Automotive Steering Wheel Market (Wheel Diameter - Small, Medium, Large; Technology - Normal Steering Wheel (With Airbag, Without Airbag), Controls Embedded Steering Wheel (With Airbag, Without Airbag); Material - Polyurethane, Leather, Wood; Application - Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Farm vehicle) - India Industry Analysis Size, Share, Growth, Trends and Forecast 2015 - 2023
Automotive Steering Wheel Market: Snapshot
The automotive steering wheel market in India is anticipated to experience steady growth during the forecast period of 2015 to 2023. The rapid expansion of the automotive sector in India is the primary factor responsible for the robust growth of the automotive steering wheel market.
The automotive sector in the country is presently driven by the increasing disposable income of the middle-class populationand the rising investment on automobiles by manufacturers. Initiatives taken by the government under the “Make in India” campaign has also encouraged the development of the automotive sector. Considering the direct impact of the growth of the automotive sector in Indiaon the demand for automotive steering wheels, the market is poised for a stable future ahead.
The value of the automotive steering wheel market in India was pegged at INR 634.9 Cr in 2014 and this is expected to rise to INR 1,214.6 Cr by 2023. The market is expected to record a 7.1% CAGR from 2015 to 2023.
Leather Steering Wheels Attracting Increased Attention from Consumers
Depending on the diameter of the steering wheel, themarket in India is led by the small diameter steering wheel and this segment accounted for a share of 77% in 2014.The surging demand for smaller passenger cars is the key factor driving this segment.
Among the variousmaterials used for making steering wheels, polyurethane led the automotive steering wheel market in India in 2014. The demand for polyurethane from various steering wheel manufacturers in the country stems from the fact that it is cheaper than other materials and also highly durable. The leather segment in the India automotive steering wheel market is anticipated to record the highest growth during the forecast period owing to the increasing demand for steering wheels with better grip and a sleek look.
Passenger Cars Most Sought After Vehicle Type for Automotive Steering Wheel Companies
By application, the automotive steering wheel market in India is driven by the passenger car segment. The dynamic outlook of the Indian economy and the growing purchasing power of the consumer are two of the most important factors responsible for the rising demand for passenger cars in India. This, in turn, is predicted to drive the automotive steering wheel market at an exponential growth rate during the forecast period.
Controls-embedded steering wheels and normal steering wheels are the two main types based on technology. Normal steering wheels without airbags led the automotive steering wheel market in India in 2014 owing to extensive demand from the light and medium commercial vehicles segment.Controls-embedded steering wheels with airbags present a highly lucrative option for players owing to the rising demand for high-end passenger cars and the increasing awareness of vehicle safety among drivers in India.
Some of the key players in the India automotive steering wheel market are Emdet Engineers Private Limited, Autoliv, Toyoda Gosei co. Ltd., Takata Corporation, and Rane TRW.
India Automotive Steering Wheel Market: Overview
The automotive steering wheel market in India is largely influenced by the dynamics of the automotive sector. The rapidly growing middle-class population along with the improving spending power of consumers is stoking the growth of the automotive industry. Furthermore, the growing investments by international players and government initiatives such as “Make in India” are promoting the development of the sector. These factors, in turn, have a direct impact on the market. Continuous improvement in design and technology incorporated in steering wheels is shaping the future of the market. The India automotive steering wheel market is anticipated to reach a valuation of INR 1,214.6 Cr by 2023, progressing at a CAGR of 7.1% between 2015 and 2023.
The primary objective of this research report is to provide an immaculate understanding of the India automotive steering wheel market and its overlying industries. The report extensively covers the current and historic trends in the market to estimate future scenario. It also sheds light on the factors influencing the market and the extent to which they impact the growth. It offers essential insights into various segments of the market in terms of both value and volume. The report also profiles the key players in the India automotive steering wheel market. It presents a SWOT analysis that helps in calculating the potential growth trajectory each key player will experience during the review period.
India Automotive Steering Wheel Market: Drivers and Restraints
The escalating demand for commercial and passenger vehicles is translating into the greater uptake of automotive steering wheels. The growing emphasis on fulfilling safety needs of consumers is fuelling the market. Moreover, global automobile manufacturers such as General Motors and Fiat are upping their investments to set up new production facilities across the country, which in turn is working in favor of the market.
The protean fuel prices, stringent initiatives such as transportation demand management (TDM) to curtail car congestion and cut down CO2 emissions, and unfavorable tax policies are adversely affecting the automotive sector, thereby hampering the growth prospects of the India automotive steering wheel market.
India Automotive Steering Wheel Market: Segmentation
Based on application, the India automotive steering wheel market is categorized into passenger car, light commercial vehicle, farm vehicle, and heavy commercial vehicle. Passenger car is the leading segment in terms of revenue. The improving Indian economy and widening base of middle-class population along with the rising disposable income are stimulating the demand for passenger cars.
On the basis of technology, the market is divided into normal steering wheels and control-embedded steering wheels. Both of these segments are further categorized into with airbag and without airbag. Normal steering wheels without airbags dominated the market, owing to the burgeoning demand from the light and medium commercial vehicles sector. The controls-embedded steering wheels with airbags segment is estimated to rise at a significant CAGR during the forecast period. The growth of the segment can be attributed to the increasing demand for high-end passenger cars and rising awareness regarding vehicle safety among drivers.
