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