Automotive Steering Wheel Market - India Industry
Analysis Size, Share, Growth, Trends and Forecast 2015 –
2023
India Automotive Steering Wheel Market: Overview
The automotive steering wheel market in India is largely influenced by the dynamics of the automotive
sector. The rapidly growing middle-class population along with the improving spending power of
consumers is stoking the growth of the automotive industry. Furthermore, the growing investments by
international players and government initiatives such as “Make in India” are promoting the development
of the sector. These factors, in turn, have a direct impact on the market. Continuous improvement in
design and technology incorporated in steering wheels is shaping the future of the market. The India
automotive steering wheel market is anticipated to reach a valuation of INR 1,214.6 Cr by 2023,
progressing at a CAGR of 7.1% between 2015 and 2023.
The primary objective of this research report is to provide an immaculate understanding of the India
automotive steering wheel market and its overlying industries. The report extensively covers the current
and historic trends in the market to estimate future scenario. It also sheds light on the factors influencing
the market and the extent to which they impact the growth. It offers essential insights into various
segments of the market in terms of both value and volume. The report also profiles the key players in the
India automotive steering wheel market. It presents a SWOT analysis that helps in calculating the potential
growth trajectory each key player will experience during the review period.
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India Automotive Steering Wheel Market: Drivers and Restraints
The escalating demand for commercial and passenger vehicles is translating into the greater uptake of
automotive steering wheels. The growing emphasis on fulfilling safety needs of consumers is fuelling the
market. Moreover, global automobile manufacturers such as General Motors and Fiat are upping their
investments to set up new production facilities across the country, which in turn is working in favor of the
market.
The protean fuel prices, stringent initiatives such as transportation demand management (TDM) to curtail
car congestion and cut down CO 2 emissions, and unfavorable tax policies are adversely affecting the
automotive sector, thereby hampering the growth prospects of the India automotive steering wheel
market.