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ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET FORECAST 2022-2030

The Asia-Pacific automotive electric power steering market is set to generate $34974.02 million by 2030, propelling with a 4.59% CAGR between the forecast years 2022 and 2030.

ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET FORECAST 2022-2030

Asia-Pacific Automotive Electric Power Steering Market by Vehicle Type (Passenger Cars, Commercial Vehicles (Light Commercial Vehicles, Medium & Heavy Commercial Vehicles) Market by Mechanism (Column Type, Pinion Assist, Rack Assist, Other Mechanisms) Market by Component (Steering Rack/column, Sensor, Steering Motor, Other Components) By Geography

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The Asia-Pacific automotive electric power steering market is set to generate $34974.02 million by 2030, propelling with a 4.59% CAGR between the forecast years 2022 and 2030.

The Asia-Pacific region has countries with a strong manufacturing base, skilled labor, and special economic zones. Massive demand for automobiles and automotive components in countries like India, China, Thailand, Indonesia, and Japan, further propel the Asia-Pacific automotive electric power steering market. China and other major emerging economies are also increasing the electric vehicle adoption rate. Hence, it increases the region’s requirement for electric power steering systems.

Asia-Pacific Automotive Electric Power Steering Market

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The Asia-Pacific automotive electric power steering market growth analysis entails the evaluation of Japan, China, Thailand, India, Vietnam, South Korea, Indonesia, Malaysia, Taiwan, and Rest of Asia-Pacific. China is the largest automotive market due to the sheer number of vehicles associated with the country. The country’s market for all related automotive parts and components is also high. In particular, the electric power steering market has been active in recent years, and the developments that have occurred are expected to drive the market for these systems over the forecast period. A large number of local and global players distinguishes the country.

Global players typically enter the Chinese market through joint ventures with domestic firms. In addition, a highly skilled workforce and government backing of industries tremendously help steer companies. Thus, conducive manufacturing facilities, high spending on EV vehicles, and foreign investments are the major reason for the growth of electric power steering in China.

On the other hand, the presence of prominent automakers, OEM manufacturers, and significant investment from steering companies are driving the market in Japan. Companies have reviewed their software development organization for electric power steering systems to respond to new technologies such as autonomous driving and steer-by-wire systems. They have also established new divisions for developing incorporated electric power steering software based on model base development (MBD).

The Asia-Pacific automotive electric power steering market can be segmented into vehicle type, component, and mechanism. Market by vehicle type includes passenger cars and commercial vehicles.

Due to its numerous advantages, like no hoses or fluids required in the steering system, the application of electric power steering in passenger cars is growing rapidly. With the rise in production and sales of passenger cars, along with reducing the vehicle’s weight, automobile manufacturers are increasingly equipping their vehicles with electric power steering, which aids in increasing fuel efficiency.

Furthermore, the demand for electric power steering has been increasing with a focus on safety and comfort. Thereby, the automobile manufacturers are now focusing on incorporating electric power steering technology in the entry-level segment cars, also, in turn, propelling the demand for electric power steering in passenger cars.

The adoption of electric power steering in commercial vehicles is still nascent as they majorly use hydraulic steering systems. However, with the increased restrictions from environmental regulations, the scope for electrically power steering is expected to become a standard feature in commercial vehicles. With the growing logistics sector and construction, vehicles’ demand for electric power steering has increased. Moreover, with the continually increasing restrictions and regulations on diesel-powered commercial trucks, truck manufacturers are expected to drive the demand for electric power steering systems in commercial vehicles.

Leading players in the Asia-Pacific automotive electric power steering market include Hyundai Mobis, JTEKT Corporation, NSK Ltd, etc.

JTEKT Corporation is a Japan-based company mainly manufacturing and selling equipment parts and machine tools. The company operates in two business segments. The machine tools segment provides industrial heat treatment furnaces, control equipment, machining centers, cutting equipment, and grinding equipment. The company operates globally and is headquartered in Aichi, Japan.

JTEKT’s Hydraulic Power Steering supports the driver in turning the steering wheel. The system is superior and compact in steering performance and can issue large outputs.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2030
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million)
Segments Analyzed Vehicle Type, Component, Mechanism
Countries Analyzed China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Taiwan, Malaysia, and Rest of Asia-Pacific.
Companies Analyzed

China Automotive Systems Inc, DENSO Corporation, Hitachi Astemo Ltd, Hyundai Mobis, Infineon Technologies, JTEKT Corporation, MAHLE GmbH, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive Group Ltd, Nidec Corporation, NSK Ltd, Robert Bosch GmbH, thyssenkrupp AG, ZF Group

