PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1670477
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1670477
Global Active Power Steering Market Size Study, by Type (Electric Power Steering System, Hydraulic Power Steering System), by Application (Passenger Car, Commercial Vehicle), and Regional Forecasts 2022-2032
The Global Active Power Steering Market is valued at approximately USD 10.55 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.5% over the forecast period 2024-2032. The increasing demand for advanced vehicle technologies, coupled with stringent government regulations regarding fuel efficiency and emissions, is driving the growth of the active power steering (APS) market. Active power steering systems, particularly electric power steering systems (EPS), are considered a key enabler of improved vehicle performance, greater fuel efficiency, and enhanced safety features. These systems utilize electric motors and advanced sensors to provide precise control, thereby enhancing the driving experience and reducing fuel consumption.
The rise in the adoption of electric vehicles (EVs) is also a significant factor driving the market growth. EPS systems, which offer improved fuel efficiency and are more compact compared to traditional hydraulic systems, are becoming increasingly favored for EVs. Additionally, the automotive industry's focus on lightweight materials and energy-efficient solutions is contributing to the market's expansion. The increasing use of automated driving technologies and the growing emphasis on reducing carbon footprints are further boosting demand for active power steering systems. However, the high cost of advanced steering systems and challenges associated with their integration into existing vehicle platforms may act as a constraint on the market's growth during the forecast period.
North America holds a significant share of the active power steering market, driven by the presence of leading automakers and the high demand for passenger vehicles. The U.S. is the dominant player in this region, with manufacturers focusing on improving vehicle safety and fuel efficiency through the integration of advanced steering technologies. Europe is also witnessing substantial growth, particularly in countries like Germany, France, and the UK, where the automotive industry is adopting more innovative and efficient solutions. The Asia-Pacific region is expected to grow at the fastest rate due to the increasing automotive production in emerging markets such as China and India, coupled with the rising demand for fuel-efficient and technologically advanced vehicles. Meanwhile, the Middle East & Africa and Latin America regions are also witnessing gradual growth, supported by expanding automotive markets and improving infrastructure.
Major Market Players Included in This Report Are:
- ZF Friedrichshafen AG
- JTEKT Corporation
- Nexteer Automotive
- Robert Bosch GmbH
- TRW Automotive
- Mitsubishi Electric Corporation
- Hyundai Mobis
- Thyssenkrupp AG
- NSK Ltd.
- Hitachi Automotive Systems
- Delphi Automotive PLC
- Honda Motor Co., Ltd.
- Bosch Group
- Denso Corporation
- Continental AG
The Detailed Segments and Sub-segments of the Market Are Explained Below:
By Type:
- Electric Power Steering System (EPS)
- Hydraulic Power Steering System
By Application:
- Passenger Car
- Commercial Vehicle
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Years Considered for the Study:
- Historical Year - 2022, 2023
- Base Year - 2023
- Forecast Period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional-level analysis for each market segment.
- Detailed analysis of the geographical landscape with country-level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of the competitive structure of the market.
- Demand-side and supply-side analysis of the market.
Table of Contents
Chapter 1. Global Active Power Steering Market Executive Summary
- 1.1. Global Active Power Steering Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Active Power Steering Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Active Power Steering Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Increasing demand for advanced vehicle technologies
- 3.1.2. Stringent fuel efficiency and emission regulations
- 3.1.3. Rising adoption of electric vehicles (EVs)
- 3.2. Market Challenges
- 3.2.1. High cost of advanced steering systems
- 3.2.2. Integration challenges with existing vehicle platforms
- 3.3. Market Opportunities
- 3.3.1. Growing demand for fuel-efficient vehicles
- 3.3.2. Technological advancements in automated driving
- 3.3.3. Rising awareness of sustainability
Chapter 4. Global Active Power Steering Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top Investment Opportunity
- 4.4. Top Winning Strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Active Power Steering Market Size & Forecasts by Type (2022-2032)
- 5.1. Segment Dashboard
- 5.2. Global Active Power Steering Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 5.2.1. Electric Power Steering System (EPS)
- 5.2.2. Hydraulic Power Steering System
Chapter 6. Global Active Power Steering Market Size & Forecasts by Application (2022-2032)
- 6.1. Segment Dashboard
- 6.2. Global Active Power Steering Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 6.2.1. Passenger Car
- 6.2.2. Commercial Vehicle
Chapter 7. Global Active Power Steering Market Size & Forecasts by Region (2022-2032)
- 7.1. North America Active Power Steering Market
- 7.1.1. U.S. Active Power Steering Market
- 7.1.1.1. Type breakdown size & forecasts, 2022-2032
- 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Active Power Steering Market
- 7.1.1. U.S. Active Power Steering Market
- 7.2. Europe Active Power Steering Market
- 7.2.1. UK Active Power Steering Market
- 7.2.2. Germany Active Power Steering Market
- 7.2.3. France Active Power Steering Market
- 7.2.4. Spain Active Power Steering Market
- 7.2.5. Italy Active Power Steering Market
- 7.2.6. Rest of Europe Active Power Steering Market
- 7.3. Asia-Pacific Active Power Steering Market
- 7.3.1. China Active Power Steering Market
- 7.3.2. India Active Power Steering Market
- 7.3.3. Japan Active Power Steering Market
- 7.3.4. Australia Active Power Steering Market
- 7.3.5. South Korea Active Power Steering Market
- 7.3.6. Rest of Asia-Pacific Active Power Steering Market
- 7.4. Latin America Active Power Steering Market
- 7.4.1. Brazil Active Power Steering Market
- 7.4.2. Mexico Active Power Steering Market
- 7.4.3. Rest of Latin America Active Power Steering Market
- 7.5. Middle East & Africa Active Power Steering Market
- 7.5.1. Saudi Arabia Active Power Steering Market
- 7.5.2. South Africa Active Power Steering Market
- 7.5.3. Rest of Middle East & Africa Active Power Steering Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.1.1. ZF Friedrichshafen AG
- 8.1.2. JTEKT Corporation
- 8.1.3. Nexteer Automotive
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. ZF Friedrichshafen AG
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. JTEKT Corporation
- 8.3.3. Nexteer Automotive
- 8.3.4. Robert Bosch GmbH
- 8.3.5. TRW Automotive
- 8.3.6. Mitsubishi Electric Corporation
- 8.3.7. Hyundai Mobis
- 8.3.8. Thyssenkrupp AG
- 8.3.9. NSK Ltd.
- 8.3.10. Hitachi Automotive Systems
- 8.3.1. ZF Friedrichshafen AG
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes
