Electric Power Steering Market to Grow with a CAGR of 6.24% in India through to 2029
The major drivers for the India Electric Power Steering
Market are the automotive industry's shift toward electric and hybrid vehicles
for better fuel efficiency and the increasing demand for advanced driver
assistance systems (ADAS) that utilize electric power steering technology for
enhanced safety and control.
According to TechSci Research report, “India Electric
Power Steering Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2029”, the India Electric Power Steering Market stood
at USD 2.8 Billion in 2023 and is anticipated to grow with a CAGR of 6.24% in
the forecast period, 2024-2029. The India Electric Power Steering Market is
being driven by several factors. Firstly, there is a growing demand for
fuel-efficient vehicles in the country, as consumers are becoming more
conscious of the environmental impact of their vehicles. This is further
supported by stringent regulations regarding emission standards, which are
pushing automobile manufacturers to adopt more sustainable technologies. Moreover,
the rising consumer preference for smooth and responsive vehicle steering is
also contributing to the growth of the electric power steering market in India.
With advancements in technology, particularly in the automotive sector,
electric power steering systems are becoming more advanced and reliable,
offering enhanced driving experiences to the customers. These systems utilize
advanced sensors and algorithms to provide precise and effortless steering
control, ensuring a comfortable and enjoyable driving experience.
Additionally, the increasing popularity of electric
and hybrid vehicles in India is another key factor driving the growth of the
electric power steering market. As the government promotes the adoption of
electric vehicles through various incentives and initiatives, more and more
consumers are choosing electric or hybrid vehicles. These vehicles often come
equipped with electric power steering systems, further boosting the demand for
such technology in the market. The electric power steering systems in these
vehicles are designed to optimize energy efficiency and reduce power
consumption, aligning with the sustainability goals of the automotive industry.
Furthermore, the integration of advanced driver assistance systems (ADAS) with
electric power steering systems is also contributing to market growth. ADAS
features such as lane keep assist, adaptive cruise control, and automated
parking require precise and responsive steering control, which can be
efficiently provided by electric power steering systems. The integration of
these technologies enhances vehicle safety and convenience, further driving the
demand for electric power steering systems in the market.
Overall, the India Electric Power Steering Market is
experiencing rapid growth due to the combination of factors such as the demand
for fuel efficiency, emission regulations, consumer preferences, technological
advancements, the increasing popularity of electric and hybrid vehicles, and
the integration of advanced driver assistance systems. With ongoing research
and development efforts to improve the efficiency and performance of electric
power steering systems, the market is expected to continue its upward
trajectory in the coming years.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "India Electric Power Steering Market”
The India Electric Power Steering (EPS) Market is a
dynamic and rapidly evolving segment of the automotive industry. Electric Power
Steering systems have gained substantial prominence in India due to their role
in enhancing vehicle efficiency, safety, and driver comfort. This market
overview provides a comprehensive look at the key aspects, drivers, challenges,
and trends shaping the India Electric Power Steering Market. One of the key
aspects of this market is the rapid technological advancements that have marked
the development of EPS systems. These advancements have led to more efficient
and precise steering solutions that offer variable assistance based on driving
conditions, contributing to improved handling and fuel efficiency. As
technology continues to evolve, the EPS market is expected to witness further
innovations that enhance the driving experience.
Environmental considerations are a significant driver
in the India Electric Power Steering Market. The country's stringent emissions
regulations and growing environmental concerns have led to the adoption of EPS
technology. EPS systems are inherently more energy-efficient than traditional
hydraulic power steering, aligning with India's commitment to reducing
emissions and combating air pollution. As environmental sustainability becomes
a more prominent consideration, the demand for EPS systems is expected to rise.
Consumer preferences in India are increasingly focused
on enhanced driving comfort and convenience. EPS technology plays a pivotal
role in meeting these preferences by providing smoother steering, particularly
during low-speed maneuvers and parking. As the market caters to these demands,
the adoption of EPS-equipped vehicles is on the rise, reflecting the changing
expectations of Indian consumers regarding their driving experience.
Cost-effectiveness is a critical aspect of the EPS
market in India. While EPS systems may have a higher initial cost compared to
hydraulic power steering, they offer long-term cost advantages. Reduced
maintenance needs and extended component lifespan contribute to lower total
cost of ownership for vehicle owners. This cost-effectiveness makes EPS
technology an attractive choice for both consumers and automakers, encouraging
its adoption in the Indian automotive landscape.
Safety is another pivotal aspect of the market,
closely related to the integration of Advanced Driver Assistance Systems
(ADAS). The market is witnessing the incorporation of ADAS features like
lane-keeping assist and adaptive cruise control, which depend on EPS technology
for their effective functioning. These systems enhance driver safety,
convenience, and the overall driving experience. As safety remains a paramount
concern in the Indian automotive sector, EPS technology is gaining importance
for its role in enabling advanced safety features.
In conclusion, the India Electric Power Steering
Market is characterized by technological advancements, environmental
considerations, changing consumer preferences, cost-effectiveness, and a focus
on safety and advanced driver assistance systems. These aspects collectively
reflect the evolving landscape of the Indian automotive industry, where the
adoption of EPS technology is driven by concerns about sustainability, safety,
and driving convenience. As technology continues to advance and consumer
preferences evolve, the India Electric Power Steering Market is expected to
further adapt to meet the changing needs of the automotive sector.
Major companies operating in India Electric Power
Steering Market are:
- Bosch Limited
- JTEKT India Limited
- ZF India Private Limited
- Hyundai Mobis India Pvt. Ltd.
- Nexteer Automotive India Pvt.
Ltd.
- Mando Automotive India
Limited
- Thyssenkrupp Presta India
Pvt. Ltd.
- Showa India Pvt. Ltd.
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“The major drivers for the India Electric Power
Steering Market include the increasing demand for fuel-efficient vehicles,
stringent regulations regarding emission standards, and the rising consumer
preference for smooth and responsive vehicle steering. Additionally,
advancements in technology particularly in the automotive sector and the
growing popularity of electric and hybrid vehicles are also contributing to the
growth of the electric power steering market in India.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Electric Power Steering Market – India
Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029, Segmented Market By Type (C-EPS, P-EPS and R-EPS), By
Component (Steering Column, Steering Wheel, Sensors, Electronic Control Unit,
Electric Motor and Bearings), By Vehicle Type (Passenger Cars, Medium &
Heavy Commercial Vehicles, Light Commercial Vehicles and Off-the-Road
Vehicles), By Mechanism (Collapsible EPS and Rigid EPS), By Country, Competition”, has evaluated the future growth potential of India Electric
Power Steering Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India Electric Power
Steering Market.
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