Global Automotive Steering Wheel Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

By Application;

Passenger vehicles and Commercial vehicles.

By Technology;

Conventional Steering Systems and Advanced Steering Systems.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).
Report ID: Rn206728716 Published Date: May, 2024 Updated Date: June, 2024

Introduction

Global Automotive Steering Wheel Market (USD Million), 2020 - 2030

In the year 2023, the Global Automotive Steering Wheel Market was valued at USD 3,288.78 million. The size of this market is expected to increase to USD 4,327.81 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 4.0%.

The global automotive steering wheel market is a pivotal sector within the broader automotive industry, shaping the driving experience and safety standards for millions of vehicles worldwide. As one of the primary interfaces between driver and vehicle, steering wheels have evolved significantly over the years, blending functionality, comfort, and aesthetic appeal. Technological advancements and changing consumer preferences continue to drive innovation in this market, pushing manufacturers to develop steering wheels that are not only responsive and reliable but also intuitive and customizable to individual driver needs.

Safety remains a paramount concern within the automotive sector, and steering wheel design plays a crucial role in enhancing driver control and accident prevention. Modern steering wheels incorporate a range of safety features, including airbags, collision detection sensors, and haptic feedback systems, to mitigate the risks associated with driving. Moreover, the growing emphasis on autonomous driving technologies is influencing steering wheel design, with many manufacturers integrating adaptive features that facilitate both manual and automated driving modes seamlessly.

In addition to safety considerations, comfort and aesthetics are significant factors driving consumer preferences in the automotive steering wheel market. Ergonomic designs, premium materials, and integrated controls for infotainment systems are increasingly sought after, catering to the demand for a more luxurious and connected driving experience. Furthermore, sustainability concerns are prompting manufacturers to explore eco-friendly materials and manufacturing processes, aligning with broader industry trends towards environmental consciousness.

The automotive steering wheel market is poised for further evolution as emerging technologies such as augmented reality, gesture recognition, and biometric sensors promise to redefine the driving experience. With an increasing focus on connectivity, automation, and sustainability, steering wheel manufacturers are poised to play a pivotal role in shaping the future of mobility, ensuring that drivers remain at the forefront of innovation and safety on the road.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Application
    2. Market Snapshot, By Technology
    3. Market Snapshot, By Region
  4. Global Automotive Steering Wheel Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Growing vehicle production
        2. Demand for safety features
        3. Technological advancements in vehicles
        4. Increasing focus on comfort
        5. Shift towards electric vehicles
      2. Restraints
        1. High cost of advanced systems
        2. Regulatory challenges
        3. Limited adoption in emerging markets
        4. Maintenance complexities
        5. Consumer resistance to change
      3. Opportunities
        1. Integration of AI technology
        2. Expansion in autonomous vehicles
        3. Development of lightweight materials
        4. Customization for user preferences
        5. Entry into untapped regions
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Automotive Steering Wheel Market, By Application, 2020 - 2030 (USD Million)
      1. Passenger vehicles
      2. Commercial vehicles
    2. Global Automotive Steering Wheel Market, By Technology, 2020 - 2030 (USD Million)
      1. Conventional Steering Systems
      2. Advanced Steering Systems
    3. Global Automotive Steering Wheel Market, By Geography, 2020 - 2030 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. ZF Friedrichshafen AG
      2. JTEKT Corporation
      3. Nexteer Automotive
      4. Autoliv Inc.
      5. Toyoda Gosei Co., Ltd.
      6. Takata Corporation
      7. Key Safety Systems, Inc
      8. Grant Products International, Inc.
      9. Momo Srl
      10. NRG Innovations
      11. MPI (Max Papis Innovations)
      12. Race Technologies Inc.
      13. Italvolanti S.r.l.
      14. Sparco S.p.A.
      15. MOMO Automotive Accessories, Inc.
  7. Analyst Views
  8. Future Outlook of the Market