Automotive Steering Wheel Market - India Industry Analysis Size, Share, Growth, Trends and Forecast 2015 - 2023
LONDON, Feb. 28, 2017 /PRNewswire/ -- Automotive steering wheel market in India is anticipated to experience a stable growth during the forecast period 2015 to 2023. Steering wheel is the most important part of the steering system that is controlled by the driver to maneuver the vehicle efficiently. In order to provide detailed analysis, the automotive steering wheel market in India is segment by wheel diameter, technology, application and materials. Based on wheel diameter, the automotive steering wheel market in India is classified into small diameter steering wheel, medium diameter steering wheel and large diameter steering wheel. By technology, the automotive steering wheel market can be bifurcated into normal steering wheel and control embedded steering wheel. Both normal steering wheel and control embedded steering wheel can be further categorized into steering wheel with airbag and steering wheel without airbag. On the other hand, automotive steering wheel also finds its application across various vehicle type which includes passenger car, light commercial vehicle (LCV), heavy commercial vehicle (HCV) and farm vehicle. Moreover, by material, the automotive steering wheel market can be segment into polyurethane steering wheel, leather steering wheel and wooden steering wheel.
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Rapid expansion of the automotive sector in India is the primary factor responsible for the robust growth of the automotive steering wheel market during the forecast period. Driven by increasing investment on automobiles coupled with raising disposable income of the middle class population, the automotive sector in India is predicted to experience a rapid growth during the forecast period. The exponential growth of the automotive sector in India, in turn is expected to drive the market growth of automotive steering wheel in the coming years. Moreover, initiatives such as National Electric Mobility Mission 2020, taken by the government to encourage production and adoption of hybrid and electric vehicle is also predicted to create a better opportunity for the automotive steering wheel market in the coming years.
On the other hand, initiatives taken by the Transportation Demand Management (TDM) of different enterprises to reduce pollution as a part of their social responsibility, by proving transport facilities to their employees is the most important factor that deters the demand of various vehicle segments in India. This in turn is predicted to restrain the demand of automotive steering wheel market during the forecast period. Moreover, fluctuating price of fuel in India is another factor that is predicted to hamper the demand of passenger cars in the country. This in turn is also forecasted to affect the market of automotive steering wheel negatively during the forecast period. Despite of these restricting factors, the automotive steering wheel market in India is predicted to witness a stable growth during the forecast period 2015 to 2023.
This report provides the future anticipated market growth from 2015 to 2023 along with present condition of the automotive steering wheel market in India. In-depth study of the automotive steering wheel market across different wheel diameter, technology, material and application segments has also been highlighted in the report. In addition, various factors that are predicted to affect the demand of automotive steering wheel during the forecast period has also been listed in the report.
Depending on the size of wheel diameter, the automotive steering wheel market in India is majorly driven by the small diameter steering wheel in 2014 occupying 77.0% market share. Extensive demand for smaller passenger cars including SUVs and MUVs owing to increasing consumer spending on luxury items such as cars coupled with growing economy is the most important factor responsible for the robust growth of the small diameter steering wheel market in the coming years. The market of small diameter steering wheel is also predicted to witness the fastest growing market with a CAGR of 7.7% during the forecast period.
By technology, the normal steering wheel held the largest market share in 2014. Extensive use of normal steering wheel across different vehicle segments owing to low cost, high durability and less weight is the most important factors responsible for the exponential growth of normal steering wheel market. Among normal steering wheel, normal steering wheel with airbag is predicted to be the fastest growing market with a CAGR of 10.7% during 2015 to 2023. Initiatives taken by the government for installation of airbags mandatory in every passenger vehicle in order to reduce the death rate by accidents is one of the most important factor responsible for the robust growth of steering wheel with airbags.
After considering various macro and micro economic factors that are predicted to have an impact on the market, the anticipated future growth trend of the automotive steering wheel market is provided in this report.
The automotive steering wheel market in India is segmented as follows:
Automotive Steering Wheel Market, By Wheel Diameter
Small
Medium
Large
Automotive Steering Wheel Market, By Technology
Normal Steering Wheel
With Airbag
Without Airbag
Controls Embedded Steering Wheel
With Airbag
Without Airbag
Automotive Steering Wheel Market, By Material
Polyurethane
Leather
Wood
Automotive Steering Wheel Market, By Application
Passenger Car
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
Farm vehicle
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