The India Automotive Steering System Market size was estimated at USD 3.2 billion in 2023 and is projected to reach USD 8.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.50% during the forecast period (2024-2030).

India Automotive Steering System Market

Market Summary

The India automotive steering system market is a dynamic and integral segment of the country's automotive and transportation industry, characterized by steady evolution and technological adoption. This market encompasses the design, manufacturing, and distribution of various steering mechanisms utilized across passenger vehicles, commercial vehicles, and two-wheelers. The increasing production of automobiles, coupled with rising consumer demand for enhanced driving comfort and safety, significantly propels this sector. Key steering technologies prevalent in the market include hydraulic power steering, electric power steering, and electro-hydraulic power steering systems, with a noticeable shift towards electric variants due to their efficiency and alignment with modern vehicle electrification trends. The market is also influenced by stringent government regulations focusing on vehicle safety and emission norms, which encourage the integration of advanced steering solutions. Furthermore, the growth of the automotive aftermarket provides additional avenues for steering system sales and services. The competitive landscape is marked by the presence of both international giants and domestic players, all striving to innovate and capture market share through product development and strategic collaborations.

Key Highlights

The India automotive steering system market is distinguished by several key highlights that underscore its current trajectory and future potential. A prominent trend is the rapid adoption of electric power steering (EPS) systems, which are increasingly favored over traditional hydraulic systems due to their superior fuel efficiency, reduced maintenance, and enhanced driver assistance capabilities. This shift is particularly accelerated by the growing emphasis on vehicle electrification and the government's push for greener automotive technologies. Another significant highlight is the integration of advanced driver-assistance systems (ADAS) features, such as lane-keeping assist and automated parking, which rely heavily on sophisticated electric steering mechanisms. The market also benefits from robust investments in research and development by leading automotive component manufacturers, focusing on improving system reliability, reducing weight, and enhancing overall performance. Additionally, the expansion of automotive manufacturing hubs in states like Maharashtra, Tamil Nadu, and Gujarat further stimulates demand for high-quality steering systems. The competitive intensity is high, with companies like JTEKT India, Rane Group, and NSK Ltd. actively launching innovative products and expanding their production capacities to meet the evolving needs of OEMs and the aftermarket.

Drivers, Opportunities & Restraints

The growth of the India automotive steering system market is driven by a confluence of factors, including the rising production and sales of automobiles, increasing consumer preference for vehicles with advanced safety and comfort features, and supportive government regulations mandating enhanced safety standards. The expansion of the middle-class population and improving disposable incomes are also significant drivers, leading to higher vehicle ownership and, consequently, greater demand for automotive components. Opportunities in this market are abundant, particularly in the electric power steering segment, which is expected to witness substantial growth due to its compatibility with electric and hybrid vehicles. The aftermarket sector presents another lucrative opportunity, driven by the need for replacement and upgrade of steering systems in the existing vehicle fleet. However, the market faces certain restraints, such as the high cost of advanced steering systems, which can deter price-sensitive consumers. Additionally, the complexity of integrating these systems with other vehicle electronics poses technical challenges for manufacturers. Economic fluctuations and supply chain disruptions, as evidenced during global events, can also impact production schedules and material availability, potentially restraining market growth.

Concentration Insights

The India automotive steering system market exhibits a concentrated competitive landscape, dominated by a mix of multinational corporations and well-established domestic players. Key international companies such as JTEKT Corporation, NSK Ltd., and ZF Friedrichshafen AG have a significant presence through subsidiaries or joint ventures, leveraging their global technological expertise and extensive product portfolios. Domestic entities like Rane Group and Sona Koyo Steering Systems Ltd. also hold substantial market shares, benefiting from their deep-rooted relationships with Indian OEMs and understanding of local market dynamics. The market concentration is further influenced by strategic alliances and partnerships between steering system manufacturers and automotive OEMs, ensuring a steady supply of components tailored to specific vehicle models. Geographically, manufacturing and operational activities are concentrated in automotive clusters located in states such as Tamil Nadu, Maharashtra, and the National Capital Region, which host numerous production facilities of both vehicle manufacturers and component suppliers. This concentration facilitates efficient logistics and collaboration but also intensifies competition among players striving to innovate and reduce costs to maintain their market positions.

