Published by Coherent Market Insights
Posted on September 20, 2021
5 min readLast updated: February 5, 2026
The automotive steering wheel market is set for growth in key regions, driven by rising vehicle sales and technological advancements.
United States/WA: Automotive Steering Wheel Market Will Boom In Near Future
Report Pages:[130 Pages]
Global Automotive Steering Wheel Market, by Product Type (Aluminium Steering Wheel, Magnesium Steering Wheel, Steel Steering Wheel, and Others), by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Medium and Heavy Duty Commercial Vehicle), by Wheel Diameter Type (Small, Medium, and Large), by Technology Type (Normal Steering Wheel and Control Embedded Steering Wheel), by Sales Channel (OEM and Aftermarket), and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Industry Insights, Trends, Opportunity Analysis, 2018-2026
Competitive Landscape:
Key players operating in the global automotive steering wheel market include Tokai Rika Co., Nihon Plast Co., Ltd., Key Safety Systems Inc., Takata Corporation, Autoliv Inc., and ZF TRW Motorized Holdings Corp., among others.
The global automotive steering wheel market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period (XXX-XXX), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive steering wheels are one of the most important parts of an automobile. It helps to control the vehicle and its movement, which is why these parts are considered to be essential parts that need to be maintained properly and fixed as soon as possible. Since vehicles have become more complex, steering wheels have also become more technologically advanced to allow for easier control. Automotive steering wheel converts rotational commands of the driver into swiveling movements of the vehicle’s front wheels. Steering wheel allows driver to control the course of vehicle travel by turning the steering wheel, which also turns the input shaft that connects steering wheel to the gear unit. The primary purpose of the steering system is to allow the driver to guide the vehicle.
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Key Market Drivers:
Rise in production and sales of passenger vehicles, as well as rising demand for premium and luxury cars, around the worlds is expected to boost the growth of the automotive steering wheel market during the forecast period. For instance, according to the Federation of Automobile Dealers Associations, passenger vehicle sales in India stood at 271,249 units in December 2020, compared to 218,775 units in December 2019, registering a 23.99% growth. This in turn is increasing the demand for steering wheels in the automotive industry.
Moreover, increasing demand for electrically assisted steering systems due to stringent norms regarding fuel efficiency and technologically advanced vehicles and the increasing consumer preference for driving comfort are some major factors expected to accelerate the growth of the automotive steering wheel market. For instance, according to the U.S. Department of Energy (DOE), in ideal conditions, electric power steering can reduce fuel consumption by around 6%, increase fuel efficiency by 2 to 4%, and decrease CO2 emissions by 8g/km.
COVID-19 Impact Analysis:
The outbreak of COVID-19 has had a swift and severe impact on the automotive industry. The automotive sector, like other industries, experienced ultimate business disruption during the early months of 2020. However, worldwide, the automotive industry saw signs of recovery in the second quarter of 2020, especially in the Asian countries, such as India. The festive season, in India, brought back some cheer in specific segments. The industry has registered year-on-year growth in new vehicle sales over the past few months in India, China, Europe, and the United States. This in turn is expected to augment the market growth.
Key Takeaways:-
The automotive steering wheel market is expected to exhibit a CAGR of XX % during the forecast period due to the growing trend of electric vehicles across the globe. For instance, according to the International Energy Agency (IEA), sales of electric vehicles topped 2.1 million worldwide in 2019, surpassing 2018, to boost the stock to 7.2 million electric cars.
Europe is expected to witness a strong growth in the automotive steering wheel market due government initiatives towards electrification and growing popularity of electric vehicles in this region. For instance, the European Union aims to have at least 30 million zero-emission vehicles on its roads by 2030, as it seeks to steer countries away from fossil fuel-based transport. This in turn is increasing the demand for steering wheels.
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The post The Automotive Steering Wheel Market to Witness Robust Growth in North America, Europe, and Asia Pacific appeared first on Gatorledger.
The article discusses the growth of the automotive steering wheel market in key regions.
COVID-19 initially disrupted the market, but recovery signs are evident, especially in Asia.
Increased vehicle sales and demand for advanced steering technologies are key drivers.
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