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Steering Wheel Market Size, Share & Industry Analysis, By Technology Type (Normal and Embedded Control), By Size (Small, Medium, and Large), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Regional Forecasts, 2024-2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI105481

 

KEY MARKET INSIGHTS

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The global steering wheel market size was valued at USD 22.10 billion in 2023 and is projected to grow from USD 39.77 billion in 2024 to USD 48.89 billion by 2032, exhibiting a CAGR of 9.5% during the forecast period.


The "steering wheel market" refers to the segment of the automotive industry that involves the design, manufacturing, and distribution of steering wheels used in vehicles. The steering wheel is a critical component of any automobile, providing the driver with control over the direction of the vehicle. The market encompasses a wide range of products, technologies, and trends aimed at improving steering wheel design, functionality, safety, and comfort. Steering wheels are increasingly becoming part of integrated driver-assistance systems, including lane-keeping assist, adaptive cruise control, and autonomous driving features. Manufacturers are focusing on lightweight materials and aerodynamic designs to improve fuel efficiency and reduce emissions.


The global outbreak of the coronavirus (COVID-19) disease had a severe impact on the global automotive industry. The market expansion and the supply chain was heavily disturbed due to the rapid spread of COVID-19. Beginning in China, suppliers around the globe placed production lines in quarantine or shut them down completely. Legal and trade restrictions, such as closed borders, shortage of required parts, and limited supplies, mainly for raw materials from Asia, including steel parts, paints, and machinery, had adverse effects on the market growth.


Steering Wheel Market Trends


Advanced Direct Adaptive Steering and Steer By Wire Technology set a Positive Trend for Market Growth


OEMs worldwide are focusing on advanced features and development of technology in the product to enhance driver safety, comfort, and reduce vehicle weight. Steering makers are working on advanced design, such as direct adaptive steering, to ease their use for the drivers. For instance, Nissan developed a direct advanced adaptive steering that gives an impression of excellent propulsion on various road surfaces. Moreover, the technology is beneficial on bumpy roads or lousy road surfaces where the driver is forced to grip the wheel tightly. Thus, development relating to the technologically advanced steering system and the company's primary focus on the same will set a positive trend for the market growth.


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Steering Wheel Market Growth Factors


Increase In Vehicle Production and Sales set a Positive Trend for Market Growth


Automotive steering wheels are required for all types of vehicles. Moreover, with an rise in the number of models and new types of vehicles entering the market, the demand for the product is expected to increase significantly. Furthermore, expanding middle-class population, rising disposable incomes, and growing urbanization will lead to a rise in the sale of all vehicle types, which further helps to boost the steering wheel market growth in the coming years.


Development of Advanced Technologies and Rising Demand for Safety Equipped Vehicle to Propel Market Growth


Due to rising comfort and safety features, steering manufacturers are forced to produce advanced steering such as direct adaptive steering, EPS steering, steer by wire, and others. Moreover, numerous governments have introduced stringent vehicle pollution and fuel economy rules. Regulatory authorities have adopted fleet-level requirements such as the National Highway Traffic and Safety Administration (NHTSA) in the U.S., the International Council on Clean Transportation (ICCT) in Europe, and other organizations. These regulations have forced manufacturers to spend more on fuel-efficient steering technology such as electric power steering. Compared to typical hydraulic steering systems, electrically assisted power steering systems are lighter and more straightforward.


RESTRAINING FACTORS


Rise in Cost of Raw Materials Expected to Hamper Market Growth


Key challenges faced by the manufacturers are extremely complicated linkages, chances of overturning, and inflated costs. The connection of wires in the system is complex, and any failure can lead to severe consequences. Attributed to advancements in technology, the price of the product increased considerably and more components made the vehicle heavier.


Steering Wheel Market Segmentation Analysis


By Technology Type Analysis


Embedded Control Steering Technology Dominates Market due to Technological Advancements


Based on technology, the market is divided into normal steering and embedded control steering.


The embedded control steering segment holds the largest share globally, and is expected to lead during the forecast period due to technological advancement. For instance, steering manufacturers, such as Autoliv Inc, ZF Friedrichshafen AG, and Nexteer Automotive Corp, are working on advanced steering such as steer by wire, direct adaptive steering, and intuitive steering.


Normal or conventional steering will have low growth and low penetration in 2023. The normal steering segment accounted for 32.2% market share in 2023. The segment will witness low growth during the forecast period due to higher adoption of embedded control steering in all vehicles.


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By Size Analysis


Small Wheel Size Segment Expected to Hold the Largest Market Share Owing to Higher Adoption in Passenger Cars and Light Commercial Vehicles


The market is segmented into small, medium, and large based on size.


The small segment is anticipated to hold maximum market share in the global market due to various factors, including rapid production & development of passenger cars and light commercial vehicles in developing & developed countries. Furthermore, the medium segment is expected to hold the second-largest share in the market. The dominance can be attributed to multiple parameters, including rising production and sales of LCV and HCV vehicles. In addition, large segment accounted for 15.5% market share in 2023. The segment will witness low growth during the forecast period due to most OEMs' higher adoption of small and compact steering.


By Vehicle Type Analysis


Passenger Vehicle Segment Dominates the Market Owing to Increased Production of Passenger Cars


The market is divided into passenger vehicle and commercial vehicle based on vehicle type.


