Automotive Steering Wheel Market Growth, Trends and Forecast Automotive Steering Wheel Market

Leather Steering Wheels Segment Emerging as Most Attractive for Players in India Automotive Steering Wheel Market, reports TMR The automotive steering wheel market in India is fairly consolidated at present, with the top three players accounting for an estimated 60% of the overall market in 2014. Transparency Market Research has found that TRW Sun Steering Wheels Pvt. Ltd., Toyoda Gosei Co Ltd., and Autoliv have established a strong foothold in the automotive steering market in the country with the continuous development of new products and engaging in acquisitions. “Product innovation is key in sustaining in this growing market and leading players have been consistently investing on research and development,” the author of the study observes. For instance, Toyoda Gosei launched an advanced steering wheel in October 2015. With vibrating indicators, this steering wheel lends the driver an alternate signal during unintentional drifting of the vehicle out of lane. Aligning a company’s competitive strategies with ongoing technological shifts is also extremely crucial in a dynamic business environment and automobile manufacturers are focused on producing technologically advanced steering wheels to keep up with shifting trends. To Get Sample Of the Reports @ Increasing Investments in Automotive Sector Benefit Steering Wheel Market in India The automotive sector in India is at a high and analysts predict that this industry will continue to experience rapid growth during the forecast period as well. “The growing demand for passenger and commercial vehicles will drive the demand for automotive steering wheels through 2023,” the author states. “Moreover, various automotive manufacturers have been investing heavily across various automotive components in order to maintain the increasing demand for automobiles and satisfy the safety needs of the consumers.” In recent years, companies such as Autoliv Inc., Takata Corp., TRW Automotive Inc., and Toyoda Gosei Co have been investing in India to set up new production plants. Established manufacturers such as Fiat and General Motors have also upped their investments in setting up new production facilities across the country. “Limiting the automotive industry in India are some persistent factors such as transportation demand management (TDM) initiatives to curb car congestion and reduce CO2 emissions, the taxation policy of the government, and fluctuating fuel prices,” the analyst states. These factors are sure to impact the steering wheel market in the country. Demand for Steering Wheels in Passenger Vehicle Segment to Expand at a Rapid Pace