Asia-Pacific Electric Power Steering Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

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 EPS market is gaining traction mainly due to the factors such as the presence of many emerging economies like India, China, and Japan in this region, and income of middle-class customers are growing rapidly, which is attributing the demand for vehicles.
• The market is anticipated to be driven by the increasing demand in budget and sport segment vehicles. However, OEMs have started focusing on implementing cost-effective EPS systems. Thus, there has been widespread utilization of these technologies in passenger and light commercial vehicles.
• However, the sales and production of the cars have been decreased gradually mainly due to the economy lockdown. This declining trend has further continued during the first quarter of 2020 due to the outbreak of Corona Virus across the Asia-Pacific region. The government in this region had announced country lockdown, due to which both production facilities and dealerships were shutdown.
• The new vehicle sales are expected to revive post the end of Corona Virus across the region. Countries such as China, Japan, and India have started selling cars both through offline and online channels by the end of May 2020. 

Scope of the report

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:

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Key Market Trends

Sensors Segment is Expected to have a Significant Growth

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.

• It works based on a non-contact magnetic measuring principle. It contains a magnet unit, a flux-tube unit, and a sensor unit. The torque sensor itself has two independent coils of wire. One of the coils determines if a right-hand turn is being made, while the other determines if a left-hand turn is being made. The signal is then sent from the EPS module to the appropriate coil, which then assists the vehicle in steering.

With the growing advancement in technology, sensor products have also been consistently upgrading. For instance,

• In June 2019, Continental AG had unveiled a new short-range radar sensor which allows for more precise detection of vehicle surroundings. In place of the 24 GHz technology used up to now, the new radar generation operates using 77 GHz technology.
• In June 2018, Infineon technologies AG developed a new magnetic angle sensor TLE5014. The new product can be easily integrated into a safety critical EPS system. The TLE5014 sensors meet ISO26262 ASIL C for the single die and ISO26262 ASIL D for the dual die versions.

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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