Japan Automotive EPS Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 10.06% from 2023 to 2033.
• The Japan Automotive EPS Market Size is Expected to Hold a Significant Share By 2033.

The Japan Automotive EPS Market Size is Expected to Hold a Significant Share by 2033, at a CAGR of 10.06% during the forecast period 2023 to 2033.

Market Overview

Electric power steering (EPS) is an essential technology for highly automated driving. The driver applies steering force, which is measured by electronic sensors and amplified to facilitate easier steering with the aid of an electric motor. The EPS satisfies the specifications for light commercial vehicles and small, mid-range sports cars. The steering of the car is managed by an electric motor in the EPS. With the use of an electric motor, the EPS regulates and assists with vehicle steering while delivering a smooth and comfortable steering experience. In the event of an error, the latest generation of control units offers serity. The Japanese economy is expanding, as is the disposable income of middle-class consumers. This in turn has a positive impact on the rising demand for automobiles. Since the low cost of production in the nation, the production of vehicles has increased dramatically over the forecast period. The market for electric power steering component sales is expanding as a result of the increase in vehicle production. In addition, in an effort to boost automobile sales, the Japanese government has lowered automobile taxes. Furthermore, the market is expected to be driven by a growing trend in luxury vehicles and a high demand for cutting-edge technology with the most safety features possible during the forecast period in Japan.

Report Coverage

This research report categorizes the market for Japan automotive EPS market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan automotive EPS market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Japan automotive EPS market.

Driving Factors

The Japanese economy is expanding, and middle-class consumers' disposable income is rising. This in turn has a positive impact on the rising demand for automobiles. Because of the low cost of production in the nation, the production of vehicles has increased dramatically over the last five years. The market for electric power steering component sales is expanding as a result of the increase in vehicle production. In addition, in an effort to boost automobile sales, the Japanese government has lowered automobile taxes. In additional, manufacturers are constantly investing in R&D to improve the performance and functionality of EPS. As a result, next-generation EPS systems are becoming more dependable, responsive, and adaptable to changing driving conditions. Thus, such factors are boosting the market growth in the forecast period.

Restraining Factors

Electric power steering systems are in high demand, but there are still some challenges in this market. The lack of steering feel and higher cost of EPS in comparison to traditional steering systems may hamper the market growth in Japan.

Market Segment

• In 2023, the pinion assist type (PEPS) segment accounted for the largest revenue share over the forecast period.

Based on the product type, the Japan automotive EPS market is segmented into rack assist type (REPS), colum assist type (CEPS), pinion assist type (PEPS). Among these, the pinion assist type (PEPS) segment has the largest revenue share over the forecast period. The Pinion Type allows for greater design flexibility in positioning the motor, controller, and assist mechanism on the opposite side of the vehicles under hood from the driver. With dual pinion EPS, a secondary pinion can be optimized for assistance while the primary pinion can be tuned for vehicle dynamics and performance.

• In 2023, the commercial vehicle segment accounted for the largest revenue share over the forecast period.

On the basis of vehicle type, the Japan automotive EPS market is segmented into passenger car, and commercial vehicle. Among these, the commercial vehicle segment has the largest revenue share over the forecast period. Electric power steering provides variable power, excellent steering control, and lower fuel consumption. As a result, commercial vehicles are gradually using electric power steering more often. A passenger car's single-motor driving electric power system would not be sufficient to power and torque a commercial vehicle because of the structural and performance requirements that are different for commercial vehicles.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan automotive EPS market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ATS Automation Tooling Systems Inc.
• Mitsubishi Electric Corporation
• Nexteer Automotive
• NSK Ltd.
• Delphi Automotive Systems
• GKN PLC
• Hyundai Mobis Co
• Infineon Technologies
• JTEKT Corporation
• Mando Corporation
• Hitachi Automotive Systems

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Japan automotive EPS market based on the below-mentioned segments:

Japan Automotive EPS Market, By Product Type

• Rack Assist Type (REPS)
• Colum Assist Type (CEPS)
• Pinion Assist Type (PEPS)

Japan Automotive EPS Market, By Vehicle Type

• Passenger Car
• Commercial Vehicle