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.
Scope of the Study
Market Segments Covered in the Report:
By Propulsion Type
By Component
- Steering Column
- Electric Control Unit
- Electric Motor
- Rack & Pinion
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Type
- Column Electric Power Steering
- Rack Electric Power Steering
- Pinion Electric Power Steering
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- 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)
- Zhejiang Shibao Co., Ltd.
TABLE 1 Asia Pacific Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 2 Asia Pacific Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 3 Asia Pacific Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 4 Asia Pacific Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 5 Asia Pacific ICE Market by Country, 2019 - 2022, USD Million
TABLE 6 Asia Pacific ICE Market by Country, 2023 - 2030, USD Million
TABLE 7 Asia Pacific Electric Market by Country, 2019 - 2022, USD Million
TABLE 8 Asia Pacific Electric Market by Country, 2023 - 2030, USD Million
TABLE 9 Asia Pacific Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 10 Asia Pacific Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 11 Asia Pacific Steering Column Market by Country, 2019 - 2022, USD Million
TABLE 12 Asia Pacific Steering Column Market by Country, 2023 - 2030, USD Million
TABLE 13 Asia Pacific Electric Control Unit Market by Country, 2019 - 2022, USD Million
TABLE 14 Asia Pacific Electric Control Unit Market by Country, 2023 - 2030, USD Million
TABLE 15 Asia Pacific Electric Motor Market by Country, 2019 - 2022, USD Million
TABLE 16 Asia Pacific Electric Motor Market by Country, 2023 - 2030, USD Million
TABLE 17 Asia Pacific Rack & Pinion Market by Country, 2019 - 2022, USD Million
TABLE 18 Asia Pacific Rack & Pinion Market by Country, 2023 - 2030, USD Million
TABLE 19 Asia Pacific Others Market by Country, 2019 - 2022, USD Million
TABLE 20 Asia Pacific Others Market by Country, 2023 - 2030, USD Million
TABLE 21 Asia Pacific Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 22 Asia Pacific Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 23 Asia Pacific Passenger Cars Market by Country, 2019 - 2022, USD Million
TABLE 24 Asia Pacific Passenger Cars Market by Country, 2023 - 2030, USD Million
TABLE 25 Asia Pacific Commercial Vehicles Market by Country, 2019 - 2022, USD Million
TABLE 26 Asia Pacific Commercial Vehicles Market by Country, 2023 - 2030, USD Million
TABLE 27 Asia Pacific Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 28 Asia Pacific Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 29 Asia Pacific Column Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 30 Asia Pacific Column Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 31 Asia Pacific Rack Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 32 Asia Pacific Rack Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 33 Asia Pacific Pinion Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 34 Asia Pacific Pinion Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 35 Asia Pacific Automotive Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 36 Asia Pacific Automotive Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 37 China Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 38 China Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 39 China Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 40 China Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 41 China Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 42 China Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 43 China Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 44 China Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 45 China Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 46 China Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 47 Japan Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 48 Japan Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 49 Japan Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 50 Japan Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 51 Japan Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 52 Japan Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 53 Japan Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 54 Japan Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 55 Japan Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 56 Japan Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 57 India Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 58 India Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 59 India Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 60 India Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 61 India Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 62 India Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 63 India Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 64 India Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 65 India Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 66 India Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 67 South Korea Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 68 South Korea Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 69 South Korea Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 70 South Korea Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 71 South Korea Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 72 South Korea Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 73 South Korea Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 74 South Korea Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 75 South Korea Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 76 South Korea Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 77 Singapore Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 78 Singapore Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 79 Singapore Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 80 Singapore Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 81 Singapore Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 82 Singapore Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 83 Singapore Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 84 Singapore Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 85 Singapore Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 86 Singapore Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 87 Malaysia Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 88 Malaysia Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 89 Malaysia Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 90 Malaysia Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 91 Malaysia Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 92 Malaysia Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 93 Malaysia Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 94 Malaysia Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 95 Malaysia Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 96 Malaysia Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 97 Rest of Asia Pacific Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 98 Rest of Asia Pacific Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 99 Rest of Asia Pacific Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 100 Rest of Asia Pacific Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 101 Rest of Asia Pacific Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 102 Rest of Asia Pacific Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 103 Rest of Asia Pacific Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 104 Rest of Asia Pacific Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 105 Rest of Asia Pacific Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 106 Rest of Asia Pacific Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 107 Key Information – Nsk ltd.
TABLE 108 Key Information – Robert Bosch GmbH
TABLE 109 Key Information – HL Mando Corporation
TABLE 110 Key Information – Hitachi, Ltd.
TABLE 111 Key information – JTEKT Corporation
TABLE 112 Key Information – ZF Friedrichshafen AG
TABLE 113 Key Information – ThyssenKrupp AG
TABLE 114 Key Information – BBB Industries
TABLE 115 Key Information – Nexteer Automotive
TABLE 116 Key Information – Zhejiang Shibao Co., Ltd.
List of Figures
FIG 1 Methodology for the research
FIG 2 Asia Pacific Automotive Electric Power Steering Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting Automotive Electric Power Steering Market
FIG 4 Porter’s Five Forces Analysis - Automotive Electric Power Steering Market
FIG 5 Asia Pacific Automotive Electric Power Steering Market share by Propulsion Type, 2022
FIG 6 Asia Pacific Automotive Electric Power Steering Market share by Propulsion Type, 2030
FIG 7 Asia Pacific Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2030, USD Million
FIG 8 Asia Pacific Automotive Electric Power Steering Market share by Component, 2022
FIG 9 Asia Pacific Automotive Electric Power Steering Market share by Component, 2030
FIG 10 Asia Pacific Automotive Electric Power Steering Market by Component, 2019 - 2030, USD Million
FIG 11 Asia Pacific Automotive Electric Power Steering Market share by Vehicle Type, 2022
FIG 12 Asia Pacific Automotive Electric Power Steering Market share by Vehicle Type, 2030
FIG 13 Asia Pacific Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2030, USD Million
FIG 14 Asia Pacific Automotive Electric Power Steering Market share share by Type, 2022
FIG 15 Asia Pacific Automotive Electric Power Steering Market share by Type, 2030
FIG 16 Asia Pacific Automotive Electric Power Steering Market by Type, 2019 - 2030, USD Million
FIG 17 Asia Pacific Automotive Electric Power Steering Market share by Country, 2022
FIG 18 Asia Pacific Automotive Electric Power Steering Market share by Country, 2030
FIG 19 Asia Pacific Automotive Electric Power Steering Market by Country, 2019 - 2030, USD Million
FIG 20 Recent strategies and developments: NSK Ltd.
FIG 21 SWOT Analysis: NSK Ltd
FIG 22 SWOT Analysis: Robert Bosch GmbH
FIG 23 SWOT Analysis: HL Mando Corporation
FIG 24 Swot Analysis: Hitachi, Ltd.
FIG 25 Swot Analysis: JTEKT Corporation
FIG 26 Swot Analysis: ZF Friedrichshafen AG
FIG 27 Swot Analysis: Thyssenkrupp AG
FIG 28 Swot Analysis: BBB Industries
FIG 29 Swot Analysis: Nexteer Automotive