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Asia-Pacific Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type

Asia-Pacific Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type

  • May 2021
  • 97 pages
  • ID: 6075622
  • Format: PDF
  • The Insight Partners

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The automotive steering system market in APAC is expected to grow from US$ 11,448.33 million in 2020 to US$ 16,428.99 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The APAC automotive industry has reacted to the demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand. Owing to the versatility of electric power steering, many manufacturers are working on integrating it with other smart systems already in use in ADAS to increase vehicle safety and enhance the driving experience. This is further driving the demand for APAC automotive steering systems. Increase in integration of EPS and advanced driver-assistance systems (ADAS) is among the other factors expected to positively influence the demand for automotive steering systems.

The passenger cars segment led the APAC automotive steering system market based on vehicle type in 2020.Passenger cars are vehicles with at least four wheels that are used to carry passengers and have no more than eight seats in addition to the driver’s seat.

The rise in disposable income among the global population is influencing the rise in demand for passenger cars across the globe.For instance, according to the data published by the International Organization of Motor Vehicle Manufacturers, out of 77,971,234 cars sold in 2020, 68% accounted for the sales of passenger cars.

Passenger cars are further divided into Class A Market, Class B Market, Class C Market, Class D Market, Class E Market, Class F Market, SUV Market, and MPV Market.The above classification various from region to region.

For instance, in the US, Class A passenger vehicles refer to mini compact cars, while in Europe they refer to mini cars. Similarly, Class B in the US refers to subcompact cars, while in Europe it refers to small cars. Thus, the rising demand for various classes of passenger cars across all income groups is boosting the need for automotive steering systems.

The governments in Asia Pacific are taking possible steps to reduce the effects of COVID-19 outbreak by announcing lockdowns, which will impact the revenue generated by the market.China and India are among the leading manufacturing sectors in the region, and they are 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 toward the slowdown in the growth of the automotive steering system market.

The lockdown has severely affected 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. However, China has been able to stabilize its spread of COVID-19, and industries are up and running. This embarks a positive sign toward the stabilization of the automotive steering system market.

The overall APAC automotive steering system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the APAC automotive steering system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC 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; and ThyssenKrupp AG are among the key players operating in the APAC automotive steering system market.
The automotive steering system market in APAC is expected to grow from US$ 11,448.33 million in 2020 to US$ 16,428.99 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The APAC automotive industry has reacted to the demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand. Owing to the versatility of electric power steering, many manufacturers are working on integrating it with other smart systems already in use in ADAS to increase vehicle safety and enhance the driving experience. This is further driving the demand for APAC automotive steering systems. Increase in integration of EPS and advanced driver-assistance systems (ADAS) is among the other factors expected to positively influence the demand for automotive steering systems.

The passenger cars segment led the APAC automotive steering system market based on vehicle type in 2020.Passenger cars are vehicles with at least four wheels that are used to carry passengers and have no more than eight seats in addition to the driver’s seat.

The rise in disposable income among the global population is influencing the rise in demand for passenger cars across the globe.For instance, according to the data published by the International Organization of Motor Vehicle Manufacturers, out of 77,971,234 cars sold in 2020, 68% accounted for the sales of passenger cars.

Passenger cars are further divided into Class A Market, Class B Market, Class C Market, Class D Market, Class E Market, Class F Market, SUV Market, and MPV Market.The above classification various from region to region.

For instance, in the US, Class A passenger vehicles refer to mini compact cars, while in Europe they refer to mini cars. Similarly, Class B in the US refers to subcompact cars, while in Europe it refers to small cars. Thus, the rising demand for various classes of passenger cars across all income groups is boosting the need for automotive steering systems.

The governments in Asia Pacific are taking possible steps to reduce the effects of COVID-19 outbreak by announcing lockdowns, which will impact the revenue generated by the market.China and India are among the leading manufacturing sectors in the region, and they are 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 toward the slowdown in the growth of the automotive steering system market.

The lockdown has severely affected 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. However, China has been able to stabilize its spread of COVID-19, and industries are up and running. This embarks a positive sign toward the stabilization of the automotive steering system market.

The overall APAC automotive steering system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the APAC automotive steering system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC 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; and ThyssenKrupp AG are among the key players operating in the APAC automotive steering system market.

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