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
“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