Automotive Steering Wheel

Automotive Steering Wheel

Global Automotive Steering Wheel Market to Reach US$37.9 Billion by 2030

The global market for Automotive Steering Wheel estimated at US$27.0 Billion in the year 2023, is expected to reach US$37.9 Billion by 2030, growing at a CAGR of 5.0% over the analysis period 2023-2030. Embedded Control Steering, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach US$25.8 Billion by the end of the analysis period. Growth in the Conventional Steering segment is estimated at 4.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.3 Billion While China is Forecast to Grow at 8.2% CAGR

The Automotive Steering Wheel market in the U.S. is estimated at US$7.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.9 Billion by the year 2030 trailing a CAGR of 8.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.9% and 5.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.0% CAGR.

Automotive Steering Wheel - Key Trends and Drivers

The automotive steering wheel is the primary interface between the driver and the vehicle, enabling control over the direction of movement. This component is not only crucial for maneuvering but also serves as a hub for functionality and safety features. Modern steering wheels are equipped with various controls for entertainment, communication, and system monitoring, reducing the need for drivers to take their hands off the wheel. Beyond functionality, steering wheels are a focal point for interior aesthetics and comfort, with designs that can include a range of materials from luxurious leather to sustainable alternatives.

Advancements in automotive technology have significantly influenced the evolution of steering wheels. The integration of airbags has been a pivotal safety enhancement, and modern designs often include advanced features like heating elements, paddle shifters for manual control over automatic transmissions, and haptic feedback systems that alert drivers through vibrations. As autonomous driving technologies continue to develop, the role of the steering wheel is also evolving with concepts that can retract into the dashboard when not in use, providing more space and versatility in the vehicle’s cabin layout. These innovations enhance both the safety and comfort of the driver and passengers, reflecting broader trends in automotive design toward smarter, more responsive vehicles.

The growth in the automotive steering wheel market is driven by several factors, including technological advancements, consumer demand for enhanced driving experiences, and stringent safety regulations. The incorporation of new technology such as touch-sensitive controls and biometric sensors in steering wheels are examples of how manufacturers are adapting to the increasing demand for smarter, more interactive car features. These technologies not only improve user experience but also bolster safety. Furthermore, as global safety standards become more rigorous, the pressure increases on manufacturers to integrate essential safety features effectively. Additionally, consumer preferences for premium materials and customizability in car interiors have led to diversified product offerings. These factors, combined with the overall growth in vehicle production and sales worldwide, ensure robust demand for innovative steering wheels across the automotive industry.

Select Competitors (Total 36 Featured) -

• Autoliv Inc.
• Grant Products International, Inc.
• Joyson Safety Systems Aschaffenburg GmbH
• KKR Metal Components
• Marquardt Management SE
• MOMO Motorsport
• Moto-Lita Ltd
• Neaton Auto Products Manufacturing, Inc.
• Nihon Plast Co., Ltd.
• Shine Way Auto Parts (Guangzhou) Co., Ltd.
• Sparco Motor Sports, Inc. (Sparco USA)
• Tokai Rika Co., Ltd.
• Toyoda Gosei Co., Ltd.
• Valeo Group
• ZF Friedrichshafen AG;

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