Report : Asia Pacific Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering), Product Type (Column Drive and Rack Drive), and Vehicle Type (Passenger Cars and Commercial Vehicles)
At 4.9% CAGR, the Asia Pacific Automotive Steering System Market is speculated to be worth US$ 16,428.99 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific automotive steering system market was valued at US$ 11,756.83 million in 2021 and is expected to reach US$ 16,428.99 million by 2028, registering a CAGR of 4.9% from 2021 to 2028. Integration of technologically advanced EPS systems in commercial vehicles and rise in integration of EPS and advanced driver-assistance systems (ADAS)are the critical factors attributed to the Asia Pacific automotive steering system market expansion.
The automotive industry has reacted to the global demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand. Owing to the versatility of EPS, many manufacturers are working on integrating it with other smart systems already in use in ADAS to increase vehicle safety and enhance the driving experience. For instance, Maserati switched its Ghibli, Quattroporte, and Levante models to electronic power steering in the models introduced in 2018, allowing new driver assistance systems. Similarly, Nexteer Automotive Corporation also introduced EPS that ensures safety through driver assistance by the integration ADAS systems with the electronic power steering systems.
On the contrary, high cost of electronic power steering (eps) system and difficulties associated with its maintenance hurdles the growth of Asia Pacific automotive steering system market.
The Asia Pacific automotive steering system market, by type, is segmented into electronic power steering, hydraulic power steering, electro-hydraulic power steering. The electronic power steering segment held 73.7% market share in 2021, amassing US$ 8,661.82 million. It is projected to garner US$ 12,366.76 million by 2028 to expand at 5.2% CAGR during 2021–2028.
The Asia Pacific automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held 64.9% market share in 2021, amassing US$ 7,632.45 million. It is projected to garner US$ 11,048.31 million by 2028 to expand at 5.4% CAGR during 2021–2028.
The Asia Pacific automotive steering system market, based on vehicle type, is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicle segment held 70.4% market share in 2021, amassing US$ 8,280.95 million. It is projected to garner US$ 11,150.79 million by 2028 to expand at 4.3% CAGR during 2021–2028.
Based on country, the Asia Pacific automotive steering system market is segmented into China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 49.0% market share in 2021. It was assessed at US$ 5,766.33 million in 2021 and is likely to hit US$ 7,727.45 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
Key players dominating the Asia Pacific automotive steering system market China Automotive Systems Inc; Nexteer Automotive Corp; Hitachi Astemo Americas, Inc.; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; ThyssenKrupp AG; and Robert Bosch Automotive Steering GmBH; HYCET Technology Co Ltd, among others.
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