The India automotive steering wheel market is seems consolidated, as top three players including Toyoda Gosei Co Ltd., Autoliv Inc., and TRW Sun Steering Wheels Pvt. Ltd. held around 60% share. Leading players in the market are making significant efforts in developing new products to get a firm hold in the market. These players are constantly engaged mergers and acquisition and making investments in collaboration and partnership to strengthen their position against their competitors. Other prominent players are focusing on research and development activities with an objective to develop high-end products. In this report, other key players are also analyzed including Emdet Engineers Private Limited, Rane TRW, and Takata Corporation.
According to statistics presented in TMR’s report, the India automotive steering wheel market is projected to rise at 7.1% CAGR over the projected period between 2015 and 2023. If the market grows at this rate, its valuation is estimated to reach INR 1,214.6 Cr by the end of 2023.
Application of automotive steering wheel is widely seen in passenger cars. Rapid economic development has increased per capita income of people, which has encouraged them to buy passenger cars. This is one of the most important factor driving demand for automotive steering wheel in passenger cars. On the regional front, states in southern region have shown higher results and assisted in developing the automotive steering wheel market. Presence of automotive steering wheel manufacturers in southern states has also upped demand in this market.
Rising Adoption Autonomous Manual Driving Options Bolstered Growth for Autonomous Manual Driving Options
Developing economies in which India is leading among other developing regions is likely to create huge growth prospects in the India automotive steering wheel market. With growing purchasing power, people are now willing to spend more on advanced technologies and ready to buy high-end vehicles with advanced features. Moreover, rising government concerns regarding the safety of the passengers and drivers while driving has forced them to impose strict laws making automotive steering wheel a lucrative option.
Furthermore, rising adoption of assisted or autonomous manual driving options will enhance product developments in the India automotive steering wheel market. The increasing demand for high-end vehicles in various states of India is contributing in developing this market at the large scale.
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Fluctuation in Fuel Prices Might Adversely Affect in Developing this Market
Contradicting with the growth factors, huge expenses incurred in automotive steering wheel along with extremely complicated linkages are some of the challenging factors that might obstruct growth in the India automotive steering wheel market. Additionally, complicated wire connection system, can also arise sever consequence. Strict regulation related to carbon emission might also pose a challenge in developing this market. Fluctuation in fuel prices has also hampered overall growth in the transportation sector in India, which can considered a restraining factor as well.
However, with new and innovative strategies used by manufacturers might help in curbing these issues and can lead growth in India automotive steering wheel market. Rapid economic development in India that has led in increasing spending capacity of individuals is also playing a crucial role in augmenting demand in this market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Automotive Steering Wheel Market (Wheel Diameter – Small, Medium, Large; Technology – Normal Steering Wheel (With Airbag, Without Airbag), Controls Embedded Steering Wheel (With Airbag, Without Airbag); Material – Polyurethane, Leather, Wood; Application – Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Farm vehicle) – India Industry Analysis Size, Share, Growth, Trends and Forecast 2015 – 2023”.