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • INCREASED FUEL EFFICIENCY IN THE ELECTRIC POWER STEERING MECHANISM
        • LOW MAINTENANCE COMPARED TO THE CONVENTIONAL STEERING SYSTEM
      • KEY RESTRAINTS
        • LACK OF STEERING FEEL
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON AUTOMOTIVE ELECTRIC POWER STEERING MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
    2. MARKET BY VEHICLE TYPE
      • PASSENGER CARS
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES (LCV)
        • MEDIUM & HEAVY COMMERCIAL VEHICLES (M&HCV)
    1. MARKET BY MECHANISM
      • COLUMN TYPE
      • PINION ASSIST
      • RACK ASSIST
      • OTHER MECHANISMS
    2. MARKET BY COMPONENT
      • STEERING RACK/COLUMN
      • SENSOR
      • STEERING MOTOR
      • OTHER COMPONENTS
    3. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • VIETNAM
          • TAIWAN
          • MALAYSIA
          • REST OF ASIA-PACIFIC
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
      • COMPANY PROFILES
        • CHINA AUTOMOTIVE SYSTEMS INC
        • DENSO CORPORATION
        • HITACHI ASTEMO LTD
        • HYUNDAI MOBIS
        • INFINEON TECHNOLOGIES
        • JTEKT CORPORATION
        • MAHLE GMBH
        • MANDO CORPORATION
        • MITSUBISHI ELECTRIC CORPORATION
        • NEXTEER AUTOMOTIVE GROUP LTD
        • NIDEC CORPORATION
        • NSK LTD
        • ROBERT BOSCH GMBH
        • THYSSENKRUPP AG
        • ZF GROUP

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – AUTOMOTIVE ELECTRIC POWER STEERING

    TABLE 2: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 3: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 4: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMMERCIAL VEHICLES, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 5: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMMERCIAL VEHICLES, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 6: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY MECHANISM, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 7: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY MECHANISM, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 8: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 9: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMPONENT, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 10: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 11: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 12: LEADING PLAYERS OPERATING IN ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET

    TABLE 13: LIST OF MERGERS & ACQUISITIONS

    TABLE 14: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 15: LIST OF PARTNERSHIPS & AGREEMENTS          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2021

    FIGURE 6: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY PASSENGER CARS, 2022-2030 (IN $ MILLION)

    FIGURE 7: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMMERCIAL VEHICLES, 2022-2030 (IN $ MILLION)

    FIGURE 8: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY COMMERCIAL VEHICLES, IN 2021

    FIGURE 9: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY LIGHT COMMERCIAL VEHICLES (LCV), 2022-2030 (IN $ MILLION)

    FIGURE 10: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY MEDIUM & HEAVY COMMERCIAL VEHICLES (M&HCV), 2022-2030 (IN $ MILLION)

    FIGURE 11: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY MECHANISM, IN 2021

    FIGURE 12: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COLUMN TYPE, 2022-2030 (IN $ MILLION)

    FIGURE 13: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY PINION ASSIST, 2022-2030 (IN $ MILLION)

    FIGURE 14: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY RACK ASSIST, 2022-2030 (IN $ MILLION)

    FIGURE 15: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY OTHER MECHANISMS, 2022-2030 (IN $ MILLION)

    FIGURE 16: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2021

    FIGURE 17: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY STEERING RACK/COLUMN, 2022-2030 (IN $ MILLION)

    FIGURE 18: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY SENSOR, 2022-2030 (IN $ MILLION)

    FIGURE 19: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY STEERING MOTOR, 2022-2030 (IN $ MILLION)

    FIGURE 20: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY OTHER COMPONENTS, 2022-2030 (IN $ MILLION)

    FIGURE 21: ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

    FIGURE 22: CHINA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 23: JAPAN AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 24: INDIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 25: SOUTH KOREA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 26: INDONESIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 27: THAILAND AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 28: VIETNAM AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 29: TAIWAN AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 30: MALAYSIA AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 31: REST OF ASIA-PACIFIC AUTOMOTIVE ELECTRIC POWER STEERING MARKET, 2022-2030 (IN $ MILLION)       

    1. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • VIETNAM
          • TAIWAN
          • MALAYSIA
          • REST OF ASIA-PACIFIC
    1. MARKET BY VEHICLE TYPE
      • PASSENGER CARS
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES (LCV)
        • MEDIUM & HEAVY COMMERCIAL VEHICLES (M&HCV)
    1. MARKET BY MECHANISM
      • COLUMN TYPE
      • PINION ASSIST
      • RACK ASSIST
      • OTHER MECHANISMS
    2. MARKET BY COMPONENT
      • STEERING RACK/COLUMN
      • SENSOR
      • STEERING MOTOR
      • OTHER COMPONENTS

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