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Indian Steering Systems MarketsPublished by: Frost & Sullivan Published: Aug. 30, 2006 Table of Contents1. Strategic Analysis AbstractResearch OverviewThis Frost & Sullivan research service titled Indian Steering Systems Markets gives a detailed analysis of the various factors driving and restraining this market. In addition to this, the research service provides in-depth coverage of the dominant steering technologies in the passenger vehicle and commercial vehicle segments. The pricing analyses for various steering systems during the forecast period are provided to give a clear picture on how this market is anticipated to progress. Market Sectors Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
The following technologies are covered in this research:
Increase in Vehicle Production and Exports Powers the Growth of Indian Steering Systems Markets The robust growth of the Indian automotive industry across all segments is fueling double-digit growth rates in the Indian steering systems markets. The markets, which include manual steering (MS), hydraulic power steering (HPS), and electric power steering (EPS) systems, are fully gearing up to leverage growth opportunities in the domestic and export segments. Since India has the world’s lowest penetration rate of 8.5 cars per thousand of the population, it is experiencing substantial market expansion. Indian and multinational automotive manufacturers are doubling their production capacity to meet the increasing demand from export markets. "An increase in the production volume of the compact passenger car segment has made the Indian EPS market economically viable," says the analyst of this research service. The resulting economies of scale benefit both automotive and EPS steering manufacturers in India. Meanwhile, the HPS market is penetrating the lucrative commercial vehicle segment to fully optimize its revenues. The increasing disposable income levels of the middle class and rapid development of the country’s transport infrastructure are steadily driving the demand for entry-level passenger cars and utility vehicles. The MS systems obtain most of their revenues from this segment, since end users in this segment prefer the conventional MS because of its reduced price. To capitalize on the overall expansion, Indian steering manufacturers need to focus on countering threats from low-priced Chinese imports through cost restructuring, and reduction in wastage during every stage of the manufacturing process. Higher End-user Awareness Accelerates Demand for Power Steering Systems EPS systems are experiencing a windfall due to increasing demand for better driving comforts. Moreover, passenger vehicle models with power steering systems are no longer priced exorbitantly. "The compact passenger vehicle segment, which accounts for more than half of the total production of passenger vehicles, has enormous revenue potential for the EPS systems segment," says the analyst. In 2003, the Government of India passed a resolution making power steering compulsory in all heavy commercial vehicles (HVCs). Since only HPS systems are used in HVCs, the demand for HPS systems is substantially increasing. With the Indian steering market becoming increasingly dynamic due to the entry of new contenders, existing participants need to reposition their products to highlight their competitive quality-price proposition to sustain and accelerate their growth. Get Full Details About This Report >> |
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