|
Forecast Period
|
2025-2029
|
|
Market Size (2023)
|
USD 2.8 Billion
|
|
CAGR (2023-2029)
|
6.24%
|
|
Fastest Growing Segment
|
C-EPS
|
|
Largest Market
|
West
|
Market Overview
India Electric Power Steering Market has valued at
USD 2.8 Billion in 2023 and is anticipated to project robust growth in the
forecast period with a CAGR of 6.24%. The Electric Power Steering (EPS) market
in India is experiencing remarkable growth. This growth is primarily driven by
the increasing demand for fuel-efficient vehicles and the stringent emission
norms imposed by the government. As India continues to transition towards
electric and hybrid vehicles, the EPS market is poised for even greater
expansion. Furthermore, the development
of autonomous driving systems further underscores the growing importance and
potential growth of the EPS market. With advancements in artificial
intelligence and machine learning, autonomous vehicles are becoming more
sophisticated and reliable, leading to a higher demand for advanced steering
systems like EPS. Moreover, India's thriving automotive industry, characterized
by the presence of key global players, serves as a significant factor
contributing to the upward trajectory of the EPS market. The presence of major
automobile manufacturers and suppliers in India not only boosts the domestic
EPS market but also positions the country as a hub for EPS production and
innovation. Additionally, the government's focus on promoting sustainable
mobility has been instrumental in driving the growth of the EPS market. The
implementation of policies and incentives to encourage the adoption of electric
and hybrid vehicles has created a favorable environment for EPS technology. As
the government continues to invest in infrastructure development and charging
networks, the demand for EPS-equipped vehicles is expected to surge. Taking
into account the continuous advancements in technology, including the
integration of EPS with advanced driver assistance systems and
vehicle-to-vehicle communication, the EPS market in India is expected to
witness sustained growth in the coming years. The combination of increasing
customer awareness, government support, and technological advancements makes
the EPS market a promising sector with vast opportunities for both domestic and
international players.
Key Market Drivers
Fuel Efficiency and Emissions Regulations
One of the primary drivers of the India Electric
Power Steering Market is the increasing focus on fuel efficiency and emissions
reduction. As environmental concerns mount and governments impose stricter
emissions regulations, the automotive industry is under pressure to develop
more fuel-efficient vehicles. Electric power steering systems offer an
advantage in this regard as they are more energy-efficient compared to
traditional hydraulic power steering. By adopting EPS, automakers can reduce
the overall weight of the vehicle, resulting in improved fuel efficiency and
reduced emissions. This driver is particularly crucial in India, where air quality
and fuel efficiency are significant concerns.
Growth of Electric and Hybrid Vehicles
The proliferation of electric and hybrid vehicles
is a key driver of the India Electric Power Steering Market. With the global
shift towards electric mobility and the development of electric vehicle (EV)
infrastructure in India, there is a growing demand for EPS systems. Electric
vehicles rely on EPS for steering assistance, as these systems are well-suited
to work in tandem with electric powertrains. The adoption of EPS is integral to
enhancing the driving experience in electric and hybrid cars while achieving
energy efficiency.
Enhanced Driver Assistance Systems (ADAS)
The integration of advanced driver assistance
systems (ADAS) in vehicles is driving the demand for EPS in India. ADAS
features, such as lane-keeping assist, adaptive cruise control, and parking
assistance, depend on EPS technology to function effectively. As safety
concerns grow and consumers seek vehicles equipped with these advanced
features, automakers are increasingly incorporating EPS to enable ADAS
functionalities. The demand for safer and more convenient driving experiences
is boosting the market for EPS-equipped vehicles.
Improved Handling and Control
Electric Power Steering systems are favored for
their ability to enhance vehicle handling and control. EPS provides variable
assistance, adjusting steering effort based on driving conditions and speed.
This feature makes parking and low-speed maneuvers easier while offering
stability at higher speeds. Consumers appreciate the improved handling and
driving comfort provided by EPS, leading to its higher adoption rate in new
vehicles.
Reduction in Maintenance and Total Cost of
Ownership
A notable driver for the India Electric Power
Steering Market is the reduction in maintenance requirements and the total cost
of ownership for vehicle owners. Compared to traditional hydraulic power
steering systems, EPS is less prone to leaks, resulting in lower maintenance
costs. The durability and longevity of EPS systems contribute to their overall
cost-effectiveness. This appeal to both vehicle manufacturers and consumers has
led to the widespread adoption of EPS technology.