India Automotive Steering Wheel Market: Competitive Landscape
The India automotive steering wheel market is fairly consolidated in nature. The strong foothold of key players can be attributed to the increasing mergers and acquisition activities and continuous development of new products. Players are allocating sizeable funds to research and development activities to launch innovative and technologically advanced steering wheels, which will help them in enhancing the visibility of the market. Some of the key companies operating in the market are Toyoda Gosei Co Ltd., TRW Sun Steering Wheels Pvt. Ltd., Autoliv, Rane TRW, and Takata Corporation.
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
1.1. Report Description
1.2. Research Scope
1.3. Key Take
1.4. Research Methodology
2. Executive Summary
2.1. Automotive Steering Wheel Industry Market Snapshot
3. India Automotive Steering Wheel Industry Market Overview
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.2.3. Market Opportunities
3.3. Competitive Strategies Adopted by Leading Players
3.4. Market Attractiveness Analysis for Automotive Steering Wheel Industry Market
4. India Automotive Steering Wheel Industry Market Revenue, By Wheel Diameter, 2014 – 2023 (INR Crore)
4.2. Small Diameter Steering Wheel
4.3. Medium Diameter Steering Wheel
4.4. Large Diameter Steering Wheel
5. India Automotive Steering Wheel Industry Market Revenue, By Material, 2014 – 2023 (INR Crore)
5.2. Polyurethane Steering Wheel
5.3. Leather Steering Wheel
5.4. Wooden Steering Wheel
6. India Automotive Steering Wheel Industry Market Revenue, By Technology, 2014 – 2023 (INR Crore)
6.2. Normal Steering Wheel
6.2.1. Automotive Steering Wheel Market, 2014-2023: Revenue forecast, by Normal Steering Wheel
6.3. Controls Embedded Steering Wheel
6.3.1 Automotive Steering Wheel Market, 2014-2023: Revenue forecast, by Controls Embedded Steering Wheel
7. India Automotive Steering Wheel Industry Market Revenue, By Application, 2014 – 2023 (INR Crore)
7.2. Passenger Car
7.3. Light Commercial Vehicle (LCV)
7.4. Heavy Commercial Vehicle (HCV)
7.5. Farm Vehicle
8. Company Profiles
8.1. Toyoda Gosei Co. Ltd.
8.1.1. Company Details (Headquarter, Foundation Year, Employee Strength)
8.1.2. Market Presence, By Segment and Geography
8.1.3. Key Developments
8.1.4. Strategy and Historical Roadmap
8.1.5. Revenue and Operating Profits
8.2 TRW Sun Steering Wheels Pvt. Ltd.
8.2.1. Company Details (Headquarter, Foundation Year, Employee Strength)
8.2.2. Market Presence, By Segment and Geography
8.2.3. Key Developments
8.2.4. Strategy and Historical Roadmap
8.2.5. Revenue and Operating Profits
8.3.1. Company Details (Headquarter, Foundation Year, Employee Strength)
8.3.2. Market Presence, By Segment and Geography
8.3.3. Key Developments
8.3.4. Strategy and Historical Roadmap
8.3.5. Revenue and Operating Profits
8.4. Emdet Engineers Private Limited Company
8.4.1. Company Details (Headquarter, Foundation Year, Employee Strength)
8.4.2. Market Presence, By Segment and Geography
8.4.3. Key Developments
8.4.4. Strategy and Historical Roadmap
8.4.5. Revenue and Operating Profits
8.5. Takata Corporation
8.5.1. Company Details (Headquarter, Foundation Year, Employee Strength)
8.5.2. Market Presence, By Segment and Geography
8.5.3. Key Developments
8.5.4. Strategy and Historical Roadmap
8.5.5. Revenue and Operating Profits
8.6. Rane TRW
8.6.1. Company Details (Headquarter, Foundation Year, Employee Strength)
8.6.2. Market Presence, By Segment and Geography
8.6.3. Key Developments
8.6.4. Strategy and Historical Roadmap
8.6.5. Revenue and Operating Profits
8.7. KSS Abhishek Safety Systems Pvt. Ltd.
8.7.1. Company Details (Headquarter, Foundation Year, Employee Strength)
8.7.2. Market Presence, By Segment and Geography
8.7.3. Key Developments
8.7.4. Strategy and Historical Roadmap
8.7.5. Revenue and Operating Profits
List of Tables
Table 1 Automotive Steering Wheel Market, 2014-2023: Revenue Forecast, By Normal Steering Wheel
Table 2 Automotive Steering Wheel Market, 2014-2023: Revenue Forecast, By Controls Embedded Steering Wheel
List of Figures
Fig. 1 Market Segmentation of Automotive Steering Wheel Market
Fig. 2 Snapshot: Automotive Steering Wheel Market
Fig. 3 Market Attractiveness Analysis, By Material, 2014
Fig. 4 Automotive Steering Wheel, by Wheel Diameter: Overview
Fig. 5 Small Diameter Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 6 Medium Diameter Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 7 Large Diameter Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 8 Automotive Steering Wheel, by Material: Overview
Fig. 9 Polyurethane Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 10 Leather Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 11 Wooden Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 12 Automotive Steering Wheel, by Technology: Overview
Fig. 13 Normal Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 14 Controls Embedded Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 15 Automotive Steering Wheel, by Application: Overview
Fig. 16 Passenger Car Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 17 Light Commercial Vehicle (LCV) Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 18 Heavy Commercial Vehicle (HCV) Steering Wheel Market, 2014-2023: Revenue Forecast
Fig. 19 Farm Vehicle Steering Wheel Market, 2014-2023: Revenue Forecast