The Japan Automotive Electric Power Steering (EPS) Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 12.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the government requirements and regulations relating to fuel-efficient technology and rising demand for performance efficient vehicles.
The Japanese automobile sector is one of the most well-known in the world. Since the 1960s, Japan has been in the top three countries with the most vehicles produced, overtaking Germany.
The Japan economy is expanding, and middle-class consumers disposable income is rising along with it. This has a favorable impact on the increasing demand for automobiles. Vehicle production has increased dramatically in the last five years as a result of the countries cheap manufacturing prices.
Increasing presence of variety of firms in automobiles manufacturing, construction vehicles, motorbikes, ATVs, and engines in the nation some of these are Nissan, Suzuki, Toyota, Honda, Daihatsu, Mazda, Mitsubishi, Subaru, Isuzu, Kawasaki, Yamaha, and Mitsuoka are among the major Japanese automakers witnessing both domestically and globally increasing production and sales and some premium brands such as Infiniti, Acura, and Lexus are also leading in the country.
The EPS manages and supports vehicle steering with the use of an electric motor, resulting in a smooth and enjoyable steering experience. Furthermore, the new generation of control units offers security in the event of a malfunction.
Japan Automotive Electric Power Steering (EPS) Market Trends, Drivers, Restraints, and Opportunities
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Rising popularity of self-driving vehicles is expected to boost the market in the coming years.
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Increasing demand for energy efficient vehicles is projected to fuel the market.
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Rapid growth of the auto industries is major factors driving the market in the coming years.
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Growing trend for luxury vehicle also high demand for advance technology with maximum safety features is estimated to fuel the market during the forecast period.
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High price of electric power steering (EPS) components is expected to hamper the market growth.
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Lack of steering feel act as key challenges that can hamper the market growth during the forecast period.
Scope of Japan Automotive Electric Power Steering Market Report
The report on the Japan automotive electric power steering market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Japan Automotive Electric Power Steering Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Rack assist type (REPS), Colum assist type (CEPS) and Pinion assist type (PEPS)), Vehicle Types (Passenger Car and Commercial Vehicle), Demand Categories (OEM and Replacement)
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Country Scope
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Japan
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ZF / TRW; Bosch Corporation; NSK; JTEKT Corp.; Nexteer Automotive
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Japan Automotive Electric Power Steering Market Segment Insights
Based on product types, the Japan automotive electric power steering market is divided into rack assist type (REPS), Colum assist type (CEPS), and pinion assist type (PEPS). The pinion assist type (PEPS) segment is expected to represent a key share of the market during the forecast period due to its widely used for control and assist of the vehicle steering from mid-size to SUVs.
On the basis of vehicle types, the Japan automotive electric power steering market is segregated into passenger car and commercial vehicle. The passenger car segment is expected to account for a key share of the market in the coming years owing to its benefits, such as the lack of hoses or fluids in the steering system, it is less expensive to fix and maintain.
In terms of demand categories, the Japan automotive electric power steering market is segmented into OEM and replacement. The OEM segment is expected to represent a key share of the market during the forecast period owing to taking steps to minimize the weight and complexity of cars, while vehicle manufacturing is expanding internationally.
Segments
The Japan automotive electric power steering market has been segmented on the basis of
Product Types
- Rack assist type (REPS)
- Colum assist type (CEPS)
- Pinion assist type (PEPS)
Vehicle Types
- Passenger Car
- Commercial Vehicle
Demand Categories
Country
Key Players
Competitive Landscape
Key players competing in the Japan automotive electric power steering market include ZF / TRW; Bosch Corporation; NSK; JTEKT Corp.; Nexteer Automotive. Some of these players are coming up with several market such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase/enhance their market shares. For instance,
- In January 2020, Toyota Motor Corporation was acquired by JTEKT. Yutaka is a company that makes automobile components and distributes gears for machines in general.
- In April, 2019 DENSO was honored by the Japanese Ministry of Education, Culture, Sports, Science, and Technology for designing the world's first 2-Drive Electric Power Steering MCU.
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