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INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET FORECAST 2022-2028

The India automotive electric power steering market is projected to record a 5.72% CAGR by 2028, and is expected to be valued at $3236.86 million during the estimated period, 2022-2028.

INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET FORECAST 2022-2028

India Automotive Electric Power Steering Market by Vehicle Type (Passenger Cars, Commercial Vehicles (Light Commercial Vehicles, Medium & Heavy Commercial Vehicles) Market by Mechanism (Column Type, Pinion Assist, Rack Assist, Other Mechanisms) Market by Component (Steering Rack/column, Sensor, Steering Motor, Other Components)

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The India automotive electric power steering market is projected to record a 5.72% CAGR by 2028, and is expected to be valued at $3236.86 million during the estimated period, 2022-2028.

The electric power steering (EPS) systems, alternative to traditional steering systems like electro-hydraulic & hydraulic systems, are rising in popularity among self-driving vehicles. These systems fuel the demand growth in the world’s electric power steering system market. Moreover, vehicles equipped with electric power steering tend to further increase fuel efficiency and reduce their overall weight.

India Automotive Electric Power Steering Market

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India is predicted to be the fastest-growing country worldwide for electric power steering. Further, India is an emerging economy with rapidly increasing electric power steering implementation in passenger cars. This is due to its benefits, such as the absence of steering system fluids or hoses, which reduces repair and maintenance costs from replacements of hoses and fluids. A significant percentage of Indian vehicles do not have an electric power steering system, which allows major companies to invest in the untapped market. The growing infrastructure and real estate sector is another boost to the growth of commercial vehicles with electric power steering.

The segmentation of the India automotive electric power steering market includes mechanism, vehicle type, and component. Market by component covers steering motor, sensor, steering rack/column, and other components.

The rack is a parallel bar attached to the front axle. It moves horizontally when the steering wheel is turned. It aims at the front wheels in the correct direction. Also, a pinion is a gear at the vehicle’s steering column end that engages the rack. Earlier, steering rack and column structures were made by traditional welding methods. However, with the improvements in production methods, the above components are now manufactured with the use of molding techniques to reduce the production cost and time.

On the other hand, sensors deliver signals to the electronic control unit (ECU), providing an appropriate output to the steering system for action. With growing technological advancements, the automotive industry has also consistently upgraded and improved sensor products. Such developments in sensor technology propel the growth of the India automotive electric power steering market.

Similarly, a steering motor aids in moving the steering directions by providing additional force. The steering motor is the major difference between hydraulic and electric power steering. Placing an electric motor in the steering system eliminates fluid and other power steering hydraulic components, which eliminates leaks and extra weight from the vehicle.

NSK Ltd, Hyundai Mobis, ZF Group, JTEKT Corporation, etc., are some major players operating in the India automotive electric power steering market.

Hyundai Mobis manufactures and markets parts and modules for car production and after-sales services. The company’s products include plastic parts, exterior lighting, steering parts, steel wheels and decks, brakes, safety products, chassis modules, ADAS (advanced driver assistance system), etc. Hyundai also provides post-sale services by supplying spare parts of original equipment to the customers. The company has a network of sales offices in the United Arab Emirates, China, Canada, the United States, Russia, Germany, and Australia. The company also has production and research facilities in Europe, the Americas and the Asia-Pacific. Hyundai is headquartered in Seoul, South Korea.

Column type from Hyundai Mobis refers to a system in which an electric motor is used in the column. It is used mainly for compact to midsized vehicles. In contrast,  Dual-Pinion Rack-Type MDPS is comparatively better than the column type as the steering system is directly activated by equipping the gearbox with a separate pinion and motor. It is mainly used for midsized to large vehicles.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2028
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million)
Segments Analyzed Vehicle Type, Component, Mechanism
Country Analyzed India
Companies Analyzed

DENSO Corporation, Hyundai Mobis, JTEKT Corporation, NSK Ltd, ZF Group

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • COUNTRY SNAPSHOT
      • COUNTRY ANALYSIS
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
    3. KEY ANALYTICS
      • IMPACT OF COVID-19 ON AUTOMOTIVE ELECTRIC POWER STEERING MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • PESTLE ANALYSIS
        • POLITICAL
        • ECONOMICAL
        • SOCIAL
        • TECHNOLOGICAL
        • LEGAL
        • ENVIRONMENTAL
    1. MARKET BY VEHICLE TYPE
      • PASSENGER CARS
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES (LCV)
        • MEDIUM & HEAVY COMMERCIAL VEHICLES (M&HCV)
    1. MARKET BY MECHANISM
      • COLUMN TYPE
      • PINION ASSIST
      • RACK ASSIST
      • OTHER MECHANISMS
    2. MARKET BY COMPONENT
      • STEERING RACK/COLUMN
      • SENSOR
      • STEERING MOTOR
      • OTHER COMPONENTS
    3. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • ACQUISITIONS
        • PRODUCT LAUNCHES
        • BUSINESS EXPANSIONS
      • COMPANY PROFILES
        • DENSO CORPORATION
        • HYUNDAI MOBIS
        • JTEKT CORPORATION
        • NSK LTD
        • ZF GROUP

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – AUTOMOTIVE ELECTRIC POWER STEERING

    TABLE 2: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 3: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 4: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMMERCIAL VEHICLES, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 5: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMMERCIAL VEHICLES, FORECAST YEARS 2022-2028 (IN $ MILLION)

    TABLE 6: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY MECHANISM, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 7: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY MECHANISM, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 8: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 9: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMPONENT, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 10: LIST OF MERGERS & ACQUISITIONS

    TABLE 11: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 12: LIST OF PARTNERSHIPS & AGREEMENTS          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2021

    FIGURE 5: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY PASSENGER CARS, 2022-2028 (IN $ MILLION)

    FIGURE 6: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMMERCIAL VEHICLES, 2022-2028 (IN $ MILLION)

    FIGURE 7: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY COMMERCIAL VEHICLES, IN 2021

    FIGURE 8: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY LIGHT COMMERCIAL VEHICLES (LCV), 2022-2028 (IN $ MILLION)

    FIGURE 9: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY MEDIUM & HEAVY COMMERCIAL VEHICLES (M&HCV), 2022-2028 (IN $ MILLION)

    FIGURE 10: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY MECHANISM, IN 2021

    FIGURE 11: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COLUMN TYPE, 2022-2028 (IN $ MILLION)

    FIGURE 12: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY PINION ASSIST, 2022-2028 (IN $ MILLION)

    FIGURE 13: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY RACK ASSIST, 2022-2028 (IN $ MILLION)

    FIGURE 14: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY OTHER MECHANISMS, 2022-2028 (IN $ MILLION)

    FIGURE 15: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2021

    FIGURE 16: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY STEERING RACK/COLUMN, 2022-2028 (IN $ MILLION)

    FIGURE 17: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY SENSOR, 2022-2028 (IN $ MILLION)

    FIGURE 18: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY STEERING MOTOR, 2022-2028 (IN $ MILLION)

    FIGURE 19: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY OTHER COMPONENTS, 2022-2028 (IN $ MILLION)       

    1. MARKET BY VEHICLE TYPE
      • PASSENGER CARS
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES (LCV)
        • MEDIUM & HEAVY COMMERCIAL VEHICLES (M&HCV)
    1. MARKET BY MECHANISM
      • COLUMN TYPE
      • PINION ASSIST
      • RACK ASSIST
      • OTHER MECHANISMS
    2. MARKET BY COMPONENT
      • STEERING RACK/COLUMN
      • SENSOR
      • STEERING MOTOR
      • OTHER COMPONENTS

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