Japan Automotive Electric Powered Steering Systems Market was valued at USD 6.7 Billion in 2022 and is projected to reach USD 10.6 Billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030.
The Japan Automotive Electric Powered Steering Systems Market has witnessed significant growth in recent years, with the automotive industry increasingly shifting toward more sustainable and efficient technologies. Electric powered steering systems, known for offering superior fuel efficiency, reduced weight, and improved handling, have become a crucial component in modern vehicles. The demand for these systems is projected to grow as the Japanese automotive sector embraces advancements in electric mobility and autonomous vehicle technology.
Among the various types of steering systems, Electric Power Steering (EPS) dominates the market. EPS systems use electric motors to assist with steering instead of hydraulic pumps, offering several advantages such as reduced energy consumption, lower emissions, and fewer mechanical components. This shift toward EPS systems is in response to Japan's stringent environmental regulations and the growing demand for electric vehicles (EVs).
Industries are increasingly relying on electric powered steering systems to meet their sustainability goals while enhancing vehicle performance. For manufacturers, EPS systems offer a significant reduction in vehicle weight, which directly contributes to better fuel efficiency and lower CO2 emissions. The automotive industry is embracing this technology, with major Japanese carmakers like Toyota, Honda, and Nissan leading the charge in incorporating electric steering solutions into their new models.
As the automotive landscape continues to evolve, the need for high-quality and durable EPS systems has never been higher. Japan's stringent safety standards and technological advancements push manufacturers to continually innovate and provide superior solutions that align with market demands. The rise of electric vehicles, in particular, has heightened the necessity for reliable and energy-efficient steering systems to meet the performance and environmental expectations of consumers.
In summary, the Japan Automotive Electric Powered Steering Systems Market is poised for substantial growth as demand for cleaner, more efficient technologies continues to rise. The automotive industry's shift toward electric and autonomous vehicles is directly influencing the evolution of steering systems, positioning EPS as a key enabler of future automotive innovations.
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Nexteer Automobile
TRW
JTEKT Corporation
Bosch
NSK Motion&Control
Showa Corporation
Thyssenkrupp
Mando Corporation
Beijing Hainanchuan Automotive Parts Co.
Tri-ring Group
Elite Electro Mechanical
Zhejiang Shibao Holding Group
Hyundai MOBIS
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Japan Automotive Electric Powered Steering Systems Market
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
Luxury Vehicles
Column Assist Electric Power Steering (CEPS)
Pinion Assist Electric Power Steering (PEPS)
Rack Assist Electric Power Steering (REPS)
Steering Column
Electric Motor
Power Control Unit
Torque Sensor
Controller
OEM (Original Equipment Manufacturer)
Aftermarket
Hydraulic Power Steering (HPS)
Electric Power Steering (EPS)
Electro-Hydraulic Power Steering (EHPS)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the Japan Automotive Electric Powered Steering Systems Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Japan Automotive Electric Powered Steering Systems Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Japan Automotive Electric Powered Steering Systems Market, By Type
6. Japan Automotive Electric Powered Steering Systems Market, By Application
7. Japan Automotive Electric Powered Steering Systems Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. Japan Automotive Electric Powered Steering Systems Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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