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