Type Insights

In the India automotive steering system market, various types of steering mechanisms are utilized, each catering to different vehicle segments and performance requirements. Hydraulic power steering (HPS) systems, once the industry standard, are still prevalent in certain commercial vehicle and entry-level passenger vehicle segments due to their cost-effectiveness and reliability. However, electric power steering (EPS) systems are rapidly gaining dominance, driven by their advantages in fuel efficiency, as they draw power only when needed, unlike HPS systems that operate continuously. EPS systems are increasingly adopted in passenger cars and are becoming essential for vehicles equipped with ADAS features. Electro-hydraulic power steering (EHPS) systems represent a hybrid solution, combining elements of both hydraulic and electric systems, and are found in some applications where specific performance characteristics are desired. Manual steering systems, though declining, persist in very low-cost vehicle segments and some two-wheelers. The ongoing technological evolution is clearly tilting towards fully electric systems, with innovations focused on enhancing responsiveness, reducing energy consumption, and enabling autonomous driving functionalities, shaping the future trajectory of steering system types in the Indian market.

Application Insights

The application of automotive steering systems in India spans across various vehicle categories, primarily passenger vehicles, commercial vehicles, and two-wheelers. The passenger vehicle segment constitutes the largest application area, fueled by increasing consumer demand for cars equipped with advanced comfort and safety features. Within this segment, electric power steering systems are particularly favored for their smooth operation and compatibility with modern electronic systems. The commercial vehicle segment, including light commercial vehicles, trucks, and buses, also represents a significant application market. Here, reliability and durability are paramount, with hydraulic power steering systems still holding relevance due to their robustness, though a gradual shift towards electric and electro-hydraulic systems is observable. The two-wheeler segment, a massive market in India, primarily utilizes manual steering systems; however, the advent of electric scooters and motorcycles is opening avenues for basic power steering applications in premium models. Furthermore, the integration of steering systems with advanced technologies for autonomous and semi-autonomous driving applications is an emerging frontier, although currently in nascent stages within the Indian context, it presents future growth potential for innovative steering solutions.

Regional Insights

The demand and manufacturing landscape for automotive steering systems in India display distinct regional variations, closely aligned with the geographic distribution of automotive manufacturing hubs and vehicle parc. Southern states, particularly Tamil Nadu, host a significant concentration of automotive plants, including those of major OEMs like Hyundai, Renault-Nissan, and BMW, making it a pivotal region for steering system demand and production. The western region, encompassing Maharashtra and Gujarat, is another critical hub, with presence of manufacturers such as Tata Motors and Mahindra & Mahindra, driving substantial requirement for steering components. The National Capital Region (NCR) also contributes significantly to market demand, supported by a large consumer base and automotive manufacturing activities. Northern and eastern regions, while having a smaller manufacturing footprint, represent important markets for aftermarket sales and distribution due to their vast vehicle population. Government initiatives like 'Make in India' and the promotion of industrial corridors further influence regional development, attracting investments in automotive component manufacturing, including steering systems, across these key states, thereby shaping the regional dynamics of the market.

Company Insights

The competitive fabric of the India automotive steering system market is woven by several prominent companies that drive innovation and market growth. JTEKT India Limited, a subsidiary of the Japanese JTEKT Corporation, is a leading player, renowned for its extensive range of electric and hydraulic steering systems and its strong partnerships with major Indian and global OEMs. Rane Group, a major Indian automotive component manufacturer, holds a significant market position through its steering and linkage products, catering to a diverse clientele. NSK Ltd., another Japanese multinational, has a formidable presence, offering advanced steering systems that emphasize precision and reliability. ZF Friedrichshafen AG, though its operations, provides high-technology steering solutions, often integrated with its other chassis systems. Sona Koyo Steering Systems Ltd., a joint venture with JTEKT, is a key domestic manufacturer with a focus on electric power steering systems. These companies compete on factors such as technological innovation, product quality, cost-effectiveness, and after-sales service, continuously investing in research and development to introduce more efficient and sophisticated steering solutions to meet the evolving demands of the automotive industry.

