system technology that enables the folding and unfolding of a steering wheel and can move forward and backward up to 25cm. This technology enhances the vehicle design and provide more space for the driver’s seat. Similarly, in February 2023, Japanese steering wheels manufacturer JTEKT Corporation along with EPFL (Swiss Federal Institute of Technology Lausanne) researchers developed an autonomous vehicle control system to increase overall efficiency and safety of the vehicle. This system is based on the concept of collaborative steering that provides human drivers with steering assistance in tasks like cantering a vehicle in its lane.
Segment Overview: By type: The automotive steering wheels market is divided by type; conventional, embedded control.
By size: The automotive steering wheels market is classified by size namely; small, medium, and large.
By vehicle type: The automotive steering wheels market is divided by vehicle type; passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment expected to grow significantly in the global automotive steering wheel market owing to the increasing demand for vehicles with advanced safety features.
By sales channel: The automotive steering wheels market is classified by sales channel namely; OEM and aftermarket.
By region: The automotive steering wheels market is regionally classified into North America, Europe, Asia-Pacific, and LAMEA. North America region is expected to grow in automotive steering wheels market during the forecast period. This is attributed to the presence of major automotive companies in the region, such as Ford Motor Company and General Motors. Moreover, the increasing demand for luxury cars and improved technology in the automotive sector are some of the factors driving the growth of the automotive steering wheel market in the region.
Competitive Analysis: Competitive analysis and profiles of the major players in the global automotive steering wheels market, such as Autoliv Inc., Hyundai Mobis Automotive Parts Co. Ltd., JTEKT Co., Neaton Auto Products Manufacturing, Inc., Nexteer Automotive, Takata Co, Tokai Rika Co. Ltd., Toyoda Gosei Co. Ltd., Valeo Group, and ZF Friedrichshafen AG are provided in this report. There are some important players in the market such as GKN Automotive, Nihon Plast Co., Ningbo Joyson Electronic Co., and others.
The increasing demand for vehicle is driving the steering wheels market significantly. To fulfil the increasing market demand, companies are expanding their geographical presence by setting-up new production facilities in attractive regions. For instance, in May 2021, Autolive Inc., announced to set-up a steering wheel manufacturing plant of 30,000 square meter in Aguascalientes, Mexico. Similarly, in November 2019, a Romanian automotive parts manufacturer Valtryp opened its new factory in Oradea, Romania to manufacture car steering wheels.
Key Market Segments
- By Type
- Conventional
- Embedded Control
- By Size
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By Sales Channel
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
Key Market Players
- Autoliv Inc.
- ZF Friedrichshafen AG
- Toyoda Gosei Co., Ltd.
- Tokai Rika Co., Ltd.
- JTEKT Corporation
- Takata Corporation
- Nexteer Automotive
- Neaton Auto Products Manufacturing, Inc.
- Hyundai Mobis Automotive Parts Co., Ltd.
- Valeo Group