The passenger vehicle accounted for the largest share globally in the market and is expected to dominate during the forecast period. Due to rising individual disposable income, rising sales and production of passenger cars in developing countries will push this segment's growth. The passenger vehicle segment accounted for 72.1% market share in 2023. The commercial vehicle segment is also expected to witness lucrative growth during the forecast period. This is due to heavy-loaded vehicles' early replacement cycle and high production and sales of LCV and MHCV vehicles.


REGIONAL INSIGHTS


Asia Pacific Steering Wheel Market Size, 2023 (USD Billion)

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Asia Pacific stood at USD 11.39 billion in 2023 and is projected to reach USD 25.87 billion by 2032, at a CAGR of 9.8% during the forecast period. The region is expected to dominate the global market as it is an automotive hub, which witnesses increasing vehicle production per year. This growth is attributed to rising preference for personal mobility in the post-COVID period that will boost automobiles and components such as steering wheels. The growing adoption of vital governmental initiatives, use of electric vehicles, and autonomous vehicles are expected to promote the market development in the region during the forecast period.


Europe has the second-largest position in the market due to key players in this region. Consumer acceptance and shared mobility for electric and self-driving cars have the potential to drive market expansion in the region


The North America market, worth USD 4.59 billion in 2023, is expected to grow to USD 9.91 billion in 2032, with a CAGR of 9.2 during the forecast period. Over the projected period, the market in North America is expected to rise rapidly. The regional market is anticipated to grow due to increased government regulations for vehicle emissions, fast adoption rate of new technologies, and significant investment in product innovation.


The rest of the world market share adds very little to this market compared to other regions. This is due to lack of automotive OEMs and steering suppliers, low technology adoption, and lack of all types of vehicles. However, it is predicted to grow at a CAGR of 10.7% in future.


List of Key Companies in Steering Wheel Market


Strong Portfolio and Advanced Steering System Propelled Autoliv Inc, ZF Friedrichshafen AG, and Toyoda Gosei Co. Ltd to Lead the Market


The market is consolidated due to its strong product portfolio and noteworthy distribution network of major companies in developed and developing countries.


The key players are focusing on providing technologically advanced automotive steering wheels. For instance, Autoliv Inc developed an intuitive steering. This HMI-based innovation uses touch technology and air gesture controls to keep the driver in complete control, exhibiting seamless transition between manual and automated driving.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • In May 2023, Autoliv, Inc. presented several new safety solutions at the Shanghai Automobile Industry Exhibition 2023. The new safety solutions include an integrated cockpit, a zero-gravity seat, and the Star steering wheel. The new products are designed to provide safety, comfort, and an improved driving experience.

  • In September 2023, Autoliv signed an agreement with Great Wall Motor ("GWM") to address opportunities and challenges in the rapidly evolving global automotive landscape. Through this new collaboration, Autoliv further strengthens its position with Chinese OEMs. The strategic cooperation aims to drive innovation through collaboration around advanced technologies with a focus on quality.

  • July 2021- Autoliv, Inc., a global leader in automotive safety systems, opened up a new sound and vibration laboratory at Ogden Technical Center (OTC), which has been designed specifically for the development of automotive safety restraint equipment (airbags, seat belts, steering wheels).

  • January 2021- Nissan Motor Co., Ltd.'s newly launched "Rogue" in the North America market includes Electric Power Steering (EPS) with JTEKT Corporation's second-generation in-house MCU.

  • July 2021 - Toyoda Gosei Co., Ltd. developed a new structure for the driver-side airbag that can better protect the occupant. This airbag is found on the new Honda Civic, which was released in June 2021 in North America.


REPORT COVERAGE


The global automotive steering wheel market report provides a detailed industry analysis and focuses on crucial aspects such as leading companies, product types, and leading product applications. In addition, the report offers insights into the key market trends and highlights vital industry developments. Further, the report encompasses several factors contributing to the market growth rate in recent years.


An Infographic Representation of Automotive Steering Wheel Market

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Report Scope & Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 9.5% over 2024 to 2032



Unit



Value ( USD Billion)



Segmentation



By Technology Type



  • Normal

  • Control Embedded



By Size



  • Small

  • Medium

  • Large



By Vehicle Type



  • Passenger Vehicle

  • Commercial Vehicle



By Geography



  • North America (Technology Type, Size, Vehicle Type)

    • U.S. (By Vehicle Type)

    • Canada (By Vehicle Type)

    • Mexico (By Vehicle Type)



  • Europe (Technology Type, Size, Vehicle Type)

    • U.K. (By Vehicle Type)

    • Germany (By Vehicle Type)

    • France (By Vehicle Type)

    • Rest of Europe (By Vehicle Type)



  • Asia Pacific (Technology Type, Size, Vehicle Type)

    • China (By Vehicle Type)

    • Japan (By Vehicle Type)

    • India (Vehicle Type)

    • Rest of Asia Pacific (By Vehicle Type)



  • Rest of the World (Technology Type, Size, Vehicle Type)






Frequently Asked Questions

Fortune Business Insights says that the global market size stood at USD 22.10 billion in 2023 and is expected to reach USD 48.89 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 11.39 billion.

The market is projected to grow at a CAGR of 9.5% and exhibit steady growth during the forecast period (2024-2032).

The embedded control segment is the leading segment in this market.

Increased vehicle production, focus on advanced technologies, and demand for safety-equipped vehicles are the driving factors of the market.

ZF Friedrichshafen AG and JTEKT hold the maximum share in the market.

Asia Pacific dominated the market share in 2023.

Increasing adoption of electric mobility coupled with favorable government initiatives to use lightweight materials is expected to drive the business.

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