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)

TIPRE00022204 | Pages: 139 | Automotive and Transportation | Jun 2023 | Type: Regional | Status: Published

The Asia Pacific automotive steering system market was valued at US$ 11,756.83 million in 2021 and is projected to reach US$ 16,428.99 million by 2028; it is expected to grow at a CAGR of 4.9% from 2021 to 2028.   

Integration of Technologically Advanced EPS Systems in Commercial Vehicles is Driving the Asia Pacific Automotive Steering System Market 

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 Automotive Steering System Market Overview  

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. 

Asia Pacific Automotive Steering System Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Automotive Steering System Market Revenue and Forecast to 2028 (US$ Million)

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Asia Pacific Automotive Steering System Market Segmentation

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.

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

1.3.1        Asia Pacific Automotive Steering System Market – By Type

1.3.2        Asia Pacific Automotive Steering System Market – By Product Type

1.3.3        Asia Pacific Automotive Steering System Market – By Vehicle Type

1.3.4        Asia Pacific Automotive Steering System Market- By Country

2.           Key Takeaways

3.        Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           Asia Pacific Automotive Steering System Market Landscape

4.1         Market Overview

4.2         Asia Pacific PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinions

5.           Asia Pacific Automotive Steering System Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems

5.1.2        Rise in Demand for Electrification in Vehicles

5.2         Market Restraints

5.2.1        High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance

5.3         Market Opportunities

5.3.1        Integration of Technologically Advanced EPS Systems in Commercial Vehicles

5.4         Future Trends

5.4.1        Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)

5.5         Impact Analysis of Drivers and Restraints

6.           Automotive Steering System Market – Asia Pacific Analysis

6.1         Asia Pacific Automotive Steering System Market Asia Pacific Overview

6.2         Asia Pacific: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

7.           Asia Pacific Automotive Steering System Market Analysis – By Type

7.1         Overview

7.2         Asia Pacific Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028

7.3         Electronic Power Steering

7.3.1        Overview

7.3.2        Electronic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Million)

7.4         Hydraulic Power Steering

7.4.1        Overview

7.4.2        Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

7.5         Electro-Hydraulic Power Steering

7.5.1        Overview

7.5.2        Electro-Hydraulic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

8.           Asia Pacific Automotive Steering System Market Analysis – By Product Type

8.1         Overview

8.2         Asia Pacific Automotive Steering System Market Revenue Breakdown, By Product Type, 2020 and 2028

8.3         Column Drive

8.3.1        Overview

8.3.2        Column Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

8.4         Rack Drive

8.4.1        Overview

8.4.2        Rack Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

9.           Asia Pacific Automotive Steering System Market Analysis – By Vehicle Type

9.1         Overview

9.2         Asia Pacific Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028

9.3         Passenger cars

9.3.1        Overview

9.3.2        Passenger Cars: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

9.4         Commercial Vehicles

9.4.1        Overview

9.4.2        Commercial Vehicles: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

10.        Asia Pacific Automotive Steering System Market – Country Analysis

10.1      Overview

10.1.1     APAC: Automotive Steering System Market, by Key Country

10.1.1.1       China: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.1.1       China: Automotive Steering System Market, by Type

10.1.1.1.2       China: Automotive Steering System Market, by Product Type

10.1.1.1.3       China: Automotive Steering System Market, by Vehicle Type

10.1.1.1.4       China: Automotive Steering System Market, by Commercial Vehicles

10.1.1.2       India: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.2.1       India: Automotive Steering System Market, by Type

10.1.1.2.2       India: Automotive Steering System Market, by Product Type

10.1.1.2.3       India: Automotive Steering System Market, by Vehicle Type

10.1.1.2.4       India: Automotive Steering System Market, by Passenger Cars

10.1.1.2.5       India: Automotive Steering System Market, by Commercial Vehicles

10.1.1.3       Japan: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.3.1       Japan: Automotive Steering System Market, by Type

10.1.1.3.2       Japan: Automotive Steering System Market, by Product Type

10.1.1.3.3       Japan: Automotive Steering System Market, by Vehicle Type

10.1.1.3.4       Japan: Automotive Steering System Market, by Passenger Cars

10.1.1.3.5       Japan: Automotive Steering System Market, by Commercial Vehicles

10.1.1.4       South Korea: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.4.1       South Korea: Automotive Steering System Market, by Type

10.1.1.4.2       South Korea: Automotive Steering System Market, by Product Type

10.1.1.4.3       South Korea: Automotive Steering System Market, by Vehicle Type

10.1.1.4.4       South Korea: Automotive Steering System Market, by Passenger Cars

10.1.1.4.5       South Korea: Automotive Steering System Market, by Commercial Vehicles

10.1.1.5       Rest of Asia Pacific: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.5.1       Rest of Asia Pacific: Automotive Steering System Market, by Type

10.1.1.5.2       Rest of Asia Pacific: Automotive Steering System Market, by Product Type

10.1.1.5.3       Rest of Asia Pacific: Automotive Steering System Market, by Vehicle Type

10.1.1.5.4       Rest of Asia Pacific: Automotive Steering System Market, by Passenger Cars

10.1.1.5.5       Rest of Asia Pacific: Automotive Steering System Market, by Commercial Vehicles

11.        Industry Landscape

11.1      Overview

11.2      Market Initiative

11.3      New Product Development

11.4      Merger and Acquisition

12.        Company Profiles

12.1      China Automotive Systems Inc

12.1.1     Key Facts

12.1.2     Business Description

12.1.3     Products and Services

12.1.4     Financial Overview

12.1.5     SWOT Analysis

12.1.6     Key Developments

12.2      Nexteer Automotive Corp

12.2.1     Key Facts

12.2.2     Business Description

12.2.3     Products and Services

12.2.4     Financial Overview

12.2.5     SWOT Analysis

12.2.6     Key Developments

12.3      Hitachi Astemo Americas, Inc.

12.3.1     Key Facts

12.3.2     Business Description

12.3.3     Products and Services

12.3.4     Financial Overview

12.3.5     SWOT Analysis

12.3.6     Key Developments

12.4      Hyundai Mobis Co Ltd

12.4.1     Key Facts

12.4.2     Business Description

12.4.3     Products and Services

12.4.4     Financial Overview

12.4.5     SWOT Analysis

12.4.6     Key Developments

12.5      JTEKT Corp

12.5.1     Key Facts

12.5.2     Business Description

12.5.3     Products and Services

12.5.4     Financial Overview

12.5.5     SWOT Analysis

12.5.6     Key Developments

12.6      Mando Co Ltd

12.6.1     Key Facts

12.6.2     Business Description

12.6.3     Products and Services

12.6.4     Financial Overview

12.6.5     SWOT Analysis

12.6.6     Key Developments

12.7      NSK Ltd

12.7.1     Key Facts

12.7.2     Business Description

12.7.3     Products and Services

12.7.4     Financial Overview

12.7.5     SWOT Analysis

12.7.6     Key Developments

12.8      ThyssenKrupp AG

12.8.1     Key Facts

12.8.2     Business Description

12.8.3     Products and Services

12.8.4     Financial Overview

12.8.5     SWOT Analysis

12.8.6     Key Developments

12.9      Robert Bosch Automotive Steering GmBH

12.9.1     Key Facts

12.9.2     Business Description

12.9.3     Products and Services

12.9.4     Financial Overview

12.9.5     SWOT Analysis

12.9.6     Key Developments

12.10   HYCET Technology Co Ltd

12.10.1  Key Facts

12.10.2  Business Description

12.10.3  Products and Services

12.10.4  Financial Overview

12.10.5  SWOT Analysis

12.10.6  Key Developments

13.        Appendix

13.1      About The Insight Partners

13.2      Word Index

 

 

LIST OF TABLES

Table 1.             Asia Pacific Automotive Steering System Market – Revenue, and Forecast to 2028 (US$ Million)

Table 2.             China: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 3.             China: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)

Table 4.             China: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)

Table 5.             China: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)

Table 6.             China: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)

Table 7.             India: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 8.             India: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)

Table 9.             India: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)

Table 10.          India: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)

Table 11.          India: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)

Table 12.          Japan: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 13.          Japan: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)

Table 14.          Japan: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)

Table 15.          Japan: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)

Table 16.          Japan: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)

Table 17.          South Korea: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 18.          South Korea: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)

Table 19.          South Korea: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)

Table 20.          South Korea: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)

Table 21.          South Korea: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)

Table 22.          Rest of Asia Pacific: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 23.          Rest of Asia Pacific: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)

Table 24.          Rest of Asia Pacific: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)

Table 25.          Rest of Asia Pacific: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)

Table 26.          Rest of Asia Pacific: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)

Table 27.          List of Abbreviation

 

 

LIST OF FIGURES

Figure 1.           Asia Pacific Automotive Steering System Market Segmentation

Figure 2.           Asia Pacific Automotive Steering System Market Segmentation – By Country

Figure 3.           Asia Pacific Automotive Steering System Market Overview

Figure 4.           Passenger Cars Segment Held the Largest Market Share in 2020

Figure 5.           China was the Largest Revenue Contributor in 2020

Figure 6.           Asia Pacific – PEST Analysis

Figure 7.           Expert Opinions

Figure 8.           Asia Pacific Automotive Steering System Market Impact Analysis of Drivers and Restraints

Figure 9.           APAC: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

Figure 10.        Asia Pacific Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)

Figure 11.        Electronic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

Figure 12.        Hydraulic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

Figure 13.        Electro-Hydraulic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

Figure 14.        Asia Pacific Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)

Figure 15.        Column Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

Figure 16.        Rack Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

Figure 17.        Asia Pacific Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)

Figure 18.        Passenger Cars: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

Figure 19.        Commercial Vehicles: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

Figure 20.        Asia Pacific: Automotive Steering System Market, by Key Country – Revenue (2020) (US$ Million)

Figure 21.        APAC: Automotive Steering System Market Revenue Share, By Key Country (2020 and 2028)

Figure 22.        China: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

Figure 23.        India: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

Figure 24.        Japan: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

Figure 25.        South Korea: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

Figure 26.        Rest of Asia Pacific: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)

 

 

  1. China Automotive Systems Inc
  2. Nexteer Automotive Corp
  3. Hitachi Astemo Americas, Inc.
  4. Hyundai Mobis Co Ltd
  5. JTEKT Corp
  6. Mando Co Ltd
  7. NSK Ltd
  8. ThyssenKrupp AG
  9. Robert Bosch Automotive Steering GmBH
  10. HYCET Technology Co Ltd
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific automotive steering system market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific automotive steering system market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the automotive steering system market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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