Recent Developments

The India automotive steering system market has witnessed several noteworthy recent developments that reflect its dynamic nature and technological progression. Leading manufacturers have been actively launching new products; for instance, companies have introduced next-generation electric power steering systems with enhanced torque assist and improved energy efficiency, specifically designed for compact and subcompact vehicle segments prevalent in India. There has been a surge in strategic collaborations and joint ventures between international steering specialists and Indian automotive firms, aimed at localizing production and reducing costs while transferring advanced technological know-how. Investments in expanding manufacturing capacities have been announced by key players to cater to the growing demand from OEMs and the aftermarket. Furthermore, the focus on developing steering systems compatible with autonomous driving technologies and connected car ecosystems has intensified, with pilot projects and testing being conducted in collaboration with vehicle manufacturers. The market has also seen an increased emphasis on lightweighting materials and modular designs to improve vehicle fuel economy and meet stringent emission norms, marking a significant trend in recent product innovations.

Report Segmentation

This comprehensive market research report on the India automotive steering system market offers a detailed segmentation to provide nuanced insights into various aspects of the industry. The report is meticulously segmented by type, categorizing the market into hydraulic power steering, electric power steering, electro-hydraulic power steering, and manual steering systems, analyzing the adoption trends, technological attributes, and market share of each type. Application-wise segmentation covers passenger vehicles, commercial vehicles, and two-wheelers, delving into the specific requirements, growth drivers, and future prospects within each vehicle category. Furthermore, the report includes a regional segmentation, examining the market dynamics across key states and union territories, highlighting regional production capacities, demand patterns, and growth potential. Additional segmentation may consider sales channel, distinguishing between OEM and aftermarket segments to understand the supply chain and replacement market dynamics. This structured segmentation enables a thorough analysis of each sub-market, providing stakeholders with actionable intelligence to identify growth opportunities, understand competitive landscapes, and make informed strategic decisions tailored to specific segments of the India automotive steering system market.

FAQs

What are the different types of automotive steering systems available in India?

The primary types of automotive steering systems in the Indian market include hydraulic power steering (HPS), electric power steering (EPS), electro-hydraulic power steering (EHPS), and manual steering systems, with EPS gaining significant traction due to its efficiency.

Which companies are the key players in the Indian automotive steering system market?

Prominent companies operating in this market include JTEKT India Limited, Rane Group, NSK Ltd., ZF Friedrichshafen AG, and Sona Koyo Steering Systems Ltd., among others, who are leaders in manufacturing and innovation.

What is driving the growth of the electric power steering system market in India?

The growth is primarily driven by increasing vehicle production, consumer demand for fuel-efficient and comfortable driving experiences, government regulations on emissions and safety, and the rising adoption of electric and hybrid vehicles.

How are automotive steering systems integrated with advanced driver-assistance systems (ADAS)?

Modern electric power steering systems are fundamental enablers for ADAS features like lane keeping assist and automated parking, as they provide the precise electronic control required for these automated functions.

What are the major challenges faced by the automotive steering system market in India?

Key challenges include the high cost of advanced steering systems, technical complexities in integration with vehicle electronics, economic volatility affecting automotive sales, and potential supply chain disruptions.

Which vehicle segment is the largest application for steering systems in India?

The passenger vehicle segment represents the largest application area for automotive steering systems in India, owing to high production volumes and increasing consumer preference for vehicles equipped with advanced steering technologies.

Citius Research has developed a research report titled “India Automotive Steering System Market Report - Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• India Automotive Steering System Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The India Automotive Steering System Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

India Automotive Steering System Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

India Automotive Steering System Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of India Automotive Steering System Market
• Research Methodology
• Executive Summary
• Market Dynamics of India Automotive Steering System Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of India Automotive Steering System Market
• Cost and Gross Margin Analysis of India Automotive Steering System Market
• India Automotive Steering System Market Report - Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “India Automotive Steering System Market Report - Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

India Automotive Steering System Market Key Stakeholders

Below are the key stakeholders for the India Automotive Steering System Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

India Automotive Steering System Market Report Scope

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the India Automotive Steering System Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the India Automotive Steering System Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in India Automotive Steering System Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

Report Customization

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