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India Electronic Power Steering Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2025-2034

India Electronic Power Steering Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2025-2034

Published Date: May, 2025
Base Year: 2024
Delivery Format: PDF+Excel, PPT
Historical Year: 2018-2023
No of Pages: 178
Forecast Year: 2025-2034

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Market Overview

The India electronic power steering market is experiencing significant growth due to the increasing demand for advanced steering systems in the automotive sector. Electronic power steering (EPS) systems offer enhanced vehicle control, improved fuel efficiency, and reduced emissions, thereby gaining popularity among consumers and manufacturers alike. This market overview will provide valuable insights into the growth drivers, restraints, opportunities, and key trends shaping the India electronic power steering market.

Meaning

Electronic power steering (EPS) is a technology that replaces the traditional hydraulic power steering system with an electric motor-driven system. EPS systems use sensors and electronic control units to provide steering assistance to the driver. By eliminating the need for hydraulic fluids, EPS systems offer several advantages such as improved fuel efficiency, reduced maintenance costs, and enhanced vehicle safety.

Executive Summary

The India electronic power steering market is witnessing robust growth, driven by various factors such as the rising demand for fuel-efficient vehicles, increasing vehicle production, and the growing adoption of advanced technologies in the automotive sector. The market players are focusing on innovation and technological advancements to gain a competitive edge in the market. The competitive landscape is characterized by intense competition, with key players investing in research and development activities to develop advanced EPS systems.

India Electronic Power Steering Market Key Players

Important Note: The companies listed in the image above are for reference only. The final study will cover 18โ€“20 key players in this market, and the list can be adjusted based on our clientโ€™s requirements.

Key Market Insights

  • The India electronic power steering market is projected to witness substantial growth during the forecast period.
  • Increasing vehicle production and the growing adoption of electric vehicles are driving the market growth.
  • Rising consumer demand for fuel-efficient vehicles and improved driving experience is boosting the adoption of EPS systems.
  • Technological advancements such as steer-by-wire systems and torque sensors are expected to further drive market growth.
  • The market is highly competitive, with key players focusing on product innovation and partnerships to expand their market presence.

Market Drivers

  1. Increasing Vehicle Production: The growing automotive sector in India, coupled with rising disposable incomes and changing consumer preferences, is driving the demand for vehicles. This surge in vehicle production is positively impacting the electronic power steering market.
  2. Demand for Fuel-efficient Vehicles: With the rising fuel prices and growing environmental concerns, consumers are increasingly inclined towards fuel-efficient vehicles. Electronic power steering systems offer better fuel efficiency compared to traditional hydraulic systems, thus driving their adoption.
  3. Growing Adoption of Electric Vehicles: The increasing adoption of electric vehicles in India is fueling the demand for electronic power steering systems. Electric vehicles require efficient and lightweight steering systems, making EPS an ideal choice for these vehicles.

Market Restraints

  1. High Initial Investment: The initial cost of implementing electronic power steering systems is relatively higher compared to traditional hydraulic systems. This cost factor may act as a restraint, particularly for small and medium-scale automotive manufacturers.
  2. Technical Challenges: Electronic power steering systems involve complex electronics and control units. Technical challenges such as reliability, durability, and compatibility with other vehicle systems can pose barriers to market growth.
  3. Limited Awareness and Infrastructure: Despite the benefits of EPS systems, there is still limited awareness among consumers about their advantages. Additionally, the lack of adequate infrastructure for manufacturing and servicing EPS systems can hinder market growth.

Market Opportunities

  1. Growing Demand for Electric and Hybrid Vehicles: With the increasing focus on sustainable mobility and government initiatives to promote electric and hybrid vehicles, there is a significant opportunity for electronic power steering systems. These vehicles require advanced steering systems that offer energy efficiency and enhanced driving experience.
  2. Technological Advancements: Ongoing technological advancements, such as the integration of advanced sensors, steer-by-wire systems, and advanced control algorithms, present opportunities for market players to develop innovative and advanced EPS systems.
  3. Aftermarket Potential: The aftermarket segment offers significant growth potential for electronic power steering systems. As vehicle owners seek to upgrade their existing vehicles with advanced features, there is a growing demand for retrofitting EPS systems in older models.

Market Dynamics

The India electronic power steering market is characterized by dynamic factors that influence its growth. These dynamics include market drivers, restraints, opportunities, and key trends that shape the industry landscape.

The market drivers, such as increasing vehicle production, demand for fuel-efficient vehicles, and growing adoption of electric vehicles, are propelling the market forward. However, certain challenges, including high initial investment, technical complexities, and limited awareness and infrastructure, act as restraints to market growth.

