Asia-Pacific Electric Power Steering Market Size (2024 - 2029)

The Asia-Pacific Electric Power Steering market is experiencing growth driven by emerging economies like India, China, and Japan, alongside a rising middle-class income that boosts vehicle demand. The market's expansion is supported by the increasing need for cost-effective EPS systems in budget and sport segment vehicles, leading to their widespread use in passenger and light commercial vehicles. Despite a temporary decline in vehicle sales and production due to pandemic-related lockdowns, the market is expected to recover as new vehicle sales resume through various channels.

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Market Size of Asia-Pacific Electric Power Steering Industry

Asia-Pacific Electric Power Steering Market_Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 8.00 %
Market Concentration High

Major Players

Asia-Pacific Electric Power Steering Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Electric Power Steering Market Analysis

The Asia-Pacific Electric Power Steering market is anticipated to register a CAGR of over 8% during the forecast period (2020 - 2025).

  • The Asia-Pacific EPS market is gaining traction mainly due to the factors such as the presence of many emerging economies like India, China, and Japan in this region, and income of middle-class customers are growing rapidly, which is attributing the demand for vehicles.
  • The market is anticipated to be driven by the increasing demand in budget and sport segment vehicles. However, OEMs have started focusing on implementing cost-effective EPS systems. Thus, there has been widespread utilization of these technologies in passenger and light commercial vehicles.
  • However, the sales and production of the cars have been decreased gradually mainly due to the economy lockdown. This declining trend has further continued during the first quarter of 2020 due to the outbreak of Corona Virus across the Asia-Pacific region. The government in this region had announced country lockdown, due to which both production facilities and dealerships were shutdown.
  • The new vehicle sales are expected to revive post the end of Corona Virus across the region. Countries such as China, Japan, and India have started selling cars both through offline and online channels by the end of May 2020. 

APAC Electric Power Steering Industry Segmentation

The Asia-Pacific Electric Power Steering market report covers the increasing adoption of EPS systems in India, China, Japan, South Korea, and rest of Asia-Pacific. Also, latest product developments pertaining to the steering system, market shares of different steering systems in both passenger cars and commercial vehicles, and competitive landscape of the players operating in the market. The market is segmented by Type, Component Type, Vehicle Type, and Geography.

The scope of the report includes:

Type
Column Type
Pinion Type
Other Types
Component Type
Steering Column
Sensors
Steering Motors
Other Component Types
Vehicle Type
Passenger Cars
Commercial Vehicles
Country
India
China
Japan
South Korea
Rest of Asia-Pacific
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Asia-Pacific Electric Power Steering Market Size Summary

The Asia-Pacific Electric Power Steering (EPS) market is experiencing significant growth, driven by the rapid economic development and increasing middle-class income in countries like India, China, and Japan. This growth is further fueled by the rising demand for vehicles in both budget and sports segments. The market is witnessing a shift towards cost-effective EPS systems, which are being widely adopted in passenger and light commercial vehicles. Despite challenges such as the temporary decline in vehicle sales and production due to the COVID-19 pandemic, the market is expected to recover as countries in the region resume vehicle sales through both offline and online channels. The advancement in sensor technology, particularly torque sensors, is playing a crucial role in enhancing the comfort and safety of passengers, with ongoing innovations like Continental AG's short-range radar sensor and Infineon Technologies' magnetic angle sensor.

The Asia-Pacific EPS market is also supported by favorable factors such as low production costs, availability of economical labor, and government initiatives promoting foreign direct investments. India, in particular, is poised for rapid growth in the EPS sector, with significant government support and increasing vehicle production. Major automakers like Tata Motors, Datsun, and Ford are actively integrating EPS technology into their models, contributing to the market's expansion. The market is dominated by key players such as Denso Corporation, Nexteer Automotive, NSK Ltd., JTEKT Corporation, and ZF Friedrichshafen AG, who are strategically expanding their operations to meet the growing demand. These companies are investing in new facilities and forming joint ventures to enhance their production capabilities and introduce innovative EPS solutions, ensuring their continued dominance in the region.

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Asia-Pacific Electric Power Steering Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Column Type

      2. 2.1.2 Pinion Type

      3. 2.1.3 Other Types

    2. 2.2 Component Type

      1. 2.2.1 Steering Column

      2. 2.2.2 Sensors

      3. 2.2.3 Steering Motors

      4. 2.2.4 Other Component Types

    3. 2.3 Vehicle Type

      1. 2.3.1 Passenger Cars

      2. 2.3.2 Commercial Vehicles

    4. 2.4 Country

      1. 2.4.1 India

      2. 2.4.2 China

      3. 2.4.3 Japan

      4. 2.4.4 South Korea

      5. 2.4.5 Rest of Asia-Pacific

Asia-Pacific Electric Power Steering Market Size FAQs

The Asia-Pacific Electric Power Steering Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

Denso Corporation, ZF Friedrichshafen AG, Nexteer Automotive, NSK Ltd. and JTEKT Corporation are the major companies operating in the Asia-Pacific Electric Power Steering Market.

Asia-Pacific Electric Power Steering Report Snapshots

Asia-Pacific Electric Power Steering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)