Indian Automotive Steering System Market was valued at USD xx billion in 2018 and is expected to reach at USD xx billion by 2026 at a CAGR of xx% during forecast period 2019 -2026.Indian Automotive Steering System Market Segmentation by Vehicle TypeAn Automotive steering system is set of components used to control the direction of vehicle motion and help driver manoeuvre the vehicle as per the requirement. The hand-operated steering wheel, steering column, universal joints and rack & pinion mechanism contribute to the automotive steering system component. The development has led to change the steering system from manual steering to power assist steering system.
Indian Automotive Steering System Market drivers and Restrains
The rapid expansion of the automotive sector in India is the primary factor responsible for the robust growth of the automotive steering system market. An automotive sector in the India is presently driven by the increasing disposable income of the middle-class population and the rising investment on automobiles by manufacturers. Initiatives taken by the government under the “Make in India” campaign has also encouraged the development of the automotive sector. Considering the direct impact of the growth of the automotive sector in India on the demand for automotive steering system market is poised for a stable future in forecast period. However, first and second quarter 2019 results are not encouraging in automobile sector in India. By March 2019 passenger vehicle sales dipped by 2.96%, commercial vehicles by 0.28%, two-wheelers by 17.31% and three-wheelers 8.54. However, at Maximize, we are expecting the recovery by first quarter 2020.
The effective steering system is accountable for increase in fuel efficiency of the vehicle. Hence, the increase in demand for fuel efficient vehicle results in increase in demand for steering system. Also, the consumers prefer driving comfort in their vehicles, which includes the effortless driving and operation of the vehicle. The driving comfort is achieved by using effective steering system resulting in increase in demand for steering system implementing growth of this Indian Automotive steering system market.
However, the high cost associated with power steering system is anticipated to hamper the growth of the Indian Automotive steering system market.
Indian Automotive Steering System Market Segment Analysis:
Based on Vehicle Type Indian Automotive Steering System Market is segmented into Passenger Vehicle and Commercial Vehicle. Passenger vehicle segment is expected to drive the Indian automotive steering system market. The dynamic outlook of the Indian economy and the growing purchasing power of the consumer are two of the most important factors responsible for the rising demand for passenger cars in India. This, in turn, is predicted to drive the automotive steering system market at a CAGR of xx% during the forecast period.
Indian Automotive Steering System Market Segmentation by Vehicle Type
Based on type Indian Automotive Steering System Market is segmented into Hydraulic Power Steering, Electronic Power Steering, and Electro-Hydraulic Power Steering System. Electronic Power steering system Segment is expected to exhibit highest market share during forecast period.
Scope of Report:
Indian Automotive Steering System Market Segmentation by Type
- Hydraulic Power Steering
- Electronic Power Steering
- Electro-Hydraulic Power Steering System
Indian Automotive Steering System Market Segmentation by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Indian Automotive Steering System Market Major Players
- JTEKT Corporation
- Nexteer Automotive
- Mando Corporation
- ThyssenKrupp Presta AG
- Showa Corporation
- NSK Ltd
- Mitsubishi Electric Corporation
- Sona Koyo Steering Systems Ltd
- Hyundai Mobis Co. Ltd.
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