0
2019
India Automotive Steering System Market

India Automotive Steering System Market

by Type (Hydraulic Power Steering, Electronic Power Steering, and Electro-hydraulic Power Steering System), Vehicle Type (Passenger Vehicle, and Commercial Vehicle), Sales Channel (OEM, and Aftermarket), and Component (Steering Wheel, Steering Column, Steering Coupler, Steering Gear, Power Steering Hoses, Power Steering Pump, and Others): Opportunity Analysis and Industry Forecast, 2019-2026
Update Available On-Demand

Report Code: A05709
Pages: 200
Sep 2019 | 9741 Views
Author(s) : Akshay Jadhav , Supradip Baul
Tables: 60
Charts: 102
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the India Automotive Steering System Market

Request Now !

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. 

India Automotive Steering System Market

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. 

India Automotive Steering System Market
By Steering Type

Your browser does not support the canvas element.

HPS is projected as the most lucrative segments

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. 

India Automotive Steering System Market
By Sales Channel

Your browser does not support the canvas element.

OEM would exhibit the highest CAGR of 9.1% during 2019-2026.

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

Aspects Details
By Type
  • Hydraulic Power Steering
  • Electronic Power Steering
  • ELECTRO-HYDRAULIC POWER STEERING (E-HPS)
By Vehicle Type
  • Passenger Vehicle
  • Commercial Vehicle
By Sales Channel
  • OEM
  • AFTERMARKET
By Component
  • Steering Wheel
  • Steering Column
  • Steering Coupler
  • Steering Gear
  • Power Steering Hoses
  • Power Steering Pump
  • Others
Key Market Players WABCO, RANE HOLDINGS LTD., JTEKT CORPORATION, MANDO CORPORATION, KNORR-BREMSE AG, ZF STEERING GEAR INDIA, NEXTEER AUTOMOTIVE GROUP LIMITED, BOSCH AUTO PARTS, THYSSENKRUPP AG, DENSO CORPORATION
 

Loading Table Of Content...


 
 

Establishment of new production plants for steering systems fuels the growth of the automotive steering system market. Furthermore, upsurge in power steering innovation in India is boosts the growth of the industry.

In addition, rise in manufacturing of these systems has accelerated the development of the manufacturing sector in India, which in turn is anticipated to provide lucrative opportunities for market expansion. In addition, automobile sale is growing steadily, which is expected to escalate the growth of the automotive steering system market. Furthermore, increase in service life of vehicles is expected to create aftermarket opportunity.

The major players operating in the automotive steering system market 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.

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. India automotive steering system market was valued at $5,119.2 million in 2018, and is projected to reach $10,035.5 million by 2026, registering a CAGR of 9.0% from 2019 to 2026

A. The forecast period in the India Automotive Steering System Market would be 2026

A. The market value of India Automotive Steering System Market in 2019 is estimated to be $ 5,505.1 Million

A. The base year calculated in the India Automotive Steering System Market report is 2017

A. The companies are selected based on the product offerings, organic and inorganic strategies adopted and Georgraphic footprint. Additional, the company tie ups with key OEMs and revenue generated are the key pointers for selection.

A. The major companies holding the major share includes 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

A. In terms of Vehicle Type passenger car is estimated to be a matured market growing at a CAGR of 7.2% during the forecast period.

A. In terms of sales channel OEM is estimated to be a most influencing segment growing at a CAGR of 9.1% during the forecast period.

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Free Sample

OR

Purchase Full Report of
India Automotive Steering System Market

Start reading instantly.
This Report and over 18,744+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $2,735
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Sep 2020 - Sep 2021)
  • Data Pack
  • $3,039
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Sep 2020 - Sep 2021)
  • Single User
  • $4,250
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Sep 2020 - Sep 2021)
  • Five Users
  • $5,105
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Sep 2020 - Sep 2021)
  • Enterprise
    License/PDF

  • $8,119
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Sep 2020 - Sep 2021)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers