Asia Pacific Electric Power Steering Market 2024–2036 | Size, Growth, Industry Trends and Insights Report

Asia Pacific is expected to generate the highest revenue by the end of 2035 in the electric power steering market. Growth in this area is predicted by the rising demand for electric power steering in the automotive industry, as well as the increasing number of vehicles equipped with electric power steering in the Asia Pacific region. Furthermore, China, India, Japan, and South Korea are estimated to drive growth in the regional market due to their increased production of vehicles. In January 2023, there were 1,593,000 vehicles produced and 1,648,000 vehicles sold in India. A total of 20 million passenger cars and 5 million commercial vehicles were produced in China by 2021.

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Trends in Electrification and Popularity of Electric Vehicles to Promote Global Market Share of Electric Power Steering

The growing popularity of electric vehicles and the trend towards electrifying vehicles are expected to contribute significantly to the growth of the global electric power steering market. From 2019 to 2022, India’s EV sales grew by over 2000%. More than 4,42,901 electric vehicles were sold in December 2022, over 2,220% more than the 19,100 sold in FY 2020. Electric power steering has better performance, greater fuel efficiency, and lower emissions when compared to hydraulic power steering. Additionally, EPS can provide improved handling and control in electric vehicles due to its precise control of the vehicle’s steering system.

Some of the major growth factors and challenges that are associated with the growth of the global electric power steering market are:

Growth Drivers:

· Technological advancements in electric power steering such as sensors, bidirectional brushless motors, and electronic controller

· The increasing production of vehicles

Challenges:

A high degree of complexity of electric power steering assist systems is one of the major factors influencing the size of the market. As modern cars come with more features and components, the complexity of the power steering system increases, leading to higher costs for manufacturers. This in turn increases the price of vehicles and makes them less accessible to consumers, reducing the size of the market.

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In terms of components, the global electric power steering market consists of steering columns, sensors, steering gear, mechanical racks & pinions, electronic control units, electric motors, and others. A significant CAGR will be achieved by the sensors segment by the end of 2035 on account of the increasing demand for advanced driver assistance systems such as lane departure warning, lane keep assist, and auto-braking. Power steering systems are responsive and accurate as they use sensors to detect the vehicle’s position and speed. Additionally, the growing demand for high-end vehicles in the market as well as the increasing focus on safety are projected to contribute to the segment’s growth in the future.

This report also provides the existing competitive scenario of some of the key players of the Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Ltd., JTEKT Corporation, Toyota Motor Corporation (Toyota), Volkswagen AG, SHOWA Corporation, Thyssenkrupp Presta AG.

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