Automotive Steering Wheel Market to Grow by USD 15.52 Billion (2025-2029), Driven by Steering-Mounted Electronics and AI Redefining the Market Landscape - Technavio

NEW YORK, Jan. 7, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The global automotive steering wheel market size is estimated to grow by USD 15.52 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of about 8.8%  during the forecast period. increasing use of steering-mounted electronics makes wheels more intuitive is driving market growth, with a trend towards debut of gesture recognition technology in steering wheels  However, development of cars without steering wheels  poses a challenge.Key market players include A.G Industries Pvt. Ltd., AB Volvo, Autoliv Inc., Dowlais Group plc, Grant Products, GSK InTek Co. Ltd., ISOTTA, Joyson Safety Systems Aschaffenburg GmbH, KKR Metal Components, MOMO Srl, Moto Lita Ltd., MZW Motor, Nexteer Automotive corp, Nihon Plast Co. Ltd., SAIC Motor Corp. Ltd., Sun Autoelektrik Pvt. Ltd., Tokai Rika Co. Ltd., Toyoda Gosei Co. Ltd., Valeo SA, and ZF Friedrichshafen AG.

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The Automotive Steering Wheel market is experiencing significant trends driven by emissions standards, automotive electrification, and the rise of Electric Vehicles (EVs) in the passenger car and commercial vehicle segments. Hydraulic power steering is being replaced by electric components, sensors, brakes, and batteries in vehicle control units. CO2 emissions are a key focus, with articulated steering mechanisms used in articulated dump trucks, motor graders, and wheeled loaders under scrutiny. Rack and pinions, parallel parking, Lane-keeping assist, and Highway assist are becoming standard features. Autonomous mobility, connected cars, and steer-by-wire systems are future technologies shaping the market. Major automotive companies like Nexteer Automotive Corp are investing in high-quality products, HMI (Human-Machine Interface), and steering systems, including steering couplers, tie rod ends, power steering pumps, and steering yokes. Developing economies with increasing consumer disposable income and credit availability are also driving growth. However, complications like cyber-attacks, inflated costs, and wire connections pose challenges. Technological developments, such as steer-by-wire systems, electronics, algorithms, actuators, and software control, are shaping the steer-by-wire environment. The market also includes luxury cars, dual-pinion segments, fuel economy, steering feel, and safety functions. Vehicle weight, steer-by-wire technology, and in-car safety are other important factors. Overall, the market is witnessing a shift towards electric power steering, multi-axis sensors, tactile feedback devices, and software control. 

In the automotive industry, sensor-based systems utilizing automotive gesture recognition technology are revolutionizing the driving experience. These innovative systems enable drivers to manage various in-vehicle functions, including infotainment, lighting, temperature, doors, and windows, through intuitive hand gestures. Gesture recognition algorithms process and interpret these movements, replacing the need for physical buttons or touchscreens. However, due to the absence of standardized gestures, each Original Equipment Manufacturer (OEM) and Tier-I supplier may employ unique gestures and corresponding controls. 

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•         The Automotive Steering Wheel market faces several challenges in today's automotive industry. Emissions standards and automotive electrification are major factors driving the shift towards Electric Vehicles (EVs) and electric power steering. The passenger car segment and commercial vehicles, including articulated dump trucks, motor graders, and wheeled loaders, require steering systems. Hydraulic power steering is being replaced by electric components, sensors, brakes, and batteries. OEMs are focusing on reducing CO2 emissions, leading to the development of steer-by-wire systems and autonomous mobility. Consumer disposable income in developing economies and high-quality products are key growth drivers. However, complications like cyber-attacks on electronic components, fail-safe mechanisms, and wire connections pose challenges. Technological developments, such as steer-by-wire technology, torque sensors, multi-axis sensors, and software control, are shaping the steering system landscape. The price of the product, vehicle weight, and steer-by-wire environment are crucial factors influencing the market. Major automotive companies are investing in HMI (Human-Machine Interface), multi-function steering wheels, and safety functions. The future of steering systems lies in steer-by-wire technology, electronics, algorithms, actuators, and tactile feedback devices.

