The automotive steering wheel market in India is fairly consolidated at
present, with the top three players accounting for an estimated 60% of the
overall market in 2014. Transparency Market Research has found that TRW Sun
Steering Wheels Pvt. Ltd., Toyoda Gosei Co Ltd., and Autoliv have established a
strong foothold in the automotive steering market in the country with the
continuous development of new products and engaging in acquisitions.
“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.
Get More Information:
ncreasing 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.
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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