Commercial Vehicles is expected to be the fastest growing during the forecast period in the APAC Automotive Steering System Market during 2020-2028
According to The Insight Partners market research study on “APAC automotive steering system market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Vehicle Type” is expected to reach US$ 16,428.99 million by 2028 from US$ 11,448.33 million in 2020. The market is estimated to grow at a CAGR of 3.9% from 2021 to 2028. The report provides trends prevailing in the APAC automotive steering system market along with the drivers and restraints pertaining to the market growth. 5.4.1Increase in integration of EPS and advanced driver-assistance systems (ADAS) is the major factor driving the growth of the APAC automotive steering system market. However, issues associated with the significantly higher cost of electronic steering as compared to the hydraulic steering systems is one of the most prominent factors hindering the adoption of EPS in the APAC automotive steering system market.
The APAC automotive steering system market has been segmented into type, vehicle type and country. Based on product type, the APAC automotive steering system market is segmented into electronic power steering, hydraulic power steering and electro-hydraulic power steering segment held a substantial market share in 2020. Based on vehicle type, the APAC automotive steering system market is segmented into Passenger Cars and Commercial Vehicles. Commercial vehicles segment held a substantial market share in 2020.
The consequence and impact of coronavirus can be even worse and totally depends on the spread of the virus. The government of APAC is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. China and India are among the leading manufacturing sectors in the region, and the most affected countries in the APAC region. Several markets have witnessed negative growth trends in the past three months. Japan and South Korea are still combating the virus, which is a critical factor towards the slowdown in the growth of the automotive steering system market. The lockdown has been having a severe impact on the automotive sector across the region. China is responsible for more than 80% of the APAC auto supply chain. Hubei, for example, is one of China's four main car production centers, with over 100 automotive suppliers. Hubei's automotive plants were closed until March 11 and are now slowly reopening. However, China has been able to stabilize its spread of COVID-19, and industries are up and running. This embarks a positive sign towards the stabilization of the automotive steering system market.
China Automotive Systems,Inc., Nexteer Automotive, Hitachi Automotive Systems Americas, Inc. Hyundai Mobis, JTEKT Corporation, The Mando Corporation, NSK Ltd., Robert Bosch GmbH, Showa Corporation, ThyssenKrupp AG among the leading companies in the APAC automotive steering system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Nexteer Automotive had announced its production milestone of 60 million electronic power steering (EPS) systems globally. This could be used in vehicles ranging from small cars to big trucks. The electronic power steering systems increase fuel efficiency by 6% and CO2 emissions by 8 grams per km.
The report segments the APAC Automotive Steering System Market follows:
APAC Automotive Steering System Market – By Type
- Electronic Power Steering
- Hydraulic Power Steering
- Electro-Hydraulic Power Steering
APAC Automotive Steering System Market – By Vehicle Type
- Passenger Cars
- Class A
- Class B
- Class C
- Class D
- Class E
- Class F
- SUV
- MPV
- Commercial Vehicles
- LCVs
- MCVs
- HCVs
North Automotive Steering System Market – By Country
- US
- Canada
- Mexico
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com