Automotive Steering Wheel Market size, share, survey, strategy Report Automotive Steering Wheel Market - India Industry | Page 2

The protean fuel prices, stringent initiatives such as transportation demand
management (TDM) to curtail car congestion and cut down CO2 emissions, and
unfavorable tax policies are adversely affecting the automotive sector, thereby
hampering the growth prospects of the India automotive steering wheel market.
India Automotive Steering Wheel Market: Segmentation
Based on application, the India automotive steering wheel market is categorized
into passenger car, light commercial vehicle, farm vehicle, and heavy commercial
vehicle. Passenger car is the leading segment in terms of revenue. The improving
Indian economy and widening base of middle-class population along with the rising
disposable income are stimulating the demand for passenger cars.
On the basis of technology, the market is divided into normal steering wheels and
control-embedded steering wheels. Both of these segments are further categorized
into with airbag and without airbag. Normal steering wheels without airbags
dominated the market, owing to the burgeoning demand from the light and medium
commercial vehicles sector. The controls-embedded steering wheels with airbags
segment is estimated to rise at a significant CAGR during the forecast period. The
growth of the segment can be attributed to the increasing demand for high-end
passenger cars and rising awareness regarding vehicle safety among drivers.
India Automotive Steering Wheel Market: Competitive Landscape
The India automotive steering wheel market is fairly consolidated in nature. The
strong foothold of key players can be attributed to the increasing mergers and
acquisition activities and continuous development of new products. Players are
allocating sizeable funds to research and development activities to launch
innovative and technologically advanced steering wheels, which will help them in
enhancing the visibility of the market. Some of the key companies operating in the
market are Toyoda Gosei Co Ltd., TRW Sun Steering Wheels Pvt. Ltd., Autoliv, Rane
TRW, and Takata Corporation.
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