Nevertheless, the market presents several opportunities, such as the growing demand for electric and hybrid vehicles, technological advancements, and the aftermarket potential for EPS systems. By leveraging these opportunities, market players can gain a competitive edge and expand their market presence.

Regional Analysis

The India electronic power steering market can be analyzed based on regional segmentation, including major cities and states in the country. The market growth may vary across regions due to factors such as economic development, automotive manufacturing capabilities, and consumer preferences. Major automotive hubs such as Maharashtra, Tamil Nadu, and Gujarat are expected to witness significant growth in the electronic power steering market due to their strong automotive manufacturing base.

Competitive Landscape

Leading Companies in the India Electronic Power Steering Market

  1. Bosch Limited (Automotive Aftermarket Division)
  2. JTEKT India Limited (A part of JTEKT Corporation)
  3. Nexteer Automotive India Private Limited
  4. ZF India Private Limited (ZF Steering Gear (India) Limited)
  5. Rane TRW Steering Systems Limited
  6. Mando Automotive India Private Limited
  7. Sona Koyo Steering Systems Limited
  8. Hyundai Mobis India Limited (Steering Division)
  9. NSK Steering Systems India Pvt. Ltd.
  10. Showa India Private Limited

Please note: This is a preliminary list; the final study will feature 18โ€“20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The India electronic power steering market can be segmented based on various factors, including vehicle type, component type, and technology.

  1. By Vehicle Type:
  2. By Component Type:
  3. By Technology:
    • Column-assist EPS
    • Rack-assist EPS
    • Pinion-assist EPS
    • Others

Category-wise Insights

  1. Passenger Vehicles: The passenger vehicle segment dominates the electronic power steering market in India. The increasing demand for compact and mid-sized cars, along with the rising disposable incomes of consumers, drives the growth of EPS systems in this category.
  2. Commercial Vehicles: The commercial vehicle segment also presents significant opportunities for electronic power steering systems. The growing logistics and transportation industry, coupled with the demand for efficient and comfortable commercial vehicles, contributes to the adoption of EPS systems.

Key Benefits for Industry Participants and Stakeholders

  1. Automotive Manufacturers: Electronic power steering systems offer automotive manufacturers the advantages of improved fuel efficiency, enhanced vehicle control, and reduced maintenance costs. By incorporating EPS systems into their vehicles, manufacturers can meet customer expectations and comply with regulatory standards.
  2. Consumers: Consumers benefit from electronic power steering systems through improved driving experience, enhanced safety, and fuel savings. EPS systems provide better maneuverability, precise steering control, and reduced noise compared to traditional hydraulic systems.
  3. Government and Environmental Agencies: Electronic power steering systems contribute to reducing vehicle emissions and improving fuel efficiency, aligning with the objectives of government and environmental agencies to promote sustainable transportation.
  4. Aftermarket Service Providers: The growing demand for retrofitting EPS systems in existing vehicles creates opportunities for aftermarket service providers. These providers can cater to the needs of vehicle owners looking to upgrade their steering systems.

SWOT Analysis

A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis provides a comprehensive understanding of the India electronic power steering market.

  • Strengths:
    • Enhanced vehicle control and safety
    • Improved fuel efficiency and reduced emissions
    • Technological advancements and innovation
  • Weaknesses:
    • High initial investment
    • Technical complexities
    • Limited awareness among consumers
  • Opportunities:
  • Growing demand for electric and hybrid vehicles
  • Technological advancements in EPS systems
  • Aftermarket potential for retrofitting EPS systems
  • Threats:
    • Intense competition among market players
    • Economic uncertainties and fluctuations in the automotive industry
    • Regulatory challenges and compliance requirements

Market Key Trends

  1. Steer-by-Wire Systems: The integration of steer-by-wire technology in electronic power steering systems is gaining traction. Steer-by-wire eliminates the mechanical connection between the steering wheel and the wheels, offering enhanced control and maneuverability.
  2. Advanced Sensors and Control Algorithms: Market players are focusing on the development of advanced sensors and control algorithms to improve the performance and responsiveness of EPS systems. These advancements enable better steering feel, reduced noise, and improved safety.
  3. Electric and Hybrid Vehicle Integration: As the adoption of electric and hybrid vehicles continues to rise, the integration of electronic power steering systems becomes imperative. EPS systems provide the required efficiency and lightweight design necessary for electric and hybrid vehicles.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the automotive industry, including the electronic power steering market in India. During the lockdowns and restrictions imposed to contain the virus spread, the production and sales of vehicles were severely affected. However, with the easing of restrictions and the gradual recovery of the automotive sector, the electronic power steering market is expected to regain momentum. The increasing demand for contactless and touchless technologies in vehicles may further drive the adoption of EPS systems.

