India Automotive Steering System Market to Reach $10.03 Billion by 2026 | Key Companies Bosch Auto Parts, thyssenkrupp Business Area Components Technology, and DENSO CORPORATION
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According to the report published by Allied Market Research, the India automotive steering system market was estimated at $4.67 billion in 2017, and is expected to hit $10.03 billion by 2026, registering a CAGR of 9.0% from 2019-2026. The report provides an in-depth analysis of the market, including top investment pockets, top winning strategies, industry drivers and restraints, market size & forecast, market segmentation, and competitive landscape.
Rise in demand for motor vehicles and increase in adoption of power steering systems fuel the growth of the India automotive steering system market. On the other hand, high cost associated with power steering systems and low penetration of power steering in low segment vehicles impede the growth to some extent. However, introduction of drive-by-wire technology, surge in sale of motor vehicles, and consumer preference toward enhanced driving comfort are anticipated to create an array of opportunities for the key players in the industry.
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The electronic power steering segment to lead the trail till 2026-
Based on type, the electronic power steering segment contributed to nearly three-fourths of the total market share in 2017 and is anticipated to dominate during the study period. Simultaneously, the hydraulic power steering segment would cite the fastest CAGR of 10.9% throughout 2019-2026.
The passenger vehicles segment to rule the roost by 2026-
Based on end-use, the passenger vehicles segment accounted for more than three-fourths of the total market revenue in 2017 and is expected to retain its dominance by the end of 2026. The medium and heavy commercial segment, on the other hand, would register the fastest CAGR of 14.9% throughout the forecast period.
The OEM segment to remain lucrative during the estimated period-
Based on sales channel, the OEM segment held the largest share in 2017, garnering nearly three-fifths of the total market. The same segment is also projected to grow at the fastest CAGR of 9.1% during the estimated period.
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