•         Autonomous cars, also known as self-driving or automated vehicles, are revolutionizing the automotive industry. These cars operate without human intervention, navigating around obstacles and adapting to various terrains to reach a predetermined destination. The role of traditional steering wheels, which control vehicle direction, may become obsolete as cities are designed for autonomous cars and roadways are customized to guide them. Companies like Faurecia are acknowledging this trend, recognizing the potential redundancy of steering wheels in the future. The development of autonomous cars is a complex process, requiring significant resources from OEMs and industry partners to design and improve performance continuously.

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This automotive steering wheel market report extensively covers market segmentation by  

1. Application 
• 1.1 Passenger cars
• 1.2 Commercial vehicles
2. Channel 
• 2.1 OEM
• 2.2 Aftermarket
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Passenger cars-  The global automotive steering wheel market is primarily driven by the passenger cars segment, which holds the largest share in terms of both volume and value. The demand for passenger cars is closely linked to economic development and population demographics. Emerging markets in Asia, particularly China, Brazil, and India, are experiencing significant growth due to increasing disposable income and industrialization. Passenger cars have evolved to include advanced features, such as electric power steering systems and electronic safety systems, in response to consumer expectations, competition, and government regulations. These trends, along with the rise of electrification and automation, are expected to boost the market during the forecast period. Modern steering wheels incorporate various advanced safety systems, such as airbags, anti-lock braking systems, and autonomous cruise control, to ensure vehicle safety and improve handling. The use of biosensors in steering wheels could further enhance safety by monitoring driver attention and alerting them to potential distractions. Despite the cost, the adoption of driver-assisted steering technologies is expected to increase due to their potential cost savings for automobile OEMs.

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The Automotive Steering Wheel market is witnessing significant growth due to various factors, including the increasing emphasis on emissions standards and automotive electrification. Electric Vehicles (EVs) and hybrid vehicles are driving the demand for electric components in steering systems, leading to the adoption of steer-by-wire steering systems. The passenger car segment and commercial vehicles are the major consumers of steering wheels. Developing economies are also contributing to the market growth due to the increasing demand for high-quality products. Steering wheels offer enhanced driving experience with multi-function features, including cruise control, air conditioning controls, and safety functions. Electric power steering and Steer-By-Wire systems are becoming increasingly popular due to their fuel efficiency and advanced safety features. Sensors play a crucial role in these systems, providing real-time data for optimal performance. OEMs are investing heavily in research and development to offer innovative steering solutions to meet the evolving needs of consumers.

The Automotive Steering Wheel Market is witnessing significant growth due to the increasing adoption of advanced technologies such as electric power steering, steer-by-wire systems, and electronic components. Emissions standards and automotive electrification are major driving factors, with Electric Vehicles (EVs) and hybrid vehicles leading the way. The passenger car segment and commercial vehicles, including articulated dump trucks, motor graders, and wheeled loaders, are key areas of focus. Hydraulic power steering is being gradually replaced by electric components, sensors, brakes, and batteries. The vehicle control unit plays a crucial role in managing steering systems, CO2 emissions, and safety functions. Technological developments, such as parallel parking, lane-keeping assist, and highway assist, are enhancing the driving experience. Autonomous mobility, connected cars, and cyber-attacks are emerging trends. The market is also influenced by factors such as fuel economy, steering feel, consumer disposable income, high-quality products, fuel consumption, vehicle weight, and steer-by-wire technology. Major automotive companies are investing in steering system components, including HMI (Human-Machine Interface), steering system, steering coupler, tie rod ends, power steering pump, steering yoke, and dashboard features like multi-function steering wheels, cruise control, air conditioning controls, and safety functions. The market is also witnessing complications due to overturning, inflated costs, wire connections, and vehicle weight. Technological advancements, such as tactile feedback devices, software control, multi-axis sensors, and control system layout, are shaping the future of the automotive steering wheel market. The market is expected to grow significantly in developing economies due to credit availability, road infrastructure, and safety features in pickups and heavy-duty vehicles.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Passenger Cars
• Commercial Vehicles
• Channel
• OEM
• Aftermarket
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio