Asia Pacific Electric Power Steering Market – Industry Analysis and Market Forecast (2019-2026)

Asia Pacific Electric Power Steering Market size was valued US$ 25.10 Bn in 2019 and is expected to grow XX Bn in 2026 at a CAGR of XX % over the forecast period. Asia Pacific Electric power steering market

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

The electronic power steering market is firstly dependent on the automobile manufacturing sector. Further, research and development activities by various automotive firms are one of the driving factors of the Asia Pacific electronic power steering market. Developments of the sophisticated and robust steering mechanism are estimated to fuel up the Asia Pacific electronic power steering market.

Drivers and Restraints:

Asia Pacific electric power steering market has a regulatory push towards efficient technologies. Global measures by OEMs to decrease the complexity and weight of vehicles and growing the vehicle production that has the driver of the Asia pacific electric power steering market. Also has restrained which are, high cost of EPS as compared to traditional steering systems and Lack of the steering feel.

Challenges:

Maintaining electronic power steering market against steer-by-wire technology and autonomous vehicles without steering wheels this is the challenges over the Asia Pacific electric power steering market.

According to the type segment, CEPS is dominating the electric power steering market. Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that include lesser space in the engine room as the power help unit is located in the cabin. This system integrates the system electronics (motor, controller, and sensor) and the help mechanism with the steering column. Nearby 60% of vehicles that have an EPS system feature CEPS steering systems.

In terms of the electric vehicle, the Electric power steering market for hybrid electric vehicles (HEV) is estimated to grow at the highest CAGR of XX% during the forecast period. The growth of the HEV segment can be attributed to the engine structure of the vehicle, which merges a conventional internal combustion engine (ICE) system with an electric propulsion system. Also, the growing sales of HEVs in the Asia Pacific region are driving the growth of electric power steering systems in these vehicles.

The objective of the report is to present a comprehensive analysis of the Asia Pacific Electric Power Steering Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Region.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Asia Pacific Electric Power Steering Market dynamics, structure by analyzing the market segments and project the Asia Pacific Electric Power Steering Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Asia Pacific Electric Power Steering Market make the report investor’s guide.

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Scope of the Asia Pacific Electric power steering Market

Asia Pacific Electric power steering Market, by Type

• REPS
• CEPS
• PEPS
Asia Pacific Electric power steering Market, by Application

• Passenger car
• Commercial car
Asia Pacific Electric power steering Market, by Electric vehicle

• BEV
• PHEV
• HEV
Asia Pacific Electric power steering Market, By Country

• China
• Japan
• India
• South Korea
• Australia
• New Zealand
• Rest of Asia Pacific
Key players operating on the Asia Pacific Electric power steering Market are

• Mando Corporation (South Korea)
• Robert Bosch GmbH (Germany)
• Mitsubishi Electric Corporation (Japan)
• Showa Corporation (Japan)
• JTEKT Corporation (Japan)
• Sona Koyo Steering Systems Ltd. (India)
• Hyundai Mobis (South Korea)
• NSK Ltd. (Japan)
• Thyssenkrupp AG (Germany).

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