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Asia Pacific Automotive Steering System Market Forecast to 2028 -Regional Analysis by Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering), Product Type (Column Drive and Rack Drive), and Vehicle Type (Passenger Cars and Commercial Vehicles)
Market Report I 2023-06-09 I 139 Pages I The Insight Partners
The Asia Pacific automotive steering system market was valued at US$ 11,756.83 million in 2021 and is projected to reach US$ 16,428.99 million by 2028; it is expected to grow at a CAGR of 4.9% from 2021 to 2028.
Integration of Technologically Advanced EPS Systems in Commercial Vehicles is Driving the Asia Pacific Automotive Steering System Market
EPS is mainly used in passenger cars and light commercial vehicles, with a small presence in heavy vehicles. With technological advances, EPS systems can carry more weight, and they can be used in commercial vehicles. Due to their higher load-bearing capability than EPS systems, HPS (Hydraulic Power Steering) systems currently dominate the commercial vehicle market. HPS systems use the engine's control, reducing fuel efficiency.
The EPS system is more fuel-efficient and reliable than HPS systems because it draws power from the tank. Increased load-bearing ability will allow this technology to be used in commercial vehicles as well. For instance, Volvo has developed Volvo Dynamic Steering, which uses an electric motor. The steering is regulated 2,000 times per second by the engine. The Torque Overlay platform was used to build this technology. For the pickup truck industry, Nexteer Automotive has designed a rack-assisted electronic power steering system. The Servotwin electro-hydraulic steering system for heavy commercial vehicles was introduced by Robert Bosch, another leading steering system maker. Similarly, in October 2020, Nexteer Automotive Corporation launched EPS systems for commercial vehicles. In the coming years, such advances are expected to generate lucrative opportunities for EPS systems in the commercial vehicle market.
Asia Pacific Automotive Steering System Market Overview
Asia Pacific comprises China, India, Japan, South Korea, and the Rest of Asia Pacific. The economy of Asia Pacific is performing well due to various infrastructural and technological developments. It has a robust automotive industry, which is supported by the mounting automotive manufacturing industry in countries such as China and India. China, India, South Korea, and Japan are among the leading vehicle manufacturing countries across the world. For instance, India produced 3,394,446 vehicles in 2020. In the same year, China was the largest vehicle producing country across the globe; it produced 25,225,242 passenger cars and commercial vehicles. Presence of a strong automotive sector and rise in number of passenger car and commercial vehicle manufacturers are among the major factors driving the automotive steering system market in the region. Continuous development in the economies of China and India and presence of huge disposable incomes in countries such as South Korea and Japan, have facilitated the swift growth of the automotive sector in Asia Pacific. The automotive manufacturers prefer incorporating cutting-edge solutions in their vehicles to attract a huge customer base and generate more revenues. Hence, robust automotive sector and surge in disposable incomes of people are supporting the growth of the automotive steering system market in Asia Pacific.
Asia Pacific Automotive Steering System Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Automotive Steering System Market Segmentation
The Asia Pacific automotive steering system market is segmented into type, product type, vehicle type, and country.
The Asia Pacific automotive steering system market, by type, is segmented into electronic power steering, hydraulic power steering, electro-hydraulic power steering. The electronic power steering accounted for the highest share in the Asia Pacific automotive steering system market in 2021.
The Asia Pacific automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held the largest market share in 2021.
The Asia Pacific automotive steering system market, based on vehicle type, is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicle segment accounted for the highest share in the Asia Pacific automotive steering system market.
Based on country, the Asia Pacific automotive steering system market is segmented into China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market in 2021.
