Press release
India Automotive Steering System Market Size, Share, Trends & Growth Forecast by 2033
The India automotive steering system market size reached USD 1,144.0 Million in 2024. It is projected to grow to USD 1,559.2 Million by 2033, registering a CAGR of 3.5% during the forecast period of 2025-2033. This growth is driven by the integration of advanced driver-assistance systems (ADAS), including lane-keeping assistance and automatic emergency braking, which require enhanced steering system capabilities. The market overview reflects the evolution of steering technologies and their crucial role in vehicle safety and maneuverability.
STUDY ASSUMPTION YEARS
➤ Base Year: 2024
➤ Historical Year/Period: 2019-2024
➤ Forecast Year/Period: 2025-2033
INDIA AUTOMOTIVE STEERING SYSTEM MARKET KEY TAKEAWAYS
➤ Current Market Size: USD 1,144.0 Million in 2024
CAGR: 3.5%
➤ Forecast Period: 2025-2033
➤ The market is propelled by increased vehicle production driven by population growth and urbanization.
➤ Government regulations mandating enhanced vehicle safety standards support advanced steering technologies.
➤ Growing consumer preference for driving comfort and safety drives electric power steering adoption.
➤ The rise of autonomous driving technology necessitates sophisticated adaptive steering systems.
➤ Expansion of the electric vehicle segment demands advanced steering capabilities.
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MARKET TRENDS
The India automotive steering system market is experiencing growth primarily due to the surging demand for automobiles stemming from population growth and urbanization, boosting vehicle production. This rise directly increases the demand for steering systems, critical for vehicle control and safety. Enhanced vehicle safety regulations enforced by the government further compel manufacturers to integrate advanced steering solutions, ensuring compliance and safety.
Consumer preferences have shifted towards enhanced driving comfort and vehicle safety features, particularly the demand for electric power steering (EPS) systems. EPS offers smoother, more responsive steering control, which improves the driving experience and is preferred over conventional steering systems. The adoption of EPS is significantly contributing to market growth.
Technological advancements in the automotive sector, especially the integration of autonomous driving features, have necessitated sophisticated and adaptive steering systems. These advanced systems improve vehicle responsiveness and enable features like lane-keeping assistance and automatic emergency braking, which rely heavily on precise steering control. This trend is pushing manufacturers to heavily invest in R&D for steering technology.
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MARKET GROWTH FACTORS
Rising vehicle production driven by India's expanding population and increasing urbanization significantly contributes to the automotive steering system market growth. More vehicles on the road equate to higher demand for steering components. In addition, the government's stringent safety mandates push automotive companies to adopt advanced steering technologies that comply with these regulations, thereby acting as a major market growth driver.
The increasing adoption of electric power steering (EPS) systems is a key growth factor. EPS enhances fuel efficiency and driving comfort, aligning with consumer demand for vehicles that are easier to handle and more fuel-efficient. This is particularly relevant as the industry pivots towards greener and more efficient automotive technologies.
Another vital growth factor is the expansion of the electric vehicle (EV) segment in India. EVs require advanced steering systems that can integrate with electronic controls and driver assistance features. These advanced steering systems not only enhance vehicle safety but also support autonomous driving functionalities. The EV segment's expansion necessitates continuous innovation in steering technologies, driving market growth.
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MARKET SEGMENTATION
Type Insights:
➤ Electric Power Steering (EPS): This segment includes steering systems that use electric motors to assist the driver, providing smooth and responsive steering control.
➤ Hydraulic Power Steering (HPS): These systems use hydraulic mechanisms to reduce driver effort during steering.
➤ Electro-Hydraulic Power Steering (EHPS): A combination of electric and hydraulic systems designed to optimize steering assistance.
➤ Manual Steering: Traditional steering systems without power assistance.
Component Insights:
➤ Steering Column: The shaft connecting the steering wheel to the steering mechanism.
➤ Steering Wheel Speed Sensors: Sensors that detect the rotational speed of the steering wheel.
➤ Electric Motors: Components that provide electric assistance in steering systems.
➤ Hydraulic Pumps: Devices used to create hydraulic pressure in power steering systems.
➤ Others: Additional components associated with steering systems.
Vehicle Type Insights:
➤ Passenger Cars: Light vehicles designed primarily for transporting passengers.
➤ Light Commercial Vehicles: Vehicles used for commercial purposes but with lighter body and payload.
➤ Heavy Commercial Vehicles: Large vehicles used for transporting heavy goods and materials.
Regional Insights:
➤ North India
➤ West and Central India
➤ South India
➤ East and Northeast India
Also Browse Related Links:
👉 https://www.imarcgroup.com/insight/ai-powering-india-green-technology-sustainability-market
👉https://www.imarcgroup.com/insight/rise-of-india-chip-industry
ABOUT US
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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