Market Size of Asia-Pacific Electric Power Steering Industry
| 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
*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.
