EPS is mainly used in passenger cars and light commercial vehicles, with a small presence in heavy vehicles. With technological advances, EPS systems can carry more weight, and they can be used in commercial vehicles. Due to their higher load-bearing capability than EPS systems, HPS (Hydraulic Power Steering) systems currently dominate the commercial vehicle market. HPS systems use the engine's control, reducing fuel efficiency.
The EPS system is more fuel-efficient and reliable than HPS systems because it draws power from the tank. Increased load-bearing ability will allow this technology to be used in commercial vehicles as well. For instance, Volvo has developed Volvo Dynamic Steering, which uses an electric motor. The steering is regulated 2,000 times per second by the engine. The Torque Overlay platform was used to build this technology. For the pickup truck industry, Nexteer Automotive has designed a rack-assisted electronic power steering system. The Servotwin electro-hydraulic steering system for heavy commercial vehicles was introduced by Robert Bosch, another leading steering system maker. Similarly, in October 2020, Nexteer Automotive Corporation launched EPS systems for commercial vehicles. In the coming years, such advances are expected to generate lucrative opportunities for EPS systems in the commercial vehicle market.
Asia Pacific comprises China, India, Japan, South Korea, and the Rest of Asia Pacific. The economy of Asia Pacific is performing well due to various infrastructural and technological developments. It has a robust automotive industry, which is supported by the mounting automotive manufacturing industry in countries such as China and India. China, India, South Korea, and Japan are among the leading vehicle manufacturing countries across the world. For instance, India produced 3,394,446 vehicles in 2020. In the same year, China was the largest vehicle producing country across the globe; it produced 25,225,242 passenger cars and commercial vehicles. Presence of a strong automotive sector and rise in number of passenger car and commercial vehicle manufacturers are among the major factors driving the automotive steering system market in the region. Continuous development in the economies of China and India and presence of huge disposable incomes in countries such as South Korea and Japan, have facilitated the swift growth of the automotive sector in Asia Pacific. The automotive manufacturers prefer incorporating cutting-edge solutions in their vehicles to attract a huge customer base and generate more revenues. Hence, robust automotive sector and surge in disposable incomes of people are supporting the growth of the automotive steering system market in Asia Pacific.
The Asia Pacific automotive steering system market is segmented into type, product type, vehicle type, and country.
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 accounted for the highest share in the Asia Pacific automotive steering system market in 2021.
The Asia Pacific automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held the largest market share in 2021.
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 accounted for the highest share in the Asia Pacific automotive steering system market.
Based on country, the Asia Pacific automotive steering system market is segmented into China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market in 2021.
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 are the leading companies operating in the Asia Pacific automotive steering system market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 11,756.83 Million |
| Market Size by 2028 | US$ 16,428.99 Million |
| CAGR (2021 - 2028) | 4.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Automotive Steering System Market is valued at US$ 11,756.83 Million in 2021, it is projected to reach US$ 16,428.99 Million by 2028.
As per our report Asia Pacific Automotive Steering System Market, the market size is valued at US$ 11,756.83 Million in 2021, projecting it to reach US$ 16,428.99 Million by 2028. This translates to a CAGR of approximately 4.9% during the forecast period.
The Asia Pacific Automotive Steering System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Automotive Steering System Market report:
The Asia Pacific Automotive Steering System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Automotive Steering System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Automotive Steering System Market value chain can benefit from the information contained in a comprehensive market report.
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