Electric Power Steering (EPS) Market Trends, Industry | 2030

Segments - India Electric Power Steering (EPS) Market by Types (Pinion Type, Column Type, and Others), Component Types (Steering Column, Sensors, Steering Motors, and Others), Vehicle Types (Passenger Cars and Commercial Vehicles), and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

Author : Akash Vedpathak

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

The India electric power steering (EPS) market size is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for vehicles.

Electric Power Steering (EPS) is a vehicle assistance system that employs an electric motor to aid the driver. Electric steering is progressively replacing hydraulic steering in the automobile business. The electric steering system is made by several links that work together to turn the vehicle in the smallest possible radius without toppling it. It is powered by an electric motor and provides enhanced steering capabilities while requiring less driving effort. It is free of hoses, fluid, drive belts, pulleys, and pumps, resulting in a smooth and soothing driving experience.

EPS helps to increase fuel efficiency and driving experience, as well as assisting in power reduction and precise turning. However, the impact of the COVID-19 pandemic has affected the sales of automobiles across the world, eventually impacted the India base electric power steering market as well.

Market Trends, Drivers, Restraints, and Opportunities

Increasing vehicle production is anticipated to drive the market growth.
Regulatory push toward efficient technologies is expected to boost the demand for electric power steering market during the forecast period.
High cost of EPS as compared to traditional steering systems can hamper the growth of the market.
Rising penetration of EPS in commercial vehicles and availability of ADAS technologies in vehicles are offering lucrative opportunities for the electric power steering market in India.

Scope of Electric Power Steering (EPS) Market Report

The report on the India electric power steering (EPS) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	India Electric Power Steering (EPS) Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2020
Historic Data	2018–2019
Forecast Period	2021–2028
Segmentation	Types (Pinion Type, Column Type, and Others), Component Types (Steering Column, Sensors, Steering Motors, and Others), and Vehicle Types (Passenger Cars and Commercial Vehicles)
Country	India
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	ZF Steering Gear (India) Limited; Denso Corporation; JTEKT Corporation; Nexteer Automotive; and Mando Automotive India

India Electric Power Steering Market Segment Insights

Column type segment is expected to grow at a rapid pace

Based on types, the market is divided into pinion type, column type, and others. The column type segment is expected to grow at a rapid pace during the forecast period due to the increasing hike in vehicle production. Moreover, rising disposable income of consumers and increasing spending on column type EPS are expected to boost the segment growth.

Sensors segment is projected to expand at a considerable CAGR

On the basis of component types the market is segregated into steering column, sensors, steering motors, and others. The sensors segment is projected to expand at a considerable CAGR during the forecast period due to consistent upgrade in sensors. Torque sensor, steering wheel speed sensor, and position sensor are the three types of sensors utilized in such systems.

Passenger cars segment is anticipated to account for a significant market share.

Based on vehicle types, the market is divided into passenger cars and commercial vehicles. The passenger cars segment is estimated to account for a significant market share during the forecast period due to its benefits, such as the absence of hoses or fluids in the steering system. Moreover, EPS adoption in passenger automobiles is increasing owning to lower repair and maintenance expenses associated with fluid and hose replacements.

Segments

The India electric power steering (EPS) market has been segmented on the basis of

Types

Pinion Type
Column Type
Others

Component Types

Steering Column
Sensors
Steering Motors
Others

Vehicle Types

Passenger Cars
Commercial Vehicles

Country

India

Key Players

ZF Steering Gear (India) Limited
Denso Corporation
JTEKT Corporation
Nexteer Automotive
Mando Automotive India

Competitive Landscape

Key players competing in the India electric power steering (EPS) market are ZF Steering Gear (India) Limited; Denso Corporation; JTEKT Corporation; Nexteer Automotive; and Mando Automotive India. These are major player in India and they are planning to continue to expand their business to capture the growing demand for EPS in the country.

In March 2019 , Nexteer Automotive stated that it produced 60 million EPS devices throughout the world. This EPS system improves fuel economy by more than 5% and reduces CO2 emissions by more than 7% per km.

India Electric Power Steering (EPS) Market

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electric Power Steering (EPS) Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Electric Power Steering (EPS) Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Electric Power Steering (EPS) Market - Supply Chain
  4.5. Global Electric Power Steering (EPS) Market Forecast
     4.5.1. Electric Power Steering (EPS) Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Electric Power Steering (EPS) Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Electric Power Steering (EPS) Market Absolute $ Opportunity
5. Global Electric Power Steering (EPS) Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Electric Power Steering (EPS) Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Electric Power Steering (EPS) Demand Share Forecast, 2019-2026
6. North America Electric Power Steering (EPS) Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Electric Power Steering (EPS) Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Electric Power Steering (EPS) Demand Share Forecast, 2019-2026
7. Latin America Electric Power Steering (EPS) Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Electric Power Steering (EPS) Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Electric Power Steering (EPS) Demand Share Forecast, 2019-2026
8. Europe Electric Power Steering (EPS) Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Electric Power Steering (EPS) Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Electric Power Steering (EPS) Demand Share Forecast, 2019-2026
9. Asia Pacific Electric Power Steering (EPS) Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Electric Power Steering (EPS) Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Electric Power Steering (EPS) Demand Share Forecast, 2019-2026
10. Middle East & Africa Electric Power Steering (EPS) Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Electric Power Steering (EPS) Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Electric Power Steering (EPS) Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Electric Power Steering (EPS) Market: Market Share Analysis
  11.2. Electric Power Steering (EPS) Distributors and Customers
  11.3. Electric Power Steering (EPS) Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)