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China Electric Power Steering Market Size (2024 - 2029)

The market size of the China Electric Power Steering sector is experiencing significant growth, driven by factors such as increased vehicle ownership, technological advancements, and a burgeoning middle-class with higher disposable incomes. The expansion of vehicle production in China, supported by low production costs and favorable government tax policies, is further propelling the demand for electric power steering systems. Additionally, the rising interest in self-driving vehicles, which benefit from the reduced weight and enhanced fuel efficiency offered by electric power steering, is contributing to the market's momentum.

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Market Size of China Electric Power Steering Industry

China Electric Power Steering Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 12.95 %
Market Concentration Medium

Major Players

China Electric Power Steering Market Key Players

*Disclaimer: Major Players sorted in no particular order

China Electric Power Steering Market Analysis

China Automotive Electric Power Steering Market is anticipated to register a CAGR of about 12.95% during the forecast period (2020 - 2025).

Automotive EPS Motor is an integral component, due to its basic functionality of allowing the driver to steer the car by augmenting steering efforts needed to turn the steering wheel. Factors such as extensive ownership of personal vehicles and growing technological advancements will see the rise of the EPS market.

The Chinese economy is growing, and the disposable income of middle-class consumers is also increasing. This, in turn, reflects positively on the growing demand for vehicles. Over the past five years, vehicle production has gone up drastically due to the low production costs in the country. Due to the hike in vehicle production, the electric power steering component market is also gaining momentum. Moreover, the Chinese government has also cut down the taxes on cars, to increase cars' sales.

The rising popularity of self-driving vehicles has fueled demand for the electric power steering system. Vehicles that are equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.

China Electric Power Steering Industry Segmentation

The China Electric Power Steering Market report covers the latest technology trends and provides an analysis of various areas of the market demand by EPS type, application, and demand category. The market share of major EPS manufacturing companies in China will be provided in the report.

Vehicle Type
Passenger Car
Commercial Vehicle
Product Type
By Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)
Demand Category
OEM
Replacement
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China Electric Power Steering Market Size Summary

The China Electric Power Steering (EPS) market is experiencing significant growth, driven by the increasing ownership of personal vehicles and advancements in automotive technology. The EPS system, which enhances steering efforts and improves driving comfort, is becoming more popular due to its benefits such as reduced vehicle weight and improved fuel efficiency. The growing demand for self-driving vehicles further propels the adoption of EPS, as these systems are integral to the automation and efficiency of modern vehicles. The Chinese government's initiatives, including tax reductions and subsidies, aim to boost vehicle sales, thereby supporting the expansion of the EPS market. Despite challenges in meeting diverse power requirements for different vehicle types, innovations in sensor technologies and ECU components are enhancing the functionality and appeal of EPS systems.

The Chinese automotive market is poised for growth, with an anticipated increase in vehicle production and sales, which will, in turn, drive the demand for EPS. Currently, a significant portion of passenger cars in China are not equipped with EPS, presenting a substantial opportunity for market expansion. The market is consolidated with key players like JTEKT, NSK Ltd., ZF TRW, and Nexteer Automotive, who are actively engaging in partnerships and technological advancements to maintain their competitive edge. The implementation of EPS is expected to rise, supported by stringent government regulations on fuel efficiency and ongoing efforts to enhance vehicle performance and driver experience. As the market evolves, the focus on cost-effective and flexible EPS solutions will be crucial in catering to a wide range of vehicle models, from SUVs to compact cars.

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China Electric Power Steering Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porters Five Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Vehicle Type

      1. 2.1.1 Passenger Car

      2. 2.1.2 Commercial Vehicle

    2. 2.2 Product Type

      1. 2.2.1 By Rack assist type (REPS)

      2. 2.2.2 Colum assist type (CEPS)

      3. 2.2.3 Pinion assist type (PEPS)

    3. 2.3 Demand Category

      1. 2.3.1 OEM

      2. 2.3.2 Replacement

China Electric Power Steering Market Size FAQs

The China Electric Power Steering Market is projected to register a CAGR of 12.95% during the forecast period (2024-2029)

JTEKT Corp. , Nexteer Automotive , ZF / TRW , Bosch Corporation and NSK are the major companies operating in the China Electric Power Steering Market.

China Electric Power Steering Report Snapshots

China Electric Power Steering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)