China Automotive Systems Inc; Nexteer Automotive Corp; Hitachi Astemo Americas, Inc.; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; ThyssenKrupp AG; and Robert Bosch Automotive Steering GmBH; HYCET Technology Co Ltd are the leading companies operating in the Asia Pacific automotive steering system market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Automotive Steering System Market - By Type
1.3.2 Asia Pacific Automotive Steering System Market - By Product Type
1.3.3 Asia Pacific Automotive Steering System Market - By Vehicle Type
1.3.4 Asia Pacific Automotive Steering System Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Automotive Steering System Market Landscape
4.1 Market Overview
4.2 Asia Pacific PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Asia Pacific Automotive Steering System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Rise in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance
5.3 Market Opportunities
5.3.1 Integration of Technologically Advanced EPS Systems in Commercial Vehicles
5.4 Future Trends
5.4.1 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market - Asia Pacific Analysis
6.1 Asia Pacific Automotive Steering System Market Asia Pacific Overview
6.2 Asia Pacific: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
7. Asia Pacific Automotive Steering System Market Analysis - By Type
7.1 Overview
7.2 Asia Pacific Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028
7.3 Electronic Power Steering
7.3.1 Overview
7.3.2 Electronic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Hydraulic Power Steering
7.4.1 Overview
7.4.2 Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
7.5 Electro-Hydraulic Power Steering
7.5.1 Overview
7.5.2 Electro-Hydraulic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8. Asia Pacific Automotive Steering System Market Analysis - By Product Type
8.1 Overview
8.2 Asia Pacific Automotive Steering System Market Revenue Breakdown, By Product Type, 2020 and 2028
8.3 Column Drive
8.3.1 Overview
8.3.2 Column Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.4 Rack Drive
8.4.1 Overview
8.4.2 Rack Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9. Asia Pacific Automotive Steering System Market Analysis - By Vehicle Type
9.1 Overview
9.2 Asia Pacific Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
9.3 Passenger cars
9.3.1 Overview
9.3.2 Passenger Cars: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9.4 Commercial Vehicles
9.4.1 Overview
9.4.2 Commercial Vehicles: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
10. Asia Pacific Automotive Steering System Market - Country Analysis
10.1 Overview
10.1.1 APAC: Automotive Steering System Market, by Key Country
10.1.1.1 China: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 China: Automotive Steering System Market, by Type
10.1.1.1.2 China: Automotive Steering System Market, by Product Type
10.1.1.1.3 China: Automotive Steering System Market, by Vehicle Type
10.1.1.1.4 China: Automotive Steering System Market, by Commercial Vehicles
10.1.1.2 India: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 India: Automotive Steering System Market, by Type
10.1.1.2.2 India: Automotive Steering System Market, by Product Type
10.1.1.2.3 India: Automotive Steering System Market, by Vehicle Type
10.1.1.2.4 India: Automotive Steering System Market, by Passenger Cars
10.1.1.2.5 India: Automotive Steering System Market, by Commercial Vehicles
10.1.1.3 Japan: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Japan: Automotive Steering System Market, by Type
10.1.1.3.2 Japan: Automotive Steering System Market, by Product Type
10.1.1.3.3 Japan: Automotive Steering System Market, by Vehicle Type
10.1.1.3.4 Japan: Automotive Steering System Market, by Passenger Cars
10.1.1.3.5 Japan: Automotive Steering System Market, by Commercial Vehicles
10.1.1.4 South Korea: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 South Korea: Automotive Steering System Market, by Type
10.1.1.4.2 South Korea: Automotive Steering System Market, by Product Type
10.1.1.4.3 South Korea: Automotive Steering System Market, by Vehicle Type
10.1.1.4.4 South Korea: Automotive Steering System Market, by Passenger Cars
10.1.1.4.5 South Korea: Automotive Steering System Market, by Commercial Vehicles
10.1.1.5 Rest of Asia Pacific: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 Rest of Asia Pacific: Automotive Steering System Market, by Type
10.1.1.5.2 Rest of Asia Pacific: Automotive Steering System Market, by Product Type
10.1.1.5.3 Rest of Asia Pacific: Automotive Steering System Market, by Vehicle Type
10.1.1.5.4 Rest of Asia Pacific: Automotive Steering System Market, by Passenger Cars
10.1.1.5.5 Rest of Asia Pacific: Automotive Steering System Market, by Commercial Vehicles
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 China Automotive Systems Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Nexteer Automotive Corp
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Hitachi Astemo Americas, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hyundai Mobis Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 JTEKT Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Mando Co Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 NSK Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 ThyssenKrupp AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Robert Bosch Automotive Steering GmBH
