Asia Pacific Active Power Steering Market Size & Outlook
The active power steering market in Asia Pacific is expected to reach a projected revenue of US$ 8,357.0 million by 2030. A compound annual growth rate of 16% is expected of Asia Pacific active power steering market from 2024 to 2030.
Revenue, 2023 (US$M)
$2,963.2
Forecast, 2030 (US$M)
$8,357.0
CAGR, 2024 - 2030
16%
Report Coverage
Asia Pacific
Asia Pacific active power steering market, 2018-2030 (US$M)
Asia Pacific active power steering market highlights
- The Asia Pacific active power steering market generated a revenue of USD 2,963.2 million in 2023.
- The market is expected to grow at a CAGR of 16% from 2024 to 2030.
- In terms of segment, electric power steering system was the largest revenue generating type in 2023.
- Electric Power Steering System is the most lucrative type segment registering the fastest growth during the forecast period.
Asia Pacific data book summary
| Market revenue in 2023 | USD 2,963.2 million |
| Market revenue in 2030 | USD 8,357.0 million |
| Growth rate | 16% (CAGR from 2023 to 2030) |
| Largest segment | Electric power steering system |
| Fastest growing segment | Electric Power Steering System |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric Power Steering System |
| Key market players worldwide | Ognibene Power, Robert Bosch Engineering & Business Solutions, Knorr-Bremse AG Bearer Shares, Volvo AB Class B, ZF Group, NSK Ltd, Nexteer Automotive Group Ltd, Volkswagen AG, JTEKT Corp, Thyssenkrupp AG |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 28.1% of the global active power steering market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 8,357.0 million by 2030.
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Active Power Steering Market Scope
Active power steering market segmentation & scope
Electric Power Steering System
Hydraulic Power Steering System
Electro-Hydraulic Power Steering System
Application
Passenger Car
Commercial Car
Countries
U.S.
Canada
Mexico
Germany
UK
France
Italy
Spain
Denmark
Sweden
Norway
China
Japan
India
Australia
South Korea
Thailand
Brazil
Argentina
South Africa
Saudi Arabia
UAE
Kuwait
Active Power Steering Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Asia Pacific active power steering market
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Related regional statistics
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