Asia-Pacific Electric Power Steering Market Size

Statistics for the 2023 & 2024 Asia-Pacific Electric Power Steering market size, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Electric Power Steering size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Asia-Pacific Electric Power Steering Industry

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Asia-Pacific Electric Power Steering Market_Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 8.00 %
Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in no particular order

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APAC Electric Power Steering Market Analysis

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. 

Asia-Pacific Electric Power Steering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)