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.
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.”
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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.
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