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Japan Automotive EPS Market Size (2024 - 2029)

The Japan Automotive Electric Power Steering (EPS) market is experiencing significant growth, driven by factors such as increased vehicle ownership, technological advancements, and a growing economy. The rise in vehicle production, supported by low production costs and favorable government tax policies, is contributing to the expansion of the EPS market. Additionally, the growing popularity of self-driving vehicles is boosting demand for EPS systems, which offer benefits like reduced weight and improved fuel efficiency.

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Market Size of Japan Automotive EPS Industry

Japan Automotive EPS Market
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

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*Disclaimer: Major Players sorted in no particular order

Japan Automotive EPS Market Analysis

Japan 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 Japanese 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 Japanese government has also cut down the taxes on cars, to increase cars' sales.

The rising popularity of self-driving vehicles is fueling the 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.

Japan Automotive EPS Industry Segmentation

The Japan Electric Power Steering EMarket 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 Japan 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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Japan Automotive EPS Market Size Summary

The Japan Automotive Electric Power Steering (EPS) market is experiencing significant growth, driven by factors such as the increasing ownership of personal vehicles and advancements in technology. The EPS system, which enhances the driver's ability to steer by augmenting the necessary effort, is becoming more prevalent due to the rising demand for vehicles and the growing popularity of self-driving cars. The Japanese economy's expansion and the increase in disposable income among middle-class consumers are contributing to the heightened demand for vehicles, thereby boosting the EPS market. Additionally, the reduction in vehicle production costs and government initiatives to lower car taxes are further propelling the market's growth. The EPS system's benefits, such as reduced vehicle weight and improved fuel efficiency, are also attracting more consumers.

The Japanese automotive market, being one of the largest globally, is witnessing a shift towards EPS technology, which offers advantages like lower maintenance costs due to the absence of hoses and fluids. Despite less than 60% of passenger cars currently utilizing EPS, stringent government regulations on fuel efficiency are expected to drive further adoption. The market is characterized by a few key players, including Denso, JTEKT, NSK Ltd., ZF TRW, and Nexteer Automotive, who are engaging in strategic partnerships and product innovations to maintain a competitive edge. The EPS market's growth is also supported by advancements in electronic control units (ECUs) that enhance driving comfort and safety, aligning with Japan's goals for automated driving.

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Japan Automotive EPS 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

Japan Automotive EPS Market Size FAQs

The Japan Automotive EPS 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 Japan Automotive EPS Market.

Japan Automotive EPS Report Snapshots

Japan Automotive EPS Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)