Market Share of Asia-Pacific Electric Power Steering Industry
The Asia-Pacific Electric Power Steering market is dominated by few players such as Denso Corporation, Nexteer Automotive, NSK Ltd., JTEKT Corporation, and ZF Friedrichshafen AG. These companies have plans to continue to expand their business to capture the growing demand for EPS in this region. The below instances are few strategies followed by above few companies.
- In February 2019, Nexteer Automotive had announced that it has reached the production milestone of 60 million electric power steering (EPS) systems globally. This EPS system increases the fuel efficiency up to 6% and CO2 emissions up to 8 grams per kilometer.
- In March 2019, NSK Ltd. joint venture, Rane NSK Steering Systems Pvt. Ltd. had inaugurated its new plant in Ahmedabad, India with the investment of INR 5 Billion to produce electric power steering (EPS) systems for passenger cars. This place is an emerging economy and an automotive industry hub in western India.
- In August 2019, Nexteer Automotive had announced a joint venture (JV) with Dongfeng Motor Corporation to begin the mass production of steering systems. The JV also includes the production of Single Pinion Assist Electric Power Steering (SPEPS) systems.
- In June 2018, ZF Friedrichshafen AG had unveiled its ReAX EPS, the world's first prototype of a fully electric steering system for commercial vehicles that eliminates the need for hydraulics. ZF's Electrically Powered Steering (EPS) system is designed to support steer-by-wire applications in the future.
APAC Electric Power Steering Market Leaders
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Denso Corporation
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ZF Friedrichshafen AG
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Nexteer Automotive
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NSK Ltd.
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JTEKT Corporation
*Disclaimer: Major Players sorted in no particular order
