Market Size of India Electro Hydraulic Power Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Electro Hydraulic Power Steering Market Analysis
The electro-hydraulic power steering market is anticipated to register a CAGR of over 6% during the forecast period.
- The Indian economy is growing, and the disposable incomes of the middle-class consumers are also increasing. This, in turn, reflects positively on the rising demand for vehicles. Over the past five years, owing to the low production costs in the country, vehicle production has gone up drastically. Due to the hike in vehicle production, the electro-hydraulic power steering market also experienced growth.
- Launch of new vehicles are also expected to drive the growth of the automotive electro-hydraulic power steering market in India. However, the introduction of electric power steering technology in luxury cars can result in a decrease in revenue generated from electro-hydraulic power steering systems in India, over the next decade.
India Electro Hydraulic Power Steering Industry Segmentation
The market is segmented by various component types and applications in vehicles. Electro-hydraulic power steering optimizes the flow of hydraulic fluids, and it is popular in budget segment cars and commercial vehicles.
| By Component Type | |
| Hybrid | |
| Steering Column | |
| Motor and Pump Unit | |
| Other Components |
| By Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles |
India Electro Hydraulic Power Steering Market Size Summary
The electro-hydraulic power steering market in India is poised for significant growth, driven by the expanding automotive sector and increasing vehicle production. As the Indian economy continues to grow and disposable incomes rise, there is a corresponding increase in vehicle demand, which has positively impacted the market for electro-hydraulic power steering systems. The introduction of new vehicles is expected to further propel market growth. However, the emergence of electric power steering technology, particularly in luxury vehicles, poses a potential challenge to the revenue generated from electro-hydraulic systems. Electric power steering systems, which utilize an electric motor for assistance rather than hydraulic pressure, offer advantages such as greater efficiency and reduced complexity, making them more appealing to manufacturers and consumers alike.
The Indian automotive industry is experiencing a shift towards more comfortable and luxurious transportation options, fueled by economic improvements and a growing middle class. This shift has led to increased sales of passenger cars, which in turn drives the demand for electro-hydraulic power steering systems, as these systems are commonly found in such vehicles. The market is highly competitive, with key players like JTEKT Corporation, Hitachi Automotive Systems Ltd., and ZF TRW Automotive Holdings Corp. actively participating. These companies are focusing on research and development to adapt to the evolving automotive landscape. The presence of international automobile manufacturers and the willingness of consumers to invest in multiple vehicles further contribute to the market's growth potential.
India Electro Hydraulic Power Steering Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Bargaining Power of Buyers/Consumers
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1.3.2 Bargaining Power of Suppliers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Component Type
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2.1.1 Hybrid
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2.1.2 Steering Column
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2.1.3 Motor and Pump Unit
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2.1.4 Other Components
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2.2 By Vehicle Type
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2.2.1 Passenger Vehicles
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2.2.2 Commercial Vehicles
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India Electro Hydraulic Power Steering Market Size FAQs
What is the current India Electro Hydraulic Power Steering Market size?
The India Electro Hydraulic Power Steering Market is projected to register a CAGR of less than 10% during the forecast period (2024-2029)
Who are the key players in India Electro Hydraulic Power Steering Market?
JTEKT Corporation, Hitachi Automotive Systems Ltd, ZF TRW Automotive Holdings Corp., Danfoss and Denso Corporation are the major companies operating in the India Electro Hydraulic Power Steering Market.
