My 2011 Limited had the same issue. It always bothered me. I just traded up to a 2016 and the steering wheel is perfect. I'm hoping the new wheel doesn't start flaking soon.
My 2018 with 17k miles on it is peeling from about 10-12 o'clock on the BACK of the wheel. I can't see it, but I can feel it. I think it's from my wedding ring, but it shouldn't be happening. I put over 100k on my last rig (Xterra) and never had an issue with the same ring. It's hard to see, because it's in the back, but I don't think the material underneath is a lighter color like on yours, so it blends in better. I could be wrong. I'll have to take a better look.
Anybody have a solution to stopping/slowing the peel? I assume it's only going to get worse...
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2018 TRD Off Road Premium - Barcelona Red
Amazon.com
$60 and an hour or two to install. I've had this one since 2015 (probably 200k miles) and it is still perfect. It's better than the factory leather wheel.