Key Findings
The India automotive steering system market is set to rise with a CAGR of 7.29% over the forecast period. The country’s market growth is mainly fueled by the initiatives introduced by the Government of India and key automobile players, the augmenting demand for passenger as well as commercial vehicles, and the growing occurrence of vehicle accidents. The base year considered for the market studied is 2020, and the forecasting years are from 2021 to 2026.

Market Insights
The automotive steering system market trends in India have continued to witness a consistent increase in vehicle sales on account of the substantial rise in demand for motor vehicles. This trend is anticipated to grow further over the upcoming years, as the majority of original equipment manufacturers (OEMs) considerably invest in the sector. In addition, the significant increase in the deployment of automotive steering systems for controlling vehicle direction acts as a key driver of the country’s market growth.
On the other hand, the alarming rise in the incidence of vehicle accidents leads to the steering system and components’ damage, thus bolstering the demand for steering systems in the aftermarket. Furthermore, while numerous vehicles in the Indian market are equipped with electric power steering (EPS), the most recent examples include the Hyundai i20 and Maruti Suzuki Swift. Hence, these factors are anticipated to play a pivotal role in facilitating the automotive steering system market growth in India during the forecasted years.

Competitive Insights
Some of the leading firms operating in the market include Honda Motor Co Ltd, Mando Corporation, JTEKT Corporation, etc.
Our report offerings include:

  • Explore key findings of the overall market
  • Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
  • Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
  • Market Segmentation cater to a thorough assessment of key segments with their market estimations
  • Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
  • Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
  • Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
  • Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments