Automotive Steering Wheel Market Trends To 2024
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.
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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.
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