Albany, NY -- (SBWIRE) -- 05/01/2018 -- The automotive steering wheel market in India is anticipated to experience steady growth during the forecast period of 2015 to 2023. The rapid expansion of the automotive sector in India is the primary factor responsible for the robust growth of the automotive steering wheel market.
The automotive sector in the country is presently driven by the increasing disposable income of the middle-class populationand the rising investment on automobiles by manufacturers. Initiatives taken by the government under the "Make in India" campaign has also encouraged the development of the automotive sector. Considering the direct impact of the growth of the automotive sector in Indiaon the demand for automotive steering wheels, the market is poised for a stable future ahead.
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The value of the automotive steering wheel market in India was pegged at INR 634.9 Cr in 2014 and this is expected to rise to INR 1,214.6 Cr by 2023. The market is expected to record a 7.1% CAGR from 2015 to 2023.
Depending on the diameter of the steering wheel, themarket in India is led by the small diameter steering wheel and this segment accounted for a share of 77% in 2014.The surging demand for smaller passenger cars is the key factor driving this segment.
Among the variousmaterials used for making steering wheels, polyurethane led the automotive steering wheel market in India in 2014. The demand for polyurethane from various steering wheel manufacturers in the country stems from the fact that it is cheaper than other materials and also highly durable. The leather segment in the India automotive steering wheel market is anticipated to record the highest growth during the forecast period owing to the increasing demand for steering wheels with better grip and a sleek look.
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By application, the automotive steering wheel market in India is driven by the passenger car segment. The dynamic outlook of the Indian economy and the growing purchasing power of the consumer are two of the most important factors responsible for the rising demand for passenger cars in India. This, in turn, is predicted to drive the automotive steering wheel market at an exponential growth rate during the forecast period.
Controls-embedded steering wheels and normal steering wheels are the two main types based on technology. Normal steering wheels without airbags led the automotive steering wheel market in India in 2014 owing to extensive demand from the light and medium commercial vehicles segment.Controls-embedded steering wheels with airbags present a highly lucrative option for players owing to the rising demand for high-end passenger cars and the increasing awareness of vehicle safety among drivers in India.
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Some of the key players in the India automotive steering wheel market are Emdet Engineers Private Limited, Autoliv, Toyoda Gosei co. Ltd., Takata Corporation, and Rane TRW.