India Automotive Steering Wheel Market is Poised to Exhibit A Moderate 7.1% CAGR through 2023
“Product innovation is key in sustaining in this growing market and leading players have been consistently investing on research and development,” the author of the study observes. For instance, Toyoda Gosei launched an advanced steering wheel in October 2015. With vibrating indicators, this steering wheel lends the driver an alternate signal during unintentional drifting of the vehicle out of lane.
Aligning a company’s competitive strategies with ongoing technological shifts is also extremely crucial in a dynamic business environment and automobile manufacturers are focused on producing technologically advanced steering wheels to keep up with shifting trends.
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Increasing Investments in Automotive Sector Benefit Steering Wheel Market in India
The automotive sector in India is at a high and analysts predict that this industry will continue to experience rapid growth during the forecast period as well. “The growing demand for passenger and commercial vehicles will drive the demand for automotive steering wheels through 2023,” the author states. “Moreover, various automotive manufacturers have been investing heavily across various automotive components in order to maintain the increasing demand for automobiles and satisfy the safety needs of the consumers.”
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.
“Limiting the automotive industry in India are some persistent factors such as transportation demand management (TDM) initiatives to curb car congestion and reduce CO2 emissions, the taxation policy of the government, and fluctuating fuel prices,” the analyst states. These factors are sure to impact the steering wheel market in the country.
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Demand for Steering Wheels in Passenger Vehicle Segment to Expand at a Rapid Pace
By value, the automotive steering wheel market in India stood at INR 634.9 Cr in 2014 and this is projected to reach INR 1,214.6 Cr by 2023, expanding at a 7.1% CAGR from therein. By type of material, the market was led by the polyurethane segment in 2014, reaching a value of INR 762 Cr by 2023 at a 7.0% CAGR. However, the leather segment is predicted to witness the fastest growth through the forecast period, registering a CAGR of 7.8% from 2015 to 2023.
By wheel diameter, the small steering wheel segment led the automotive steering wheel market in India and this segment is also forecast to be the fastest growing one by 2023. Based on application, the automotive steering wheel market in India was primarily driven by the passenger vehicle segment, which is also predicted to be the most rapidly expanding segment. On the basis of technology, the market was led by normal steering wheels in 2014 and steering wheels without airbags held a key share within that segment. On the other hand, the controls embedded steering wheels segment was led by steering wheels with air bags.
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