Steering Roll Connectors – a high growth market in India. Minda to have edge over others

“Automotive Steering Roll Connectors Market” is a new report recently published by Beige Market intelligence with a worldwide coverage as well as a segmentation by end market (OEM, after market) by vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles) and by geography (APAC, Europe, Latin America, Middle East and Africa, and North America).

The market research report provides growth trends, analysis and forecasts for the period 2016 – 2021 and predicts the market to ship more than 110 million units of automotive steering roll connectors by 2021.

The automotive industry in India is the third largest in terms of unit shipment in Asia, favorable demographics, economic growth and rising per-capita income are the key factors to drive the Indian automotive industry. Additionally, the country is attracting OEMs and component suppliers to setup production facilities owing to a lucrative domestic market as well as a growing export driven hub. Traditionally, Indian consumer-base has been largely price sensitive which led to few innovations among vehicles in the past. However, with the rapid economic growth the country has attracted most of the major OEMs offering wide range of vehicles including a flourishing luxury vehicle market. This phenomenon has led to rapid adoption of advance features in the area of safety, alternative propulsion, comfort, infotainment and telematics.

Automotive Shipment In India

Another factor influencing the Indian automotive industry is increasing competition among OEMs which is pushing advance features in mid-segment and entry level vehicles. OEMs are equipping vehicle with these advance features to maintain competitive advantage in the market. As most of these features are automotive electronics, the electronic content among vehicles is drastically increasing. To cater to this ever increasing list of consumer needs, with technological advancements and automotive electronics will play a critical role to satisfy the market requirements. This paves way for complex electronic systems and providing cost competitive electronic solutions is a challenge and an opportunity for Indian automotive companies. The automotive electronics industry is estimated to grow 21.8% CAGR during 2015-2021 in India.
Regulations is another key factor driving electronic content among vehicles in India. We expect all vehicles produced in the country to be equipped with frontal airbags by 2020, as a result of implementation of NCAP certification by the end of 2018.

With the rapid adoption of airbags and increasing electronic content which will require more number of electronic controls to be mounted on the steering wheel. These factors will drive the Steering Roll Connectors market in India.

Airbag adoption rate in India

With the high market penetration of Steering Roll Connectors among vehicles in India, the aftermarket for this component offers high potential for the aftermarket players. As SRC replacement involves a complex process, we expect authorised body shops to benefit in the market. The automotive Steering Roll Connectors market in India accounted to over 0.46 million units in 2015 and is expected to reach to over 5.60 million units by 2021.

How Minda is placed in the high growth Steering Roll Connectors market

Minda Furukawa Ltd has invested $1.62 million in its production facility in Gurgaon, India to increase the manufacturing capacity of Steering Roll Connectors. The company expects high demand post-2018 due to the implementation of NCAP, which requires airbag as a standard fitment in passenger cars.

Minda has a strong local presence as it has gained strong reputation in India and has become a preferred supplier for most of the OEMs in India. Apart from OEMs, the company has a strong distribution network in the aftermarket.

Minda has a JV with Furukawa, which is a global leader in steering roll connector. With the crash norm becoming mandatory in India, in 2017-2018, this will lead to ample opportunity for the company to gain maximum market share. Also, the JV has early mover advantage, which will help them is becoming market leaders with more than 50 percen market share in India. The JV is already supplying SRC to Maruti and Nissan, and expect to strike deal with leading car manufacturers in India.

Minda definitely has the first mover advantage when it comes to steering roll connectors, the important aspect to look is, will the company sustain the leadership position in the high growth market.

To know more about the Strategic Assessment of Worldwide Automotive Steering Roll Connectors Market, please click here

http://www.beigemarketintelligence.com/reports/research-report-automotive-and-transportation-market/steering-roll-connectors/

About Beige Market Intelligence

Beige Market Intelligence is a provider of competitive business intelligence, working across various industry verticals. Our expertise and knowledge ensures that the market analysis Beige provides is comprehensive, detailed and complete. The analysis helps our client organizations become aware and to make educated decisions, as far as investing or devising a marketing strategy is concerned. The actionable insights delivered through our market research provide a comprehensive market analysis for every level of market segmentation in an industry.
Our team of experts ensure the analysis you receive is not just analyzed and presented, but can also be customized based on the client’s requirement. Our deliverables guarantee our current global client base do not look beyond Beige when it comes to competitive intelligence.
Beige Market Intelligence has an employee base present across the globe. Our analysts come with numerous years of industry experience, which ensures we not only understand our clients but deliver high quality reports as well.

Beige Market Intelligence
Chinnapannahalli Main Road, Bangalore- 560027

For more information, please contact at
contactus@beigemarketintelligence.com
US: +1 347 903 9949
UK: +44 20 323 99499
APAC: +91 99 012 75473

This release was published on openPR.