It really isn’t any different to flight sims… It basically comes down to how much you want (can afford) to spend. More $$$ will get better wheels and peripherals but for me any FFB wheel and pedals is OK for what I do. I would recommend against using rudder pedals as they won’t give you the control/feel necessary for a racing sim.
As for specific recommendations. I have had a Logitech G27 for over ten years and it still works great but I can’t vouch for their new stuff.
The only TM gear I have had is a Cougar and now a Warthog HOTAS, but if you are looking at spending Thrustmaster level dollars then perhaps Fanatec or Moza might be a better bet?
But if I was starting from a clean slate I reckon I would do what the esteemed Mr @Troll has just done: