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

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    Report

  • May 2021
  • Region: Asia Pacific
  • The Insight Partners
  • ID: 5331784
UP TO OFF until Mar 15th 2023
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.

Reasons to Buy
  • To understand the Asia Pacific Automotive Steering System Market landscape and identify market segments that are most likely to guarantee a strong return
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for Asia Pacific Automotive Steering System Market
  • Efficiently plan Asia Pacific and partnership deals in Asia Pacific Automotive Steering System Market by identifying market segments with the most promising probable sales
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Asia Pacific Automotive Steering System Market
  • Obtain market revenue forecast for market by various segments from 2021-2028 in Asia Pacific region.
Frequently Asked Questions about the Asia-Pacific Automotive Steering System Market

What is the estimated value of the Asia-Pacific Automotive Steering System Market?

The Asia-Pacific Automotive Steering System Market was estimated to be valued at $11448.33 Million in 2020.

What is the growth rate of the Asia-Pacific Automotive Steering System Market?

The growth rate of the Asia-Pacific Automotive Steering System Market is 4.9%, with an estimated value of $16428.99 Million by 2028.

What is the forecasted size of the Asia-Pacific Automotive Steering System Market?

The Asia-Pacific Automotive Steering System Market is estimated to be worth $16428.99 Million by 2028.

Who are the key companies in the Asia-Pacific Automotive Steering System Market?

Key companies in the Asia-Pacific Automotive Steering System Market include China Automotive Systems, Inc., Hitachi Automotive Systems Americas, Inc., Hyundai Mobis, JTEKT Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, Showa Corporation and ThyssenKrupp AG.

