India Automotive Steering System Market

India Automotive Steering System Market Outlook - 2026

The India automotive steering system market was valued at $4.68 billion in 2017, and is projected to reach $10.04 billion by 2026, growing at a CAGR of 9.0% from 2019 to 2026.

An automotive steering system is set of components used to control the motion of vehicle, and helps the driver to maneuver the vehicle as per the requirement. The automotive steering system is equipped with the hand-operated steering wheel, steering column, universal joints, and rack & pinion gearset. In automobiles, the steering systems is non-replaceable, thus serves as a key component, which is responsible for effective control of vehicles. Development of the automotive industry has led to evolution of the steering system from manual steering to power assist steering system. 

The major companies profiled in the India automotive steering system market share include WABCO, Rane Holdings Limited, JTEKT Corporation, Mando Corporation, Knorr-Bremse, ZF steering gear India, Nexteer Automotive Group Limited, Bosch Auto Parts, thyssenkrupp Business Area Components Technology, and DENSO CORPORATION.

The India automotive steering system industry segments are based on type, vehicle type, sales channel, and component. 

By type, the India automotive steering system market is categorized into hydraulic power steering, electronic power steering, and electro-hydraulic power steering system. Depending on vehicle type, it is bifurcated into commercial vehicle and passenger vehicle. Light commercial vehicle, medium and heavy commercial vehicle, and heavy commercial vehicles are the commercial vehicles considered. OEM and aftermarket are the two sales channels considered in the report. As per component, the market is segregated into steering wheel, steering column, steering coupler, steering gear, power steering hoses, and power steering pump.
Top Impacting Factors

The key factors that impact the India automotive steering system market growth include upsurge in demand for motor vehicles due to rise in disposable income of consumers, and increase in requirement of fuel-efficient vehicle. Other factors, which are anticipated to have a definite impact on the market during the forecast period include surge in consumer preference toward effortless driving and maneuverability, high cost associated with power steering system, and drive-by-wire technology. 

Increase in demand for motor vehicles

The India automotive steering system market trends has been witnessing continuous increase in vehicle sales, owing to significant rise in demand for motor vehicles. India is the fourth largest automobile market, and its automobile sales, including passenger and commercial vehicles, increased by 9.5% and more than 4 million units in 2017. This trend is expected to grow further over few years, as most OEMs are considerably investing in this sector. Moreover, increase in deployment of automotive steering systems to control vehicle direction acts as the key driver of the market. In addition, surge in incidence of vehicle accidents results in damage of steering system or its components, which in turn boosts the demand for steering systems in the aftermarket. Thus, all these factors together significantly contribute toward the growth of market. 

Surge in adoption of power steering systems

The automotive industry has witnessed evolution of steering systems from manual steering systems, which use only mechanical linkages such as rack and pinion, to power steering systems, which help drivers to steer the vehicle by reducing steering efforts, making it easier for the driver to turn. The manual steering system has limitations pertaining to maneuverability and fuel efficiency of vehicle. However, the power steering system has hydraulics and electronic components, which assists comfort driving, and simultaneously improves the efficiency of the vehicle. Thus, shift in preference of consumers toward power-assisted steering as compared to manual steering is anticipated to propel the growth of the industry.

High cost associated with power steering systems

Power steering system is widely used in passenger cars, light commercial vehicles, and heavy commercial vehicles owing to its vital role in vehicle. The power steering system is either equipped with electronic motor or hydraulic piston, depending upon the system deployed in the vehicle. These parts are costlier, thereby increasing the price of steering system. This in turn is accountable for hike in the car prices. Hence, high cost associated with power steering system limits the growth of the India automotive steering system market.

Low penetration of power steering in low segment vehicles

The overall cost of powered steering is high due to its high-end features when compared with the traditional power steering. Moreover, its adoption rate has increased in low segment vehicles (low price) such as sedan, hatchback, and others as compared to luxurious cars. Furthermore, most of the luxury cars are deployed with hydraulic steering system, and some have both electro-hydraulic and hydraulic in their high-end variants, which significantly increases their cost and hampers their adoption. This in turn limits the penetration of power steering systems, thereby restraining the growth of the India automotive steering system market.

Key Benefits for India Automotive Steering System Market: 

• This study comprises analytical depiction of the India automotive steering system market size with current trends and future estimations to depict the imminent investment pockets.
• The overall potential is determined to understand the profitable trends to gain a stronger foothold.
• The India automotive steering system market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current growth and India automotive steering system market forecast is quantitatively analyzed from 2017 to 2026 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
• The study comprises India automotive steering system market opportunity, which help key players in decision making. 

 India Automotive Steering System Market Report Highlights