The Asia Pacific Automotive Electric Power Steering Market would witness market growth of 5.8% CAGR during the forecast period (2023-2030).
A vehicle's electric power steering system offers several advantages, including simple steering control, comfortable traveling, power efficiency, and improved fuel economy. The electric motor draws power only when necessary. The following removes conventional hydraulic fluid maintenance needs. Any advanced driver assistance system (ADAS) that involves rotating the wheels without steering input from the driver is enabled by an electric power steering system (EPS). Utilizing EPS's ability to navigate itself, when necessary, features like lane-keep assist, automated parking & lane adjustments, and the ability to steer the vehicle around obstacles are possible. As a result, EPS adoption is growing exponentially as vehicle sales increase.
EPS systems provide the functionality to interpret sensor data, make steering adjustments in real-time, and maintain an optimal vehicle trajectory. By providing enhanced control and feedback, EPS systems meet the stringent demands of autonomous driving, allowing vehicles to navigate complex road scenarios, execute lane changes, and execute precise maneuvers with the uttermost precision. Integrating autonomous driving features with existing driver assistance systems requires EPS systems. With the introduction of EPS technology, vehicles can seamlessly switch between manual and autonomous operation modes. As a result, these factors are anticipated to create significant opportunities for market expansion.
India is an emerging economy in which EPS adoption in passenger cars is increasing significantly due to its benefits, such as the absence of hoses and lubricants in the steering system, which reduces repair and maintenance costs. Currently, a significant proportion of passenger cars in India are equipped with EPS technology, and most budget passenger cars are expected to adopt the technology during the forecast period. Companies engaged in distributing and supplying steering sensors anticipate significant growth in other potential markets. Several original equipment manufacturers are collaborating with automakers to enhance their products. As technology has progressed, sensors have also been continuously improved. Considering these prospective developments and factors, it is anticipated that demand for electric power steering in the Asia-Pacific region will be robust.
The China market dominated the Asia Pacific Automotive Electric Power Steering Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,990.9 million by 2030. The Japan market is registering a CAGR of 5.1% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6.4% during (2023 - 2030).
Based on Propulsion Type, the market is segmented into ICE and Electric. Based on Component, the market is segmented into Steering Column, Electric Control Unit, Electric Motor, Rack & Pinion and Others. Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Type, the market is segmented into Column Electric Power Steering, Rack Electric Power Steering and Pinion Electric Power Steering. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Electric Power Steering Market is Projected to reach USD 35.6 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NSK Ltd., Robert Bosch GmbH, HL Mando Corporation, Hitachi, Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, BBB Industries (Clearlake Capital Group, L.P.), Nexteer Automotive (Pacific Century Motors) and Zhejiang Shibao Co., Ltd.
By Propulsion Type
By Component
By Vehicle Type
By Type
By Country
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