Market Innovation and Competitive Advantage
Innovation and technological advancements in the
automotive industry play a pivotal role in driving the adoption of EPS.
Automakers are keen to remain competitive and offer advanced features that set
their vehicles apart in the market. EPS technology provides a competitive edge
by improving vehicle efficiency, handling, and safety. As a result, many
automakers are choosing to implement EPS as a standard feature across their
model lines to attract consumers who value the advantages it offers.
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Key Market Challenges
Cost Implications and Price Sensitivity
One of the significant challenges in the India
Electric Power Steering Market is the cost implications associated with EPS
technology. While EPS systems offer numerous advantages, including improved
fuel efficiency and enhanced driver assistance features, the initial cost of
implementing EPS can be higher than traditional hydraulic power steering. This
cost sensitivity is a crucial factor in the Indian market, where
price-conscious consumers often prioritize affordability. Manufacturers and
suppliers of EPS technology must address the challenge of balancing
cost-effectiveness with the value proposition of EPS systems to ensure market
acceptance.
Maintenance and Repair Concerns
Maintenance and repair concerns pose a substantial
challenge in the India Electric Power Steering Market. While EPS systems are
generally considered more durable and require less maintenance than hydraulic
systems, the repair and replacement of EPS components can be complex and
expensive. The shortage of skilled technicians who can effectively diagnose and
repair EPS systems can further exacerbate this challenge. Addressing these
concerns and ensuring that maintenance and repair services are readily available
is critical for the widespread adoption of EPS technology in India.
Power Supply and Electrical Infrastructure
The state of India's electrical infrastructure and
power supply reliability can significantly impact the performance and
acceptance of EPS technology. Inconsistent power supply in some regions and a
lack of electrical infrastructure in rural areas can lead to concerns about the
reliability of EPS systems. Vehicle owners may be apprehensive about
encountering power-related issues, such as EPS failure, during their daily
commutes. Thus, the development of robust electrical infrastructure and power
supply reliability is essential to overcome this challenge.
Educational and Awareness Gaps
There is a noticeable educational and awareness gap
concerning EPS technology among consumers and technicians in India. Many
vehicle owners and operators may not fully understand the benefits and
functioning of EPS systems. Similarly, technicians who service vehicles may
lack the necessary training to diagnose and repair EPS-related issues
effectively. Bridging these educational and awareness gaps is a challenge that
requires initiatives to inform and educate consumers, service technicians, and
industry stakeholders about the advantages and maintenance requirements of EPS
technology.
Harsh Environmental Conditions
India's diverse and often challenging environmental
conditions can be a significant challenge for EPS systems. Extreme heat, heavy
monsoon rains, and dusty environments can affect the performance and longevity
of electrical components in vehicles. Protecting EPS systems from environmental
factors, ensuring their durability, and addressing issues such as water ingress
and overheating are essential challenges in a country with varied climatic
conditions. Manufacturers and suppliers must develop EPS systems capable of
withstanding the rigors of India's environment.
Economic Variability and Market Volatility
Economic variability and market volatility in India
can impact the India Electric Power Steering Market. Economic fluctuations and
market instability can affect consumer purchasing power and vehicle demand.
During periods of economic uncertainty, consumers may delay or scale back their
vehicle purchases, affecting the demand for EPS-equipped vehicles.
Manufacturers and suppliers must adapt to market fluctuations and economic
conditions while ensuring that EPS technology remains competitive and accessible,
even in challenging economic landscapes.
Key Market Trends
Rising Demand for Electric and Hybrid Vehicles
One of the most prominent trends in the India
Electric Power Steering Market is the rising demand for electric and hybrid
vehicles. As environmental concerns and fuel efficiency take center stage,
consumers and regulatory bodies are pushing for cleaner and more sustainable
modes of transportation. Electric and hybrid vehicles have gained substantial
popularity in India due to their reduced emissions and improved fuel economy.
EPS technology plays a crucial role in these vehicles, offering precise steering
control, reduced energy consumption, and compatibility with electric
powertrains. As the adoption of electric and hybrid vehicles continues to grow,
the demand for EPS systems is expected to surge, aligning with the broader
trend of eco-friendly transportation.
