The Asia Pacific electric power steering market size is anticipated to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to rising adoption of automatic driving system, which is enabled by electric interface.
The electric power steering (EPS) technology defines the future of automotive vehicles. The vehicle steering of electric power steering is controlled by an electric motor. The electric power steering technology is key to adoption of highly automated driving system. EPS maintains the mechanical linkage between steering gear and steering wheel. It permits ADAS features such as park assist, active return to center, lane-keeping, and traffic jam assist, among other features.
The COVID-19 outbreak has hit adversely to the electric power steering market impacting the growth of the market. However, the relaxation in restriction owing to acceleration in vaccination drive is anticipated to positively influence the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Electric power steering eliminates the requirement of power steering pumps, hydraulic fluids, hoses, and drive pulley & belt on the engine. Thus, such features are driving the growth of market.
- Packaging flexibility, simplified tuning, and engine-off steering assist is one of the major drivers of the market growth.
- EPS increases fuel economy, which is propelling the adoption in the automotive industry.
- High cost of EPS as compared to traditional hydraulic steering can impede the market growth.
- Fear of failure of an electric component in EPS can reduce the challenges of the market growth.
- Rapid electrification of the automotive industry is estimated to create lucrative opportunities during the projected timeline.
Scope of Electric Power Steering Market Report
The Asia Pacific 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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Asia Pacific Electric Power Steering Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Pinion Type, Column Type, and Others), Vehicle Types (Passenger Cars and Commercial Vehicles), and Component Types (Steering Motors, Sensors, Steering Column, and Others)
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Geographical Scope
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India, Japan, China, South Korea, and Rest of Asia Pacific
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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 Friedrichshafen AG; Nexteer Automotive; NSK Ltd.; Denso Corporation; and JTEKT Corporation
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Asia Pacific Electric Power Steering Market Segment Insights
Column type segment to hold a major market share
In terms of types, the market is categorized as pinion type, column type, and others. The column type segment is projected to expand at a considerable CAGR during the forecast period. The column type has a power assist unit, controller, and torque sensor all connected to the steering column. It provides steering assistance with help of an electro-mechanical power unit mounted on the upper column. Column types provide modular design, can be adjusted to the specific requirements, and is cost-effective. Column type system is mostly used in light vehicles.
Passenger cars is anticipated to exhibit a high CAGR
On the basis of vehicle types, the Asia Pacific electric power steering market is bifurcated into passenger cars and commercial vehicles. The passenger cars segment is expected to hold a large market share during the forecast period. Increasing adoption of passenger car across the region is driving the market growth for long period of time. Increasing disposable income and rising demand for comfort are estimated to spur the market segment. Growing number of government initiatives and increasing sales of passenger cars, and change of consumer’s preference to personal vehicles from public transport are driving the segment growth.
Sensors segment to expand at a robust CAGR
Based on component types, the market is segregated into steering motors, sensors, steering column, and others. The sensors segment is estimated to grow at a rapid pace in the projected timeline. Sensor measures two primary driver inputs that are torque and steering wheel position and speed. Types of sensors include steering wheel speed sensor, steering wheel position sensor, and torque sensor. Generally, torque sensor is a non-contact sensor.
India is anticipated to constitute a key market share
On the basis of geography, the Asia Pacific electric power steering market is categorized as India, Japan, China, South Korea, and Rest of Asia Pacific. India is expected to constitute a key share of the market during the projected period due to hike in vehicle production owing to rising disposable income and presence of favorable vehicle loans.
Segments
The Asia Pacific electric power steering market is segmented on the basis of
Types
- Pinion Type
- Column Type
- Others
Vehicle Types
- Passenger Cars
- Commercial Vehicles
Component Types
- Steering Motors
- Sensors
- Steering Column
- Others
Geography
- India
- Japan
- China
- South Korea
- Rest of Asia Pacific
Key Players
Competitive Landscape
The key players competing in the Asia Pacific Electric Power Steering Market are ZF Friedrichshafen AG; Nexteer Automotive; NSK Ltd.; Denso Corporation; and JTEKT Corporation.
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