Market Size of India Electronic Power Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 10.50 % |
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*Disclaimer: Major Players sorted in no particular order |
India Electric Power Steering Market Analysis
The Indian electric power steering market is expected to register a CAGR of over 10.5%, during the forecast period, 2020 - 2025.
- The Indian economy is growing, and the disposable incomes of the middle-class consumers are also increasing. This, in turn, reflects positively on the rising demand for vehicles. Over the past five years, owing to the low production costs in the country, vehicle production has gone up drastically. Due to the hike in vehicle production, the electric power steering component market is also gaining momentum. Additionally, the Indian government has modified the tax slabs on gasoline, diesel, and hybrid cars, in its 2018 budget to promote vehicle sales.
- The market is expected to be driven by the growth in budget and sport segment vehicles. However, OEMs have started focusing on implementing cost-effective and strong EPS systems in commercial vehicles (especially, heavy tractors and trucks). Hence, there has been widespread utilization of these technologies in passenger and light commercial vehicles.
- Also, the sales of the cars have been decreased gradually mainly due to the economy lockdown. This declining trend has further continued during the first quarter of 2020 due to the outbreak of Corona Virus across the country. The government had announced country lockdown, due to which both production facilities and dealerships were shutdown.
- However, initiatives were taken up, such as to continue the sales of BS-IV vehicles from May 2020. The transition from BS-IV to BS-VI has impacted the commercial vehicle sales in the country during 2019.
India Electric Power Steering Industry Segmentation
The Indian electric power steering market is segmented by type, component type, and vehicle type.
| Type | |
| Column Type | |
| Pinion Type | |
| Other Types |
| Component Type | |
| Steering Column | |
| Sensors | |
| Steering Motors | |
| Other Component Types |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
India Electronic Power Steering Market Size Summary
The Indian electric power steering (EPS) market is experiencing significant growth, driven by the increasing demand for vehicles as the economy expands and disposable incomes rise. The low production costs in India have led to a substantial increase in vehicle production, which in turn has boosted the demand for EPS components. The government's tax modifications on various types of vehicles have further supported this trend. The market is particularly influenced by the growth in budget and sport segment vehicles, with original equipment manufacturers (OEMs) focusing on cost-effective and robust EPS systems for commercial vehicles, including heavy tractors and trucks. Despite challenges such as the decline in car sales due to the COVID-19 pandemic and the transition from BS-IV to BS-VI emissions standards, the EPS market continues to gain momentum.
Technological advancements in sensor products have played a crucial role in the evolution of EPS systems. Innovations such as Continental AG's short-range radar sensor and Infineon Technologies AG's magnetic angle sensor have enhanced the precision and safety of EPS systems. The implementation of EPS in passenger cars is rapidly increasing, offering benefits like reduced maintenance costs due to the absence of hoses and fluids. Major automakers, including Tata Motors, Datsun, and Ford, have integrated EPS technology into their models, contributing to its widespread adoption. The Indian market shows promising potential for EPS, with key manufacturers like JTEKT, NSK Ltd., ZF TRW, and Nexteer Automotive expanding their operations to meet the growing demand. These companies are investing in production facilities and technological advancements to capture a larger share of the market, indicating a robust growth trajectory for the EPS industry in India.
India Electronic Power Steering Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Column Type
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2.1.2 Pinion Type
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2.1.3 Other Types
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2.2 Component Type
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2.2.1 Steering Column
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2.2.2 Sensors
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2.2.3 Steering Motors
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2.2.4 Other Component Types
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2.3 Vehicle Type
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2.3.1 Passenger Cars
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2.3.2 Commercial Vehicles
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India Electronic Power Steering Market Size FAQs
What is the current India Electronic Power Steering Market size?
The India Electronic Power Steering Market is projected to register a CAGR of greater than 10.5% during the forecast period (2024-2029)
Who are the key players in India Electronic Power Steering Market?
JTEKT Corporation, Nexteer Automotive, ZF Steering Gear (India) Limited, Denso Corporation and Mando Automotive India are the major companies operating in the India Electronic Power Steering Market.
