Asia Pacific Electronic Power Steering Market is expected to reach US$ 28,933.30 Mn by 2027

Passenger Cars Segment to Dominate APAC Electronic Power Steering Market during 2019–2027

According to The Insight Partners market research study on “APAC Electronic Power Steering Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 28,933.30 million by 2027 from US$ 26,704.59 million in 2019. The market is estimated to grow at a CAGR of 4.1% from 2020 to 2027. The report provides trends prevailing in the APAC electronic power steering market along with the drivers and restraints pertaining to the market growth. Rising interests for electrification of vehicles is the major factor driving the growth of the APAC electronic power steering market. However, issues associated with affordability of electronic power steering is expected to hinder the growth of APAC electronic power steering market.        

The APAC electronic power steering market is briefly further segmented into type, application and country. By type, the APAC market is broadly classified into column assisted electronic power steering (C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted power steering system (R-EPS), and electronic hydraulic power steering (E-HPS). C-EPS segment led the APAC electronic power steering market in 2019. Whereas, based on application, the APAC market is divided into passenger cars, light commercial vehicle, and heavy commercial vehicle. Passenger Cars segment led the APAC electronic power steering market in 2019. 

APAC is severely affected by the COVID-19 pandemic. The region comprises a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rise in disposable income. All these factors make APAC a major growth driving region for various markets, electronic power steering market. Increasing online shoppers and growing e-commerce sector in this region offer lucrative opportunities for the growth of the APAC electronic power steering market. The consequence and impact of the COVID-19 pandemic can be even worse and totally depend on the spread of the virus. The government of countries in APAC is taking possible steps to reduce the effects of the outbreak by announcing lockdown, which negatively impacts the revenue generated by the market. India is one of the leading manufacturing sectors in the region, and the most affected country in APAC. Several markets in the region have witnessed negative growth in the past three months. The lockdown is hindering the automotive sector in India. Japan and South Korea are still combating the novel coronavirus, which is a critical factor toward the slowdown in the growth of the electronic power steering market. However, China has been able to stabilize the spread of COVID-19, and industries are up and running. This embarks a positive sign toward the stabilization of the electronic power steering market. 

HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG are among the leading companies in the APAC electronic power steering 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, JTEKT Corporation was in an exhibition at the 46th Tokyo Motor Show 2019 held at Tokyo big sight. The company showcased its electric power steering systems.

The report segments the APAC Electronic Power Steering Market follows:  

APAC Electronic Power Steering Market – By Type

• Column Assisted Electronic Power Steering(C-EPS)
• Pinion Assisted Electronic Power Steering (P-EPS)
• Rack Assisted Power Steering System (R-EPS)
• Electronic Hydraulic Power Steering (EHPS)

APAC Electronic Power Steering Market – By Application

• Light Commercial Vehicles (LCV)
• Passenger Cars
• Heavy Commercial Vehicles (HCV)

APAC Electronic Power Steering Market – By Country

• China
• India
• Japan
• South Korea
• Rest of APAC