Advanced Driver Assistance Systems (ADAS)
The integration of Advanced Driver Assistance
Systems (ADAS) is another significant trend driving the India Electric Power
Steering Market. ADAS features, including adaptive cruise control, lane-keeping
assist, and automated parking, rely on EPS technology for their effective
functioning. These systems enhance driver safety, provide convenience, and
improve the overall driving experience. As safety becomes a paramount concern
in the Indian automotive landscape, consumers are increasingly seeking vehicles
equipped with these advanced features. Consequently, automakers are
incorporating EPS technology to enable ADAS functionalities, contributing to
the higher adoption of EPS systems in vehicles.
Fuel Efficiency and Emissions Reduction
The pursuit of improved fuel efficiency and reduced
emissions is a driving force behind the adoption of EPS technology in India. As
the country grapples with air quality issues and growing environmental
consciousness, automakers are under pressure to develop vehicles that are more
fuel-efficient and environmentally friendly. EPS systems offer an advantage in
this regard as they are inherently more energy-efficient compared to
traditional hydraulic power steering systems. The use of EPS technology reduces
the overall weight of vehicles, contributing to improved fuel efficiency and
lower emissions. This trend aligns with India's commitment to reducing its
carbon footprint and enhancing air quality.
Consumer Preference for Enhanced Driving Comfort
Indian consumers are increasingly prioritizing
enhanced driving comfort and convenience. EPS technology plays a crucial role
in meeting these preferences. EPS systems provide variable assistance,
adjusting steering effort based on driving conditions and speed. This feature makes
parking and low-speed maneuvers easier, while also offering stability at higher
speeds. As consumers seek vehicles that offer a comfortable and enjoyable
driving experience, the trend toward adopting EPS-equipped vehicles continues
to gain momentum.
Cost-Effective and Low-Maintenance Solutions
The trend of seeking cost-effective and
low-maintenance solutions is driving the adoption of EPS technology. While the
initial cost of implementing EPS systems may be higher than traditional
hydraulic power steering, EPS offers long-term cost advantages. EPS systems are
known for their durability and require less maintenance. The reduced
maintenance needs and the longer lifespan of EPS components contribute to lower
total cost of ownership for vehicle owners. This cost-effectiveness makes EPS
technology an attractive choice for consumers and automakers alike.
Integration of Advanced Technologies and
Connectivity
The integration of advanced technologies and
connectivity features is becoming increasingly common in vehicles in India. EPS
technology is no exception to this trend. Automakers are incorporating features
such as telematics and IoT (Internet of Things) connectivity into EPS systems.
These technologies enable real-time data monitoring, predictive maintenance,
and data-driven decision-making. The integration of GPS systems and sensors in
EPS components allows for enhanced vehicle performance and safety. As the
automotive industry in India moves toward the digital age, the integration of
these advanced technologies in EPS systems continues to gain importance.
Segmental Insights
Component Insights
The Indian Electric Power Steering Market is
currently experiencing a significant surge in automotive manufacturing, which
can be attributed to the growing adoption of electric vehicles. This emerging
trend is primarily driven by the government's proactive initiative towards
promoting cleaner and more sustainable transport solutions, aiming to reduce
carbon emissions and combat climate change.
The demand for electric power steering systems in
the Indian market is steadily increasing, as consumers recognize the numerous
advantages they offer. These advantages include improved fuel efficiency, which
contributes to cost savings and environmental conservation, as well as a
smoother and more comfortable driving experience. Electric power steering
systems also provide enhanced maneuverability and responsiveness, ensuring a
safer and more enjoyable driving experience for motorists.
In this dynamic and rapidly evolving landscape, key
players in the sector are actively engaged in continuous research and
development efforts. Their focus is on delivering technologically advanced,
reliable, and cost-effective solutions that cater to the evolving needs of the
market. By staying at the forefront of innovation and embracing cutting-edge
technologies, these companies are well-positioned to drive the future of the
Indian Electric Power Steering Market.
With the increasing emphasis on sustainability and
the transition towards electric vehicles, the Indian Electric Power Steering
Market is poised for even greater growth and expansion. As the automotive
industry continues to evolve, the demand for electric power steering systems is
expected to soar, presenting immense opportunities for both established players
and new entrants in the market. By capitalizing on these opportunities and
leveraging their expertise, companies can contribute to the development of a
greener and more sustainable transportation ecosystem in India.
Type Insights
The Indian Electric Power Steering Market is poised
for significant growth in the coming years. This growth is primarily driven by
the increased production of automobiles in the country and the rising demand
for fuel-efficient vehicles. As automakers strive to reduce the carbon
footprint, electric power steering (EPS) systems have gained prominence due to
their energy efficiency compared to traditional hydraulic systems.
Moreover, the adoption of EPS systems is also
fueled by the enhanced driving comfort they offer to consumers. The smooth and
responsive steering experience provided by EPS systems has been well-received
by car owners. This positive feedback from consumers further contributes to the
market growth.
However, it is important to acknowledge and address
certain challenges that may arise. One such challenge is the relatively higher
system costs associated with electric power steering. This can pose as a
barrier for some consumers who may be deterred by the additional expenses.
Additionally, there is also a need to address potential electric faults that
could occur in EPS systems, ensuring their reliability and safety.
By overcoming these challenges and continuously
improving the technology, the Indian Electric Power Steering Market is expected
to witness a steady expansion in the foreseeable future. With the growing
emphasis on fuel efficiency and driving comfort, EPS systems are set to play a
crucial role in shaping the future of the automotive industry in India.
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Regional Insights
The Indian electric power steering market is
experiencing remarkable growth, fueled by the increasing demand for
fuel-efficient vehicles and the rising environmental consciousness among
consumers. With the government's aggressive push towards electric vehicles,
including incentives and subsidies, coupled with a burgeoning middle-class
population, the market's expansion is expected to accelerate even further.
Moreover, the influx of foreign direct investment
in this sector, attracted by the country's potential as a market and
manufacturing hub, is contributing to this growth trajectory. These investments
are not only driving the development of advanced vehicle automation
technologies, such as advanced driver assistance systems (ADAS), but also
fostering collaborations between domestic and international players, leading to
the transfer of knowledge and expertise.
However, it is important to note that despite the
positive growth trends, the high cost of electric power steering systems
remains a major challenge, hindering wider adoption in the market.
Manufacturers and industry stakeholders are actively working towards developing
cost-effective solutions that can bridge this gap.
Furthermore, the lack of a robust charging
infrastructure across the country poses another hurdle, limiting the
convenience and accessibility of electric vehicles. Efforts are being made to
address this challenge, with initiatives to expand the charging infrastructure
network, including the establishment of charging stations at strategic
locations and the promotion of home-charging solutions.
As these obstacles are overcome, the Indian
electric power steering market is poised for even greater growth and
transformation in the coming years. The advancements in technology, combined
with the government's continued support and the industry's commitment to
innovation, will drive the adoption of electric power steering systems and
contribute to a sustainable and eco-friendly transportation ecosystem in India.
Recent Developments
- Nexteer Automotive had announced that it has
reached the production milestone of 60 million electric power steering (EPS)
systems globally. This EPS system increases the fuel efficiency up to 6% and
CO2 emissions up to 8 grams per kilometer.
- Datsun India launched a remix edition of Datsun GO
and GO+ models. Both the models featured speed-sensitive electric power
steering.
Key Market Players
- 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.
|
By Type
|
By Component
|
By Vehicle
Type
|
By Mechanism
|
By Region
|
|
|
- Steering
Column
- Steering
Wheel
- Sensors
- Electronic Control
Unit
- Electric
Motor
- Bearings
|
- Passenger
Cars
- Medium &
Heavy Commercial Vehicles
- Light
Commercial Vehicles
- Off-the-Road
Vehicles
|
|
|
Report Scope:
In this report, the India Electric Power Steering Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Electric Power Steering Market, By Type:
o C-EPS
o P-EPS
o R-EPS
- Electric Power Steering Market, By Component:
o Steering Column
o Steering Wheel
o Sensors
o Electronic Control Unit
o Electric Motor
o Bearings
- Electric Power Steering Market, By Vehicle Type:
o Passenger Cars
o Medium & Heavy Commercial Vehicles
o Light Commercial Vehicles
o Off-the-Road Vehicles
- Electric Power Steering Market, By Mechanism:
o Collapsible EPS
o Rigid EPS
- Electric Power Steering Market, By Region:
o North
o East
o West
o South
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India Electric
Power Steering Market.
Available Customizations:
India Electric Power Steering Market report
with the given market data, Tech Sci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
India Electric Power
Steering Market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]