India Electric Power Steering (EPS) Market - Growth, Trends, and Forecast (2019 - 2024)

The Indian Electric Power Steering (EPS) Market is segmented by Type (Column Type, Pinion Type, and Other Types), Component Type (Steering Column, Sensors, Steering Motors, and Other Component Types), and Vehicle Type (Passenger Cars and Commercial Vehicles).

Market Snapshot

Market Summart
Study Period:

2018-2024

Base Year:

2018

Key Players:

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Market Overview

The Indian electric power steering market is expected to register a CAGR of 10.98%, during the forecast period, 2019-2024.

  • 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 electric power steering component market is also gaining momentum. Additionally, the Indian government has modified the tax slabs on gasoline, diesel, and hybrid cars, in its 2018 budget to promote vehicle sales.
  • The market is expected to be driven by the growth in budget and sport segment vehicles. However, OEMs have started focusing on implementing cost-effective and strong EPS systems in commercial vehicles (especially, heavy tractors and trucks). Hence, there has been widespread utilization of these technologies in passenger and light commercial vehicles.

 

Scope of the Report

The Indian electric power steering market is segmented by type, component type, and vehicle type.

By Type
Column Type
Pinion Type
Dual Pinion Type
Other Types
By Component Type
Steering Wheel
Sensor
Steering Motor
Other Component Typess
By Vehicle Type
Passenger Cars
Commercial Vehicles

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Key Market Trends

Fast Growing Sensors Application

Sensor located in the steering column measures two primary driver inputs — torque (steering effort), and steering wheel speed and position. Thus, there are three types of sensors used in such systems - torque sensor, steering wheel speed sensor, and position sensor.

These sensors deliver the signals as inputs to an ECU, which provides an appropriate output to the steering system for an action to take place.

Torque sensors are generally non-contact sensors. These sensors measure the steering force applied by the driver, and thus, enables sensitive control of the electric steering support.

  • It works based on a non-contact magnetic measuring principle. It contains a magnet unit, a flux-tube unit, and a sensor unit. The torque sensor itself has two independent coils of wire. One of the coils determines if a right-hand turn is being made, while the other determines if a left-hand turn is being made. The signal is then sent from the EPS module to the appropriate coil, which then assists the vehicle in steering.

With the growing advancement in technology, sensor products have also been consistently upgrading. For instance:

  • In June 2018, Infineon technologies AG developed a new magnetic angle sensor TLE5014. The new product can be easily integrated into a safety critical EPS system. The TLE5014 sensors meet ISO26262 ASIL C for the single die and ISO26262 ASIL D for the dual die versions.

 

By Component Type

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Increasing Application in Passenger Cars

The EPS implementation in passenger cars is growing rapidly, owing to its advantages, such as no hoses or fluids required in the steering system, thereby reducing the repair and maintenance costs from fluid and hoses replacements.

Currently, more than 30% of the passenger cars are running with EPS technology in India, and the technology is likely to be implemented in the majority of the budget passenger cars as well, during the forecast period.

Some of the major automakers who have launched the EPS system in their models in India, in 2018, includes Tata Motors, Datsun and Ford.

  • In April 2018, Tata Motors announced that it will expand its Nexon range powered by automatic manual transmission (AMT) technology, by launching the Nexon HyprDrive Shelf-Shift Gears model. The model comes with the feature of lowest turning circle radius of 1.5 m with the electric power-assisted steering (EPAS).
  • In March 2018, Datsun India launched a remix edition of Datsun GO and GO+ models. Both the models featured speed-sensitive electric power steering.
  • In January 2018, Ford introduced compact utility vehicle (CUV) the all-new Ford Freestyle in India and the vehicle was made available for sale in the second quarter 2018. The Freestyle offers a uniquely tuned EPAS. 
India shows good potential for automotive EPS business, as automakers in India have gradually started adopting the EPS system in their advanced vehicle models and anticipated to continue to adopt in their upcoming models in the future.  
Vehicle Type

Competitive Landscape

JTEKT, NSK Ltd., ZF TRW, Nexteer Automotive, Rane Group, Sono Koyo Steering Systems etc., are some of the major EPS manufacturers in India and plans to continue to expand their business to capture the growing demand for EPS in the country. The below instances are few strategies followed by above few companies in the country.

  • In February 2017, JTEKT held 45.2% share of Sona Koyo Steering after the purchase of 49.9 million shares of the latter company. JTEKT has a joint venture (JV) with Sona Koyo Steering for manufacturing column type EPS (C-EPS) systems.
  • Rane NSK Steering Systems Private Limited (RNSS), is a joint venture of NSK Ltd. and Rane Group, and manufacturers electric power steering (EPS) and manual steering column (MSC) for passenger cars and commercial vehicles. RNSS has been continuously investing over past two years (2016-2017) to meet the increasing demand for EPS in India. In 2017, RNSS planned to invest INR 2 billion for expansion of seatbelt, airbag and electric power steering businesses in India.

Major Players

  1. JTEKT Corporation
  2. Nexteer Automotive
  3. ZF Steering Gear (India) Limited
  4. Denso Corporation
  5. Mando Automotive India

* Complete list of players covered available in the table of contents below

Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Current Market Scenario

    2. 4.2 Technology Trends

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Market Drivers

    5. 4.5 Market Restraints

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Column Type

      2. 5.1.2 Pinion Type

      3. 5.1.3 Dual Pinion Type

      4. 5.1.4 Other Types

    2. 5.2 By Component Type

      1. 5.2.1 Steering Wheel

      2. 5.2.2 Sensor

      3. 5.2.3 Steering Motor

      4. 5.2.4 Other Component Typess

    3. 5.3 By Vehicle Type

      1. 5.3.1 Passenger Cars

      2. 5.3.2 Commercial Vehicles

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 JTEKT Corporation

      2. 6.2.2 Nexteer Corporation

      3. 6.2.3 Denso Corporation

      4. 6.2.4 ZF Steering Gear (India) Limited

      5. 6.2.5 Mando Automotive India (Anand Group)

      6. 6.2.6 Robert Bosch GmbH

      7. 6.2.7 Rane Group

      8. 6.2.8 Infineon Technologies AG

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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