vehicles, is expected to increase, especially in North America. EPS systems have completely replaced
manual and hydraulic steering systems in passenger cars in developed as well as developing countries.
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Asia-Oceania: Fastest growing market for steering systems
Asia-Oceania comprises some of the fastest growing economies in the world, including China, India, and
Indonesia. The region has the highest vehicle production in the world, due to its sizable population and
increasing disposable income. The growing population, increase in per capita income, and improving
standard of living have contributed to the growth of the automotive industry in Asia-Pacific. China the
key automotive market in this region produces the highest number of passenger cars in the world. Given
that the steering market is directly dependent on vehicle production, Asia-Oceania has emerged as the
fastest growing market for steering systems, in terms of value as well as volume.
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