Asia-pacific Automotive Electric Power Steering Market Forecast 2022-2030

Asia-pacific Automotive Electric Power Steering Market Forecast 2022-2030

KEY FINDINGS

The Asia-Pacific automotive electric power steering market is estimated to record a 4.59% CAGR during the forecast years 2022 and 2030. Due to the presence of leading manufacturers, skilled labor, and special economic zones, market growth is expected to surge during the forecast period.

MARKET INSIGHTS

The Asia-Pacific automotive electric power steering market growth evaluation includes the analysis of Thailand, Japan, Indonesia, China, India, South Korea, Taiwan, Vietnam, Malaysia, and Rest of Asia-Pacific. The South Korean automotive industry remains one of the most important sectors in the country and a key factor toward economic growth. Various manufacturing companies are investing heavily to ramp up facilities for electric cars and other eco-friendly vehicles, posting a high revenue turnover in the past years.

On the other hand, Thailand is the leading vehicular producer in South East Asia. In February 2022, the government of Thailand announced that it would offer subsidies ranging from $1911 to $4097 depending on the kind and model of the vehicle to stimulate domestic electric vehicle manufacturing and supply between 2022 and 2025. The subsidies are expected to benefit electric power steering systems as they are increasingly used in EV vehicles.

Similarly, Vietnam’s Ministry of Finance proposed a tax policy in November 2021 to lower or remove taxes on domestically produced car components, lowering total production costs. This policy encourages investment in the country’s vehicle industry. Also, Vietnam’s automobile industry has grown significantly in the last few years owing to the country’s fast-growing middle class and increasing disposable income, which has significantly fueled automobile expenditures.

COMPETITIVE INSIGHTS

Some key market players include NSK Ltd, JTEKT Corporation, Hyundai Mobis, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments