India Automotive Steering Market Overview, 2029

India Automotive Steering Market Overview, 2029

In India, the automotive steering market is witnessing a notable shift towards sustainability, spurred by heightened environmental consciousness. As concerns over carbon emissions escalate, manufacturers are increasingly focusing on eco-friendly steering solutions to mitigate the industry's environmental impact. For instance, the adoption of electric power steering (EPS) systems has gained momentum due to their energy efficiency and reduced reliance on traditional hydraulic systems. This transition aligns with global sustainability goals and positions India's automotive sector as a contributor to environmental preservation. Moreover, the emphasis on sustainability extends beyond the choice of steering systems to encompass the entire supply chain, with manufacturers prioritizing the use of recyclable materials and implementing eco-friendly production processes. The Indian automotive steering market is characterized by a complex import landscape, influenced by trade agreements and regulatory frameworks. While domestic manufacturers cater to the majority of market demand, certain specialized components may be imported to meet specific requirements or technological advancements. Import regulations and tariffs play a pivotal role in shaping sourcing decisions, with manufacturers strategically navigating trade dynamics to optimize supply chain efficiency. For example, high-value steering components such as electronic control units (ECUs) may be imported to augment domestic production capabilities, ensuring the availability of cutting-edge technologies in Indian vehicles. Consumer awareness also plays a significant role in shaping the automotive steering market in India. With a growing emphasis on vehicle safety, comfort, and performance, consumers are increasingly discerning about the steering systems installed in their vehicles. They seek advanced technologies that offer superior handling, responsiveness, and maneuverability, enhancing the overall driving experience. The manufacturers are investing in research and development to introduce innovative steering solutions tailored to meet evolving consumer preferences. For instance, features like adaptive steering systems, which adjust steering responsiveness based on driving conditions, are gaining traction among Indian consumers seeking enhanced driving dynamics. The Indian automotive industry's commitment to sustainability is driving collaborative efforts to reduce its environmental footprint. Industry associations and government initiatives are promoting sustainable practices across the entire automotive value chain, including steering system manufacturing. For example, initiatives promoting energy-efficient production processes and waste reduction measures are being implemented to minimize environmental impact.

According to the research report “India Automotive Steering Market Overview, 2029,"" published by Bonafide Research, the India Automotive Steering market is expected to reach a market size of more than USD 2.1 Billion by 2029. This expansion can be attributed to a variety of market dynamics, including drivers, restraints, opportunities, and trends that shape the industry landscape and influence the market's trajectory. One of the primary drivers for the Indian automotive steering market is the rapid growth of the automotive industry in the country. India has emerged as a global hub for automobile manufacturing, with a significant increase in vehicle production to cater to both domestic and international markets. This surge in vehicle production inevitably leads to higher demand for steering systems, thereby driving the growth of the automotive steering market. The important factor contributing to the growth of the Indian automotive steering market is the increasing demand for safety and comfort features in vehicles. As Indian consumers become more aware of vehicle safety standards and seek comfortable driving experiences, the demand for advanced steering systems that offer improved handling, stability, and driver assistance has seen an upward trend. This growing preference for sophisticated steering systems is fueling the market's expansion.The high cost of advanced steering systems poses a challenge, particularly for price-sensitive consumers in India. The elevated pricing of sophisticated steering systems, such as those equipped with sensors and electric power steering (EPS), may deter potential customers and limit the widespread adoption of these systems.The rising adoption of electric vehicles (EVs) in India presents a significant opportunity for the automotive steering market. As the government and consumers alike focus on sustainable and eco-friendly transportation solutions, the demand for electric vehicles is growing. This shift towards EVs creates an increasing need for energy-efficient and compact steering solutions that are compatible with these vehicles, opening new avenues for steering system manufacturers. Government initiatives and regulations promoting the adoption of advanced driver assistance systems (ADAS) and other safety features also offer growth opportunities for the Indian automotive steering market. These initiatives create a favorable environment for companies that develop and integrate advanced steering technologies, further driving market expansion. The Indian automotive steering market is also experiencing various trends, such as the integration of steering systems with advanced safety features like lane departure warning, semi-autonomous driving, and park assist.

The Indian steering system market is a thriving and diverse landscape, catering to a wide array of vehicle requirements across the automotive industry. This market can be segmented into different types, each with its unique advantages and applications. The most basic form is the manual steering system, which still holds a modest position in the market due to its simplicity, affordability, and low maintenance needs, particularly in smaller vehicles and specific applications. Power steering systems have emerged as the leading choice, experiencing significant growth in the Indian market. Power steering is further categorized into hydraulic power steering (HPS) and electric power steering (EPS). HPS has been a popular choice in the past due to its reliability and consistent performance. Nevertheless, EPS is rapidly gaining popularity because of its numerous benefits, such as enhanced fuel efficiency, reduced maintenance, and compatibility with advanced driver assistance systems (ADAS), which aligns with the growing demand for comfort and safety features in modern vehicles. The Indian steering system market is not limited to power steering alone. It also encompasses other advanced steering technologies, such as variable gear ratio steering, rack and pinion steering, and recirculating ball steering. Variable gear ratio steering offers improved maneuverability and stability based on the vehicle's speed, while rack and pinion steering is appreciated for its precision and responsiveness, making it a preferred choice for passenger cars. Recirculating ball steering, known for its robust and durable design, remains a reliable option for heavier vehicles like trucks and buses, as it can withstand demanding conditions.

The commercial vehicle segment is witnessing remarkable growth, driven by the nation's rapidly expanding infrastructure and logistics sectors in India. The commercial vehicle segment, comprising trucks and buses, is experiencing a surge in demand as the country's economy continues to flourish. These workhorses play a vital role in the transportation of goods and people across the vast expanse of the subcontinent. To meet the challenges of navigating India's diverse terrain and demanding driving conditions, robust steering systems are essential. Hydraulic power steering systems have emerged as the preferred choice for many commercial vehicle manufacturers in India. These systems provide the necessary steering assist to maneuver these behemoths with ease, whether traversing the winding mountain roads of the Himalayas or navigating the bustling streets of metropolitan cities like Delhi and Mumbai. The hydraulic power steering system's reliability and durability make it well-suited for the rigors of India's challenging driving environments. Some commercial vehicle manufacturers in India are exploring the incorporation of recirculating ball steering systems. This technology offers smooth and effortless steering, even under heavy loads, reducing driver fatigue and improving overall efficiency. In India's passenger vehicle segment, which includes cars, SUVs, and vans, the steering system plays a crucial role in ensuring a comfortable and responsive driving experience. Rack and pinion steering systems are widely adopted, offering precise and direct steering feel, enhancing the overall driving pleasure.While the off-road vehicle segment in India is relatively niche, it caters to a growing demand for adventure and exploration. All-terrain vehicles (ATVs), utility terrain vehicles (UTVs), and dirt bikes require steering systems that can withstand rugged terrain, high impacts, and extreme conditions.

India's steering component market is witnessing significant growth, with various components playing crucial roles in ensuring the safety and efficiency of vehicles on the country's bustling roads. The steering gear leads the Indian market as the core component of the steering system, responsible for converting the rotary motion of the steering wheel into linear motion, thereby enabling the wheels to turn. Indian manufacturers have built a solid reputation for producing high-quality steering gears, such as rack and pinion and recirculating ball systems, which are known for their precision, durability, and smooth operation. As advanced driver assistance systems (ADAS) and autonomous driving technologies continue to advance globally, the steering sensor segment in India is also experiencing growth. The demand for accurate and reliable steering sensors, such as torque sensors, angle sensors, and speed sensors, is essential for ensuring safe and efficient steering functions. Indian companies are investing in research and development to produce advanced steering sensor technologies that cater to the domestic and global automotive industry requirements. The 'others' category includes various components like steering hoses, seals, and mounting brackets, which all contribute to the overall performance and safety of the steering system in Indian vehicles.The steering column plays a vital role in connecting the steering wheel to the steering gear, ensuring safe and comfortable driving positions for drivers navigating India's diverse road conditions. Indian manufacturers offer adjustable steering columns, allowing drivers to personalize their driving experience while maintaining optimal control. The steering wheel, being the primary connection between the driver and the vehicle, is also crucial. Indian designers focus on ergonomics, materials, and integrated controls to enhance comfort and usability for drivers. The steering pump is an indispensable component in hydraulic power steering systems, generating the necessary pressure to facilitate steering operations, especially in heavy traffic and narrow streets common in India.
Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Automotive Steering market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type of Steering System
• Manual Steering
• Power Steering (Hydraulic Power Steering, Electric Power Steering)
• Others(Variable Gear Ratio Steering,Rack and Pinion Steering, Recirculating Ball Steering)

By Vehicle Type
• Passenger Vehicles (Cars, SUVs, Vans)
• Commercial Vehicles (Trucks, Buses)
• Off-road Vehicles (ATVs, UTVs, Dirt Bikes)

By Component
• Steering Column
• Steering Wheel
• Steering Gear
• Steering Pump
• Steering Sensor
• Others

By End Use
• OEMs (Original Equipment Manufacturers)
• Aftermarket

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the automotive steering industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.