Key Findings
The Asia-Pacific automotive steering system market is projected to progress with a CAGR of 5.77% over the estimated years of 2021 to 2028. The region’s market growth is reinforced by the rise in road network development, the presence of several market leaders investing in electric mobility services, as well as the availability of cost-competitive workforces and raw materials for the manufacture of automotive steering systems.

Market Insights
The Asia-Pacific automotive steering system market growth assessment constitutes the evaluation of South Korea, Thailand, Japan, Indonesia, India, China, Vietnam, and Rest of Asia-Pacific. In 2017, the automotive industry in South Korea ranked sixth globally in terms of production. As one of the largest automotive exporters since the 1990s, driven by top South Korean car brands, the country has continued to be one of the leading automotive manufacturers across the globe. As of 2021, South Korea’s automotive industry is one of the most integral sectors as well as a key factor propelling the country’s economic growth. In this regard, the sector contributes more than 10% to the total gross domestic product (GDP) in South Korea annually, according to industry sources.
In addition, following Thailand, Indonesia has become the second-largest producer of motor vehicles across the ASEAN (Association of Southeast Asian Nations). Low motorization rates and low labor costs have played a vital role in increasing the number of car manufacturers in the country, including General Motors, Nissan, and Toyota. Hence, these factors are anticipated to fuel the Asia-Pacific automotive steering system market growth during the forecast period.

Competitive Insights
Leading companies operating in the market are JTEKT Corporation, China Automotive Systems Inc, Hitachi Astemo Ltd, etc.
Our report offerings include:

  • Explore key findings of the overall market
  • Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
  • Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
  • Market Segmentation cater to a thorough assessment of key segments with their market estimations
  • Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
  • Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
  • Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
  • Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments