Steering Wheel Market Report 2025 (Global Edition)

Global Steering Wheel Market Report 2025 Market Size Split by Vehicle Type (Passenger Cars, Commercial Vehicles), by Technology Type (Normal Steering Wheel, Control Embedded Steering Wheel), by Wheel ...

Steering Wheel Market Report Description

We have various report editions of Steering Wheel Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Steering Wheel Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge steering Wheel-based crops, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Steering Wheel industry news

In April 2021, Toyoda Gosei Co., Ltd.'s subsidiary, Toyoda Gosei (Zhangjiagang) Co., Ltd. (TGZH), started producing millimeter wave-compatible emblems and airbag inflators in China to cater to the increasing demand for these items in the largest automotive market globally.

(Source: https://www.toyoda-gosei.com/news/details.php?id=280)

In December 2023, Nexteer Automotive announced its global production milestone of 100 million electric power steering (EPS) systems – a key technology enabling fuel efficiency and advanced safety and performance. Nexteer is a global leader in EPS – serving more than 60 customers worldwide.

(Source: https://www.nexteer.com/release/nexteer-achieves-global-production-milestone-of-100-million-electric-power-steering-systems-enabling-fuel-efficiency-advanced-safety-performance/)

Top Companies Market Share in Steering Wheel Industry: (In no particular order of Rank)

• Autoliv Inc. (Sweden)
• ZF Friedrichshafen AG (Germany)
• JTEKT Corporation (Japan)
• Toyoda Gosei Co. Ltd (Japan)
• Ningbo Joyson Electronics Co. Ltd (China)
• Nexteer Corporation (U.S.)
• Hyundai Mobis Co. Ltd (South Korea)
• GKN Automotive (U.K.)
• Nihon Plast Co. Ltd (Japan)
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional analysis of the Steering Wheel Market

Which region will dominate the Steering Wheel Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The well-established presence of key players in the region, safety regulations, and the growing trend toward autonomous driving features contribute to the region's market dominance. The emphasis on advanced safety features, lightweight materials, and ergonomic designs to improve fuel efficiency and driver comfort further contribute to the market's growth.

Which is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an increase in the sales of steering wheels. This surge is mainly driven by the region's large population and growing middle class, which has increased demand for passenger vehicles. This increased demand for vehicles has also led to a rise in demand for steering wheels. Further, this region has seen significant economic growth in recent years, which has led to increased purchasing power and demand for luxury vehicles, which often come equipped with advanced steering wheel technologies.

The current report Scope analyzes Steering Wheel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Steering Wheel Market

According to Cognitive Market Research, the global Steering Wheel market size was estimated at USD 19502.5 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 7801.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031. Steering wheel sales dominate North America, fueled by various manufacturers catering to various vehicle segments. The region's leading Technological advancements towards electric and autonomous vehicles are driving innovation within the industry, further contributing to the market's growth. The passenger cars segment in North America is intricately tied to the expanding Steering Wheel market. It reflects the region's high demand for personal transportation. With the region's focus on enhancing driving experience and meeting regulatory standards, the passenger car segment in North America's steering wheel market remains competitive and dynamic.

• According to Cognitive Market Research, the US had a major share in the steering wheel market with a market size of USD 6154.99 million in 2024, projected to grow at a CAGR of 6.2% during the forecast period. The demand is amplified by the nation's technological advancements and consumer demand for safety and comfort features to propel consistent growth. 
• The Canada Steering Wheel market had a market share of USD 936.12 million in 2024 and is projected to grow at a CAGR of 7.2% during the forecast period. Canada's rising application across diverse agricultural sectors for efficient weed management contributes to increased usage of Steering Wheel. 
• The Mexico Steering Wheel market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 709.89 million in 2024.

Europe Steering Wheel Market

According to Cognitive Market Research, with a market value of USD 19502.5 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 5850.75 million. In Europe, there is increasing emphasis on innovation and integration of technologies like haptic feedback and touch-sensitive controls. Stringent safety regulations and increasing consumer preference for electric vehicles drive market growth, with a notable emphasis on lightweight materials and sustainable manufacturing processes contributing to steady growth. The surge in commercial vehicles across Europe is closely linked to the growing steering wheel market as regulatory requirements, fleet modernization initiatives, and advancements in autonomous driving technologies drive the adoption of innovative steering wheel solutions across various commercial vehicle segments.

• The United Kingdom Steering Wheel market had a share of USD 982.93 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Steering Wheel sales increased in the UK due to the nation's technological advancements and safety regulations. 
• The France Steering Wheel market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 538.27 million in 2024.
• According to Cognitive Market Research, the Germany Steering Wheel market size was valued at USD 1158.45 million in 2024 and is projected to grow at a CAGR of 6.9% during the forecast period. In Germany, Steering Wheel sales surge due to the nation's shifting consumer trends towards electric vehicles. 
• The Italy Steering Wheel market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 503.16 million in 2024.
• The Russian Steering Wheel market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 906.87 million in 2024.
• The Spain Steering Wheel market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 479.76 million in 2024.
• The Luxembourg Steering Wheel market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 181.37 million in 2024.
• The Portugal Steering Wheel market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 122.87 million in 2024.
• The Greece Steering Wheel market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 70.21 million in 2024.
• The Rest of Europe's Steering Wheel market is projected to grow at a CAGR of 5.4% during the forecast period, with a market size of USD 906.87 million in 2024.

Asia Pacific Steering Wheel Market

According to Cognitive Market Research, the global Steering Wheel market size was estimated at USD 19502.5 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 4485.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031. The Asia Pacific region is experiencing growth due to the region's control-embedded steering wheel sector and rising demand for advanced driver assistance systems (ADAS) and electric vehicles. The rising demand for Steering Wheel in the Asia Pacific finds a pivotal ally in the growing preference for control-embedded steering wheels as a technology type. Increasingly, stringent safety regulations and consumer demand for comfort drive product evolution in the region, which contribute to the growth and development of this segment.

• According to Cognitive Market Research, the China Steering Wheel market size was valued at USD 2018.51 million in 2024 and is projected to grow at a CAGR of 9.7% during the forecast period—Steering Wheel sales surge in China due to the nation's innovation and safety features tailored to domestic consumer preferences.
• The Japan Steering Wheel market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 619.01 million in 2024.
• The India Steering Wheel market had a market share of USD 538.27 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period. The demand is augmented by increasing disposable income and government initiatives.
• The South Korean Steering Wheel market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 448.56 million in 2024.
• The Australian Steering Wheel market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 233.25 million in 2024.
• The South East Asia Steering Wheel market is projected to witness growth at a CAGR of 11.2% during the forecast period, with a market size of USD 309.50 million in 2024.
• The Rest of the Asia Pacific Steering Wheel market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 318.48 million in 2024.

South America Steering Wheel Market

According to Cognitive Market Research, the global Steering Wheel market size was estimated at USD 19502.5 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 975.13 million in 2024. It will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031. Steering wheel sales in Latin America are experiencing growth due to the region's increasing automotive production and consumer demand for safety and comfort features that drive the demand. The upswing in aftermarket category products across Latin America is closely tied to the expanding steering wheel market. Local and regional manufacturers and distributors play a key role in this segment by offering a wide range of steering wheels tailored to different vehicle models, styles, and budgets.

• According to Cognitive Market Research, the Brazil Steering Wheel market size was valued at USD 417.35 million in 2024 and is projected to grow at a CAGR of 8.2% during the forecast period. Steering Wheel sales flourish in Brazil due to the nation's large automotive industry.
• The Argentina Steering Wheel market had a market share of USD 163.82 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. The demand is augmented by Argentina's focus on innovations and customization to meet consumer preferences.
• The Colombia Steering Wheel market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD 86.79 million in 2024.
• The Peru Steering Wheel market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 79.96 million in 2024.
• The Chile Steering Wheel market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 70.21 million in 2024.
• The Rest of the Latin America Steering Wheel market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 157.00 million in 2024.

Middle East and Africa Steering Wheel Market

According to Cognitive Market Research, the global Steering Wheel market size was estimated at USD 19502.5 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 390.05 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031. MEA experiences an upswing in steering wheel sales driven by increasing advancements in automotive technology. The rise of medium wheel type in the MEA region is vital, focusing on durability, comfort, and integration of advanced safety features. It is further driven by increasing automotive production and demand for mid-range vehicles, adding to this segment's growth in the region.

• According to Cognitive Market Research, the GCC Countries Steering Wheel market size was valued at USD 166.94 million in 2024 and is projected to grow at a CAGR of 8.7% during the forecast period. Steering Wheel sales flourish in the GCC Countries due to the region's rising demand for luxury vehicles and government initiatives.
• The Egypt Steering Wheel market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 40.96 million in 2024.
• The South African Steering Wheel market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD 61.63 million in 2024. Steering Wheel sales flourish in South Africa due to the region's technological advancements to meet consumer preferences and focus on premium features.
• The Turkey Steering Wheel market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD 33.54 million in 2024.
• The Nigeria Steering Wheel market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 40.96 million in 2024.
• The Rest of the MEA Steering Wheel market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 46.03 million in 2024. 

Steering Wheel Market Analysis

Steering Wheel Market Vehicle Type Segment Analysis

According to Cognitive Market Research, passenger cars held the major market share over the forecast period. This is attributed to increasing urbanization, rising disposable incomes, and changing consumer preferences for mobility solutions. It is further fuelled by the growing middle class and expanding automotive infrastructure. Technological advancements such as electric and autonomous vehicles have further propelled market expansion, with a focus on sustainability and safety driving consumer demand.

Commercial vehicles are the fastest-growing category over the forecast period. This segment has experienced significant growth due to increasing demand for goods transportation and expanding logistics networks. Despite challenges like unstable fuel prices and regulatory changes, the segment remains robust, with a focus on sustainability and cost-effectiveness shaping future developments.

• Passenger Cars
• Commercial Vehicles

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Steering Wheel Industry. Request a Free Sample PDF!

Steering Wheel Market Technology Type Segment Analysis

According to Cognitive Market Research, the control-embedded steering wheel held a prominent market share. This growth is fueled by the rising demand for advanced driver assistance systems (ADAS), including features like lane-keeping assistance, adaptive cruise control, and collision avoidance systems, often integrated directly into the steering wheel. This segment will dominate this market as automakers prioritize safety, convenience, and connectivity features.

Normal steering wheel is the fastest-growing category over the forecast period. It encompasses traditional steering wheels without embedded controls or advanced features and has experienced relatively stable growth in recent years. Further, the growth of the normal steering wheel segment is primarily driven by factors such as overall vehicle sales volume, replacement demand, and consumer preferences for familiar and reliable steering systems.

• Normal Steering Wheel
• Control Embedded Steering Wheel

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Steering Wheel Wheel Type Segment Analysis

According to Cognitive Market Research, the small wheel type holds a prominent market share. The growing trend towards electric and hybrid vehicles, which often feature smaller overall dimensions, has contributed to the growth of the small wheel type segment. The growing trend towards electric and hybrid vehicles, which often feature smaller overall dimensions, and consumer preferences evolving towards smaller and more efficient vehicles has contributed to the growth of the small wheel type segment.

The medium wheel type segment is the fastest-growing category over the forecast period. This versatility has contributed to its steady market demand. Secondly, as consumer preferences continue to evolve towards larger vehicles such as SUVs and crossover vehicles, which often feature medium-sized steering wheels, the segment has experienced sustained growth. Also, advancements in technology and materials have allowed manufacturers to enhance the features and ergonomics of medium-sized steering wheels, further driving demand in this segment.

• Small Wheel Type
• Medium Wheel Type
• Large Wheel Type

Steering Wheel Sales Channel Segment Analysis

According to Cognitive Market Research, aftermarket holds a prominent market share. As vehicles age and wear out, a growing need for replacement parts, including steering wheels, increases aftermarket demand. Benefits from consumer preferences for customization and personalization, with many drivers opting to upgrade their steering wheels with aftermarket options to enhance aesthetics or functionality. As the aftermarket industry continues to evolve and cater to changing consumer demands, this segment is expected to grow.

Original equipment manufacturers are the fastest-growing category over the forecast period. Increasing global vehicle sales have led to a higher demand for original equipment manufacturers' steering wheels. As automotive manufacturers continue to modernize and introduce new vehicle models with cutting-edge features, a growing need for specialized steering wheels that integrate seamlessly with these technologies is further driving demand in the OEM segment.

• Original Equipment Manufacturer
• Aftermarket

Author's Detail

Sumedha Gosavi

Research Associate at Cognitive Market Research

LinkedIn

Profile

Author's Conclusion