India Electric Power Steering (EPS) Market Growth, Trends, and Forecast Report 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 23, 2019--
The “India Electric Power Steering (EPS) Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The India 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 income of the middle-class consumers is 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 has been segmented by type, component type, and vehicle type.
Key Market Trends
Fast Growing Sensors Application
The sensor located in the steering column measure two primary driver inputs torque (steering effort), and steering wheel speed and position. Thus, there are 3 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. The sensor measures the steering force applied by the driver, and thus, enables sensitive control of the electric steering support.
With the growing advancement in technology, sensor products have also been consistently upgrading.
Such improved sensor products for the EPS system is likely to continue to see an increasing adoption among automakers during the forecast period.
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.
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.
JTEKT, NSK Ltd., ZF TRW, Nexteer Automotive, Rane Group, Sono Koyo Steering Systems 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.
For more information about this report visit https://www.researchandmarkets.com/r/4a3m7r
View source version on businesswire.com:https://www.businesswire.com/news/home/20191223005269/en/
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KEYWORD: INDIA ASIA PACIFIC
INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY AUTOMOTIVE ALTERNATIVE VEHICLES/FUELS
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 12/23/2019 07:54 AM/DISC: 12/23/2019 07:54 AM