Key Industry Developments

  1. Introduction of Advanced Steering Technologies Companies are focusing on developing advanced steering systems that offer better control and enhanced safety features. Innovations such as steering by wire and integrated torque feedback systems are set to shape the future of the EPS market in India.

  2. Collaborations for EV Market Expansion Several automotive companies are collaborating with EV manufacturers to develop EPS systems tailored to electric vehicles. This includes partnerships to enhance energy efficiency and reduce vehicle weight, contributing to improved range and performance.

  3. Government Initiatives for Sustainable Mobility The Indian government continues to promote electric mobility through incentives and subsidies, which is expected to drive the demand for EPS systems in electric vehicles.

Analyst Suggestions

Based on the analysis of the India electronic power steering market, industry analysts make the following suggestions:

  1. Focus on Technological Advancements: Market players should invest in research and development activities to develop advanced EPS systems with improved performance, durability, and compatibility with other vehicle systems.
  2. Strengthen Distribution Networks: Expanding the distribution networks and establishing partnerships with automotive manufacturers and dealerships will help market players enhance their market presence and reach a wider customer base.
  3. Create Awareness: Initiatives to educate consumers about the advantages of electronic power steering systems, including fuel efficiency, enhanced safety, and improved driving experience, are crucial to driving market growth.

Future Outlook

The India electronic power steering market is poised for significant growth in the coming years. The increasing vehicle production, demand for fuel-efficient vehicles, and growing adoption of electric and hybrid vehicles are expected to drive market expansion. Technological advancements and the aftermarket potential for EPS systems offer further growth opportunities. However, market players need to address challenges related to high initial investment, technical complexities, and limited awareness to capitalize on these opportunities.

Conclusion

The India electronic power steering market is witnessing substantial growth due to the rising demand for fuel-efficient vehicles, increasing vehicle production, and the growing adoption of advanced technologies in the automotive sector. Despite challenges such as high initial investment and technical complexities, market players have opportunities in the form of growing demand for electric and hybrid vehicles, technological advancements, and aftermarket potential. By focusing on innovation, partnerships, and product development, market players can establish a strong foothold and capitalize on the market’s future growth prospects.

India Electronic Power Steering Market

Segmentation Details Description
Product Type Column Assist, Rack Assist, Electro-Hydraulic, Fully Electric
End User OEMs, Aftermarket Providers, Vehicle Assemblers, Tier-1 Suppliers
Technology Brushless DC Motor, Integrated Control, CAN Bus, Torque Sensor
Installation Factory Installed, Retrofit, Modular, Custom Fit

Leading Companies in the India Electronic Power Steering Market

  1. Bosch Limited (Automotive Aftermarket Division)
  2. JTEKT India Limited (A part of JTEKT Corporation)
  3. Nexteer Automotive India Private Limited
  4. ZF India Private Limited (ZF Steering Gear (India) Limited)
  5. Rane TRW Steering Systems Limited
  6. Mando Automotive India Private Limited
  7. Sona Koyo Steering Systems Limited
  8. Hyundai Mobis India Limited (Steering Division)
  9. NSK Steering Systems India Pvt. Ltd.
  10. Showa India Private Limited

Please note: This is a preliminary list; the final study will feature 18โ€“20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

What This Study Covers

  • โœ” Which are the key companies currently operating in the market?
  • โœ” Which company currently holds the largest share of the market?
  • โœ” What are the major factors driving market growth?
  • โœ” What challenges and restraints are limiting the market?
  • โœ” What opportunities are available for existing players and new entrants?
  • โœ” What are the latest trends and innovations shaping the market?
  • โœ” What is the current market size and what are the projected growth rates?
  • โœ” How is the market segmented, and what are the growth prospects of each segment?
  • โœ” Which regions are leading the market, and which are expected to grow fastest?
  • โœ” What is the forecast outlook of the market over the next few years?
  • โœ” How is customer demand evolving within the market?
  • โœ” What role do technological advancements and product innovations play in this industry?
  • โœ” What strategic initiatives are key players adopting to stay competitive?
  • โœ” How has the competitive landscape evolved in recent years?
  • โœ” What are the critical success factors for companies to sustain in this market?

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