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.

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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.

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