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 HYCET Technology Co Ltd
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Automotive Steering System Market - Revenue, and Forecast to 2028 (US$ Million)
Table 2. China: Automotive Steering System Market, by Type -Revenue and Forecast to 2028 (US$ Million)
Table 3. China: Automotive Steering System Market, by Product Type -Revenue and Forecast to 2028 (US$ Million)
Table 4. China: Automotive Steering System Market, by Vehicle Type -Revenue and Forecast to 2028 (US$ Million)
Table 5. China: Automotive Steering System Market, by Passenger Cars -Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Automotive Steering System Market, by Commercial Vehicles -Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Automotive Steering System Market, by Type -Revenue and Forecast to 2028 (US$ Million)
Table 8. India: Automotive Steering System Market, by Product Type -Revenue and Forecast to 2028 (US$ Million)
Table 9. India: Automotive Steering System Market, by Vehicle Type -Revenue and Forecast to 2028 (US$ Million)
Table 10. India: Automotive Steering System Market, by Passenger Cars -Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Automotive Steering System Market, by Commercial Vehicles -Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan: Automotive Steering System Market, by Type -Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan: Automotive Steering System Market, by Product Type -Revenue and Forecast to 2028 (US$ Million)
Table 14. Japan: Automotive Steering System Market, by Vehicle Type -Revenue and Forecast to 2028 (US$ Million)
Table 15. Japan: Automotive Steering System Market, by Passenger Cars -Revenue and Forecast to 2028 (US$ Million)
Table 16. Japan: Automotive Steering System Market, by Commercial Vehicles -Revenue and Forecast to 2028 (US$ Million)
Table 17. South Korea: Automotive Steering System Market, by Type -Revenue and Forecast to 2028 (US$ Million)
Table 18. South Korea: Automotive Steering System Market, by Product Type -Revenue and Forecast to 2028 (US$ Million)
Table 19. South Korea: Automotive Steering System Market, by Vehicle Type -Revenue and Forecast to 2028 (US$ Million)
Table 20. South Korea: Automotive Steering System Market, by Passenger Cars -Revenue and Forecast to 2028 (US$ Million)
Table 21. South Korea: Automotive Steering System Market, by Commercial Vehicles -Revenue and Forecast to 2028 (US$ Million)
Table 22. Rest of Asia Pacific: Automotive Steering System Market, by Type -Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of Asia Pacific: Automotive Steering System Market, by Product Type -Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of Asia Pacific: Automotive Steering System Market, by Vehicle Type -Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of Asia Pacific: Automotive Steering System Market, by Passenger Cars -Revenue and Forecast to 2028 (US$ Million)
Table 26. Rest of Asia Pacific: Automotive Steering System Market, by Commercial Vehicles -Revenue and Forecast to 2028 (US$ Million)
Table 27. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Automotive Steering System Market Segmentation
Figure 2. Asia Pacific Automotive Steering System Market Segmentation - By Country
Figure 3. Asia Pacific Automotive Steering System Market Overview
Figure 4. Passenger Cars Segment Held the Largest Market Share in 2020
Figure 5. China was the Largest Revenue Contributor in 2020
Figure 6. Asia Pacific - PEST Analysis
Figure 7. Expert Opinions
Figure 8. Asia Pacific Automotive Steering System Market Impact Analysis of Drivers and Restraints
Figure 9. APAC: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 10. Asia Pacific Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 11. Electronic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 12. Hydraulic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 13. Electro-Hydraulic Power Steering: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 14. Asia Pacific Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 15. Column Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 16. Rack Drive: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 17. Asia Pacific Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)
Figure 18. Passenger Cars: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 19. Commercial Vehicles: Asia Pacific Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 20. Asia Pacific: Automotive Steering System Market, by Key Country - Revenue (2020) (US$ Million)
Figure 21. APAC: Automotive Steering System Market Revenue Share, By Key Country (2020 and 2028)
Figure 22. China: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 23. India: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. Japan: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. South Korea: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. Rest of Asia Pacific: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
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