Table of Contents

1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Automotive Steering System Market - By Type
1.3.2 APAC Automotive Steering System Market - By Vehicle Type
1.3.3 APAC Automotive Steering System Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Automotive Steering System Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Automotive Steering System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Strict Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Escalating 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 Assimilation of Technologically Advanced EPS Systems in Commercial Vehicles
5.4 Future Trends
5.4.1 Increase in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market -APAC Analysis
6.1 APAC Automotive Steering System Market Overview
6.2 APAC Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
7. APAC Automotive Steering System Market Analysis - By Type
7.1 Overview
7.2 APAC 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: 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: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8. APAC Automotive Steering System Market Analysis - By Vehicle Type
8.1 Overview
8.2 APAC Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
8.3 Passenger cars
8.3.1 Overview
8.3.2 Passenger Cars: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.3.2.1 Automotive Steering System Market, by Passenger Car Types- Revenue and Forecast to 2028 (US$ Mn)
8.4 Commercial Vehicles
8.4.1 Overview
8.4.2 Commercial Vehicles: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.4.2.1 Automotive Steering System Market, by Commercial Vehicle Types- Revenue and Forecast to 2028 (US$ Mn)
9. APAC Automotive Steering System Market - Country Analysis
9.1 Overview
9.1.1 APAC: Automotive Steering System Market, by Key Country
9.1.1.1 China: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 China: Automotive Steering System Market, by Type
9.1.1.1.2 China: Automotive Steering System Market, by Vehicle Type
9.1.1.1.3 China: Automotive Steering System Market, by Passenger Cars
9.1.1.1.4 China: Automotive Steering System Market, by Commercial Vehicles
9.1.1.2 India: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 India: Automotive Steering System Market, by Type
9.1.1.2.2 India: Automotive Steering System Market, by Vehicle Type
9.1.1.2.3 India: Automotive Steering System Market, by Passenger Cars
9.1.1.2.4 India: Automotive Steering System Market, by Commercial Vehicles
9.1.1.3 Japan: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Japan: Automotive Steering System Market, by Type
9.1.1.3.2 Japan: Automotive Steering System Market, by Vehicle Type
9.1.1.3.3 Japan: Automotive Steering System Market, by Passenger Cars
9.1.1.3.4 Japan: Automotive Steering System Market, by Commercial Vehicles
9.1.1.4 South Korea: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 South Korea: Automotive Steering System Market, by Type
9.1.1.4.2 South Korea: Automotive Steering System Market, by Vehicle Type
9.1.1.4.3 South Korea: Automotive Steering System Market, by Passenger Cars
9.1.1.4.4 South Korea: Automotive Steering System Market, by Commercial Vehicles
9.1.1.5 Rest of APAC: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Rest of APAC: Automotive Steering System Market, by Type
9.1.1.5.2 Rest of APAC: Automotive Steering System Market, by Vehicle Type
9.1.1.5.3 Rest of APAC: Automotive Steering System Market, by Passenger Cars
9.1.1.5.4 Rest of APAC: Automotive Steering System Market, by Commercial Vehicles
10. APAC Automotive Steering System Market- COVID-19 Impact Analysis
10.1 Overview
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
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 Automotive Systems 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
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 Corporation
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 The Mando Corporation
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 Robert Bosch GmbH
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 Showa Corporation
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 ThyssenKrupp AG
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 Publisher
13.2 Word Index
List of Tables
Table 1. APAC Automotive Steering System Market - Revenue, and Forecast to 2028 (US$ Million)
Table 2. APAC Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (USD Million)
Table 3. APAC Automotive Steering System Market, by Commercial Vehicle Types - Revenue and Forecast to 2028 (USD Million)
Table 4. China: Automotive Steering System Market, by Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. China: Automotive Steering System Market, by Vehicle Type - Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Automotive Steering System Market, by Commercial Vehicles - Revenue and Forecast to 2028 (US$ Million)
Table 8. India: Automotive Steering System Market, by 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 Vehicle Type - Revenue and Forecast to 2028 (US$ Million)
Table 14. Japan: Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (US$ Million)
Table 15. Japan: Automotive Steering System Market, by Commercial Vehicles - Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea: Automotive Steering System Market, by Type - Revenue and Forecast to 2028 (US$ Million)
Table 17. South Korea: Automotive Steering System Market, by Vehicle Type - Revenue and Forecast to 2028 (US$ Million)
Table 18. South Korea: Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (US$ Million)
Table 19. South Korea: Automotive Steering System Market, by Commercial Vehicles - Revenue and Forecast to 2028 (US$ Million)
Table 20. Rest of APAC: Automotive Steering System Market, by Type - Revenue and Forecast to 2028 (US$ Million)
Table 21. Rest of APAC: Automotive Steering System Market, by Vehicle Type - Revenue and Forecast to 2028 (US$ Million)
Table 22. Rest of APAC: Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of APAC: Automotive Steering System Market, by Commercial Vehicles - Revenue and Forecast to 2028 (US$ Million)
Table 24. List of Abbreviation
List of Figures
Figure 1. APAC Automotive Steering System Market Segmentation
Figure 2. APAC Automotive Steering System Market Segmentation - By Country
Figure 3. APAC Automotive Steering System Market Overview
Figure 4. Electronic Power Steering Segment Held the Largest Market Share in 2020
Figure 5. Passenger Cars Segment Held the Largest Market Share in 2020
Figure 6. China was the Largest Revenue Contributor in 2020
Figure 7. APAC - PEST Analysis
Figure 8. Expert Opinions
Figure 9. APAC Automotive Steering System Market Impact Analysis of Drivers and Restraints
Figure 10. APAC Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 11. APAC Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 12. APAC Electronic Power Steering: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 13. APAC Hydraulic Power Steering: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 14. APAC Electro-Hydraulic Power Steering: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 15. APAC Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)
Figure 16. APAC Passenger Cars: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 17. APAC Commercial Vehicles: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 18. APAC: Automotive Steering System Market Revenue Share, By Key Country -Revenue 2020 (US$ Million)
Figure 19. APAC: Automotive Steering System Market Revenue Share, By Key Country (2020 &2028)
Figure 20. China: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. India: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Japan: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 23. South Korea: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. Rest of APAC: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. Impact of COVID-19 Pandemic in APAC Country Markets

Companies Mentioned

A selection of companies mentioned in this report includes:

  • China Automotive Systems, Inc.
  • Hitachi Automotive Systems Americas, Inc.
  • Hyundai Mobis
  • JTEKT Corporation
  • Nexteer Automotive
  • NSK Ltd.
  • Robert Bosch GmbH
  • Showa Corporation
  • The Mando Corporation
  • ThyssenKrupp AG