Highly influenced by the exponential growth of the Indian automotive industry, the market for India automotive steering wheels in is likely to witness a remarkable rise in the coming years. According to a study by transparency Market Research (TMR), the market is estimated to report an extensive rise from US$6.3 bn in 2014 to US$12.1 bn by 2023 at a CAGR 7.10% during the period from 2015 to 2023.
The increasing demand for automobiles, fueled by the escalating disposable income of middle-class consumers, is expected to boost the need for India automotive steering wheels market significantly in this country, leading to considerable growth of this market. Apart from this, the upsurge in investments by automobile manufacturers is also projected to reflect positively on the market for automotive steering wheels in India over the next few years.
Rising Demand for Small Cars to Ensure Dominance of Small-size Steering Wheels
The diameter of the steering wheel is one of the important factors on which the market for automotive steering wheels can be analyzed. Depending on the diameter, three types of steering wheels are available in India, small, medium, and large-size steering wheels.
Among these, small-size steering wheels emerged as the key contributor to this market in 2014 with a share of 77%. Thanks to the tremendous rise in the demand for small cars, the segment of small-size steering wheels is expected to remain witnessing strong growth over the next few years.
Leather Usage to Increase in Automotive Steering Wheel Production
An automotive steering wheel is primarily manufactured using leather, polyurethane, and wood. Currently, polyurethane is the most widely used component in the production of steering wheels in India due to its cost-efficiency and high durability. However, the usage of leather in steering wheel production is likely to increase significantly over the forthcoming years.
The rising trend of automotive steering wheels with a sleek look and better grip is anticipated to fuel the demand for leather in steering wheels in the years to come.
Passenger Cars to Emerge Key Consumers of Automotive Steering Wheels
Farm vehicle, heavy commercial vehicle (HCV), light commercial vehicle (LCV), and passenger cars are the key application areas of automotive steering wheels. The demand for steering wheels has been higher in passenger cars than other vehicle segments.
In the near future, the strengthening of Indian economy and the purchasing power of consumers is likely to fuel the demand for passenger cars in this country, and consequently, the demand for steering wheels is also expected to record a substantial increase in this segment, maintaining its lead among application segments.
Controls-embedded Steering Wheels to Witness Increased Demand due to Escalating Demand for High-End Vehicles
Technology-wise, normal steering wheels and controls-embedded steering wheels are the two main segment of the India automotive steering wheel market. Normal steering wheels (without airbags) have a bigger market in this country compared to other segments. However, due to the growing concerns over passenger safety and the increasing preference for high-end passenger cars, controls-embedded steering wheels (with airbags) are likely to offer an opportunity-rich market for the manufacturers of automotive steering wheels in India in the coming years.
Browse the full India Automotive Steering Wheel Market report at : http://www.mrrse.com/india-automotive-steering-wheel-market
Some of the prime manufacturers of automotive steering wheels in India are KSS Abhishek Safety Systems Pvt. Ltd., Rane TRW, Takata Corp., Emdet Engineers Private Ltd. Co., Autoliv, TRW Sun Steering Wheels Pvt. Ltd., and Toyoda Gosei Co. Ltd.