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The Asia-Pacific Electric Power Steering market is segmented by Type (Column Type, Pinion Type, and Other Types), Component Type (Steering Column, Sensors, Steering Motors, and Other Component Types), Vehicle Type (Passenger Cars and Commercial Vehicles), and Country.
The Asia-Pacific Electric Power Steering market is anticipated to register a CAGR of over 8% during the forecast period (2020 - 2025).
The Asia-Pacific Electric Power Steering market report covers the increasing adoption of EPS systems in India, China, Japan, South Korea, and rest of Asia-Pacific. Also, latest product developments pertaining to the steering system, market shares of different steering systems in both passenger cars and commercial vehicles, and competitive landscape of the players operating in the market. The market is segmented by Type, Component Type, Vehicle Type, and Geography.
The scope of the report includes:
|Other Component Types|
|Rest of Asia-Pacific|
Report scope can be customized per your requirements. Click here.
Currently, the sensors are experiencing more growth compared to other components, and it is expected to continue its dominance during the forecast period. The increasing demand for this segment is attributed to provide comfort to the passengers. The sensors are located in the steering column which measures two primary driver inputs - torque (steering effort), and steering wheel speed and position.
Thus, there are three types of sensors used in such systems - torque sensor, steering wheel speed sensor, and position sensor. Torque sensors are generally non-contact sensors. These sensors measure the steering force applied by the driver, and thus, enables sensitive control of the electric steering support.
With the growing advancement in technology, sensor products have also been consistently upgrading. For instance,
Additionally, the automobile industry in Asia-Pacific countries have significant growth potential, owing to low automobile production costs, easy availability of economical labor, lenient emission, and safety norms, and government initiatives to support foreign direct investments (FDIs).
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The Indian economy is growing and is anticipated to experience the fastest growth in the market. The increase in growth can be attributed to the government initiatives, increasing sales in passenger cars, and vehicle production has gone up drastically. Due to the hike in vehicle production, the electric power steering component market is also gaining momentum. Additionally, the Indian government has modified the tax slabs on gasoline, diesel, and hybrid cars, in its 2018 budget to promote vehicle sales.
Currently, more than 30% of the passenger cars are running with EPS technology in India, and the technology is likely to be implemented in the majority of the budget passenger cars as well, during the forecast period. Some of the major automakers, who have launched the EPS system in their models in India, in 2018, include Tata Motors, Datsun and Ford. For instance,
Thus, India is experiencing a good potential for automotive EPS business, as automakers in India have gradually started adopting the EPS system in their advanced vehicle models and anticipated to continue to adopt in their upcoming models in the future.
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The Asia-Pacific Electric Power Steering market is dominated by few players such as Denso Corporation, Nexteer Automotive, NSK Ltd., JTEKT Corporation, and ZF Friedrichshafen AG. These companies have plans to continue to expand their business to capture the growing demand for EPS in this region. The below instances are few strategies followed by above few companies.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Column Type
5.1.2 Pinion Type
5.1.3 Other Types
5.2 Component Type
5.2.1 Steering Column
5.2.3 Steering Motors
5.2.4 Other Component Types
5.3 Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.4.4 South Korea
5.4.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 JTEKT Corporation
6.2.2 Nexteer Corporation
6.2.3 Denso Corporation
6.2.4 ZF Friedrichshafen AG
6.2.5 NSK Ltd.
6.2.6 Robert Bosch GmbH
6.2.7 Infineon Technologies AG
6.2.8 Mando Automotive India (Anand Group)
6.2.9 GKN PLC
6.2.10 Mitsubishi Electric Corporation
6.2.11 Thyssenkrupp AG
6.2.12 Hyundai Mobis Co., Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS