Asia Pacific Electronic Power Steering Market
No. of Pages: 137 | Report Code: TIPRE00018141 | Category: Automotive and Transportation
No. of Pages: 137 | Report Code: TIPRE00018141 | Category: Automotive and Transportation
The EPS market in APAC is sub segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The growth in individuals' disposable income coupled with the rising economy has resulted in the surge in the sales of passenger cars and commercial vehicles in the past few years. The region has become a manufacturing hub with the presence of a robust automotive industry. Government initiatives such as Made in China 2025 and Make in India propel the growth of this sector in APAC. Enhancing infrastructure, increasing domestic consumption, and low labor costs in Southeast Asian countries are the key factors attracting automotive companies to this region. Based on the pollutant emissions, electric vehicles perform exceptionally well compared to diesel vehicles especially in the light and heavy commercial vehicles. Optimizing automated cars is expected to be a significant driver for electric vehicle in various APAC countries such as India, Malaysia, Singapore, and Thailand. Therefore, a strong automotive manufacturing sector in these countries is expected to support the growth of the EPS market in the region in the coming years. Also, growing sales of premium cars in China is driving the APAC electronic power steering market.
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.
The electronic power steering market in APAC is expected to grow from US$ 26,704.59 million in 2019 to US$ 28,933.30 million by 2027; it is estimated to grow at a CAGR of 4.1% from 2020 to 2027. The electric vehicles (EV) have the lowest energy consumption as they operate through battery that uses intrinsically higher efficiency of electric motors as compared with internal combustion engines. Several manufacturers in APAC are focusing on ensuring the newly registered EU fleet to limit with the average CO2 emissions per km by 2030, as penalties would be issued for noncompliance. The selling of EVs offers the original equipment manufacturers (OEMs) the opportunity to meet their targets with extra credits and make compliance easier by reducing the limit’s stringency by up to 5%. For instance, in 2019, Japan sanctioned a rule to tighten its fuel economy standards for light duty vehicle (LDVs) through 2030. This new standard requires the vehicles to corporate average fuel efficiency of about 3.95 L/100 km (WLTC test) by 2030. Therefore, growing implementation of standards by governments across APAC and mounting requirement of fuel-efficient vehicles is one of the significant factors driving the APAC electronic power steering (EPS) market.
In terms of type, the C-EPS segment led the APAC electronic power steering market in 2019. In terms of application, passenger cars segment led the APAC electronic power steering market in 2019.
A few major primary and secondary sources referred to for preparing this report on the electronic power steering market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG.
Some of the leading companies are:
The Asia Pacific Electronic Power Steering Market is valued at US$ 26,704.59 million in 2019, it is projected to reach US$ 28,933.30 million by 2027.
As per our report Asia Pacific Electronic Power Steering Market, the market size is valued at US$ 26,704.59 million in 2019, projecting it to reach US$ 28,933.30 million by 2027. This translates to a CAGR of approximately 4.1% during the forecast period.
The Asia Pacific Electronic Power Steering Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Electronic Power Steering Market report:
The Asia Pacific Electronic Power Steering Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Electronic Power Steering Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Electronic Power Steering Market value chain can benefit from the information contained in a comprehensive market report.
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