India may have been slow to open up its market for international automotive brands, but since the large-scale economic liberalization in the early ‘90s, it has rapidly made ground to emerge as a major automotive market and manufacturing hub. This has driven the demand from the various markets within the global automotive industry, the automotive steering wheel market being no exception.
Browse the full India Automotive Steering Wheel Market Report:http://www.mrrse.com/india-automotive-steering-wheel-market
Since automotive steering wheels are an integral component of all motorized vehicles with 4 or more wheels, they have been the subject of significant research and development and have benefitted from the technological advancement consistently occurring across the automotive industry. As a result, automotive steering wheels are becoming increasingly important in operating a car and are likely to continue along this trajectory in the coming years thanks to the rapid pace of innovations in automotive design.
The India market for automotive steering wheels was valued at INR634.9 Cr in 2014. According to Transparency Market Research, the value of the India automotive steering wheel market is likely to almost double in value over the 2015-2023 forecast period, with the 2023 valuation of the market expected to be INR1,214 Cr. This represents a steady 2015-2023 CAGR of 7%.
Demand for Passenger as well as Commercial Vehicles Rising due to Rapid Industrialization
One of the key drivers for the India automotive steering wheels market is the rapid pace of industrialization set by the emerging economy in recent years. Due to the increasing infrastructure construction projects, India has become a key consumer of commercial vehicles, leading to a steady demand from the automotive steering wheel market. The steady urbanization in India is also generating the demand for high-volume transportation of various goods, which has also driven the demand for commercial vehicles and consequently for automotive steering wheels.
The rising purchasing power of the average Indian customer has also had a notable effect on the India automotive steering wheel market, as it has driven the demand for small as well as premium passenger cars. India may have traditionally been the home of the small car, but international luxury carmakers are increasingly focusing on India as a promising market of the present and future. This has led to consistent demand for automotive steering wheels and is likely to remain a key driver for the India automotive steering wheels market in the coming years.
Leather Steering Wheels to Become Popular as Purchasing Power of Customers Increases
One of the effects of the increasing demand for premium cars in India has been a corresponding rise in the demand for leather steering wheels. However, the India market for automotive steering wheels is dominated by polyurethane, as it is significantly cheaper than leather and doesn’t suffer from any functional drawbacks. Polyurethane is likely to remain the most popular material for steering wheels through the 2015-2023 forecast period, with the segment expected to account for INR7.6 bn by 2023. Nevertheless, the leather steering wheels segment is expected to exhibit a robust CAGR of 7.8% between 2015 and 2023.
Browse the full Press Release of India Automotive Steering Wheel Market at :http://www.mrrse.com/india-automotive-steering-wheel-industry
The proactive support provided by the Indian government to the expansion of India’s manufacturing sector is also likely to remain a vital driver for the India automotive steering wheels market in the coming years. This has encouraged several international players to set up or expand their existing plants in India. Key players in the India automotive steering wheel market are TRW Sun Steering Wheels Pvt. Ltd., Autoliv, Toyoda Gosei Co. Ltd., Takata Corporation, and KSS Abhishek Safety Systems Pvt. Ltd.