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Electric Power Steering Market Size, Share & Industry | 2031
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Electric Power Steering Market Size, Share & Industry | 2031

Segments - Asia Pacific Electric Power Steering Market by Types (Pinion Type, Column Type, and Others), Vehicle Types (Passenger Cars and Commercial Vehicles), Component Types (Steering Motors, Sensors, Steering Column, and Others), and Geography (India, Japan, China, South Korea, and Rest of Asia Pacific) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028.

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Author : Akash Vedpathak
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Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :AL-2537 | 4.2 Rating | 71 Reviews | 211 Pages | Format : PDF Excel PPT

Report Description


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.

Asia Pacific Electric Power Steering Market Key Takeaways

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.

  • 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.

Attributes

Details

Report Title

Asia Pacific Electric Power Steering Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Types (Pinion Type, Column Type, and Others), Vehicle Types (Passenger Cars and Commercial Vehicles), and Component Types (Steering Motors, Sensors, Steering Column, and Others)

Geographical Scope

India, Japan, China, South Korea, and Rest of Asia Pacific

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

ZF Friedrichshafen AG; Nexteer Automotive; NSK Ltd.; Denso Corporation; and JTEKT Corporation

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.

Asia Pacific Electric Power Steering Market

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.

Asia Pacific Electric Power Steering Market

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.

Asia Pacific Electric Power Steering Market

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.

In March 2018 Datsun India launched an edition of Datsun GO+ and GO models.

Asia Pacific Electric Power Steering Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electric Power Steering Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Electric Power Steering Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Electric Power Steering Market - Supply Chain
  4.5. Global Electric Power Steering Market Forecast
     4.5.1. Electric Power Steering Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Electric Power Steering Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Electric Power Steering Market Absolute $ Opportunity
5. Global Electric Power Steering Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Electric Power Steering Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Electric Power Steering Demand Share Forecast, 2019-2026
6. North America Electric Power Steering Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Electric Power Steering Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Electric Power Steering Demand Share Forecast, 2019-2026
7. Latin America Electric Power Steering Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Electric Power Steering Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Electric Power Steering Demand Share Forecast, 2019-2026
8. Europe Electric Power Steering Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Electric Power Steering Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Electric Power Steering Demand Share Forecast, 2019-2026
9. Asia Pacific Electric Power Steering Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Electric Power Steering Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Electric Power Steering Demand Share Forecast, 2019-2026
10. Middle East & Africa Electric Power Steering Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Electric Power Steering Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Electric Power Steering Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Electric Power Steering Market: Market Share Analysis
  11.2. Electric Power Steering Distributors and Customers
  11.3. Electric Power Steering Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

Methodology

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