The market for automotive steering wheel in India is consolidated. The main three players – TRW Sun Steering Wheels Pvt. Ltd., Autoliv, and Toyoda Gosei Co Ltd. – accounted for about 60.0% of the market in 2014. As per a report by Transparency Market Research, the three players have made stellar progress through continued thrust on product development and carefully-considered acquisitions.
Take for example Toyoda Gosei. In October 2015 it unveiled an advanced automotive steering wheel having vibrating indicators. The steering wheel provides the driver an alternate signal in case of unintentional drifting of the vehicle out of the lane.
A noticeable trend in the India market for automotive steering wheel is savvy companies aligning their competitive strategies with latest technological shifts. This makes the landscape dynamic with automobile manufacturers focusing on manufacturing technologically advanced steering wheels to attract more customers.
According to the TMR report, the automotive steering wheel market in India was worth US$6.35 bn in 2014 and will likely attain a value of US$12.15 bn by 2023 by expanding at a healthy 7.1% CAGR from 2015 to 2023.
Demand for Smaller Passenger Cars Drives Makes Small Diameter Steering Wheels Most Sought After
Based on the diameter of the automotive steering wheel, the market in India can be segmented into small, medium, and large. Among them, the segment of small diameter steering wheel accounted for a mammoth 77% share in 2014. The reason for the segment’s dominance is the rising demand for smaller passenger cars.
Depending upon the types of materials used in manufacture of steering wheels, the market can be segregated into polyurethane, leather, and wood. Of these, the polyurethane segment accounts for a dominant position because of its relatively cheaper cost and durable nature. Going forward, however, the leather segment is predicted to clock maximum growth in the upcoming years because of growing demand for steering wheels with better grip and a sleek look.
Explosive Growth in Automobile Sales Drives India Market
The automotive steering wheel market in India is expected to grow at a healthy clip from 2015 to 2023. This is primarily on account of the explosive growth in the automobile sales due to the rising fortunes of people brought about by the strong overall economic growth. Other factors stoking the automotive steering wheel market are the positive policy measures of the government to boost trade and commerce in India and novel initiatives such as Make in India which encourage manufacturing of different goods on the home soil to boost employment and growth.
Increasing Investments by Automobile Manufacturers Propels Growth
The automotive steering wheel market in the country is also being driven by the increasing investment on automobiles by manufacturers. “In recent years, companies such as Autoliv Inc., Takata Corp., TRW Automotive Inc., and Toyoda Gosei Co have been investing in India to set up new production plants. Established manufacturers such as Fiat and General Motors have also upped their investments in setting up new production facilities across the country,” finds the lead analyst of the report.
This review is based on the findings of a TMR report titled “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, by Wheel Diameter
Automotive Steering Wheel Market, by Technology
- Normal Steering Wheel
- With Airbag
- Without Airbag
- Controls Embedded Steering Wheel
- With Airbag
- Without Airbag
Automotive Steering Wheel Market, by Material
Automotive Steering Wheel Market, by Application
- Passenger Car
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Farm Vehicle
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