The automotive industry has enjoyed rapid growth in India in recent years, consequently benefitting the markets for the various components used in vehicles. The steering wheels industry has flourished as a result in the past few years and is likely to hold to a smooth growth trajectory in the coming years. According to Transparency Market Research, the India automotive steering wheel market is expected to rise from a 2014 valuation of INR634.9 Cr to INR1,214 Cr in 2023, exhibiting a solid CAGR of 7% between 2015 and 2023.
Rising Disposable Income of Newly Minted Middle Class Leads to Growing Demand for Premium Cars
The growing purchasing power of the Indian middle class is one of the leading drivers for the India automotive steering wheels market. Due to the steady urbanization in India, a large section of India’s population is exhibiting smooth upward movement in the economic hierarchy, providing the automotive industry with a reliable consumer base. This has driven investment into automotive research, which is crucial for the automotive steering wheel market, since steering wheels have to be designed according to the technological framework of the automotive industry. As a result, many leading automotive steering wheel industry players have established operations in India. In the coming years, this is likely to become common, as companies try to exploit the booming Indian market.
The rising demand for premium cars is another key driver for the India automotive steering wheel market. High-end cars are usually marked by the utilization of modern electronic components, the controls for which are often incorporated into steering wheels.
Polyurethane Steering Wheels to Remain Leading Revenue Generator
Polyurethane steering wheels held a dominant share in the India market in 2014 due to its high durability and low costs. Nevertheless, the increasing preference for premium cars has led to a growing demand for leather steering wheels. As a result, leather automotive steering wheels are expected to rise to the fore as a key segment of the India automotive steering wheel market in the coming years. Nonetheless, polyurethane steering wheels are likely to remain the key segment of the India automotive steering wheel industry.
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