Vietnam Electric Power Steering Market (2025-2031) Outlook | Share, Trends, Forecast, Revenue, Industry, Analysis, Size, Growth, Value & Companies

Vietnam Electric Power Steering Market Overview

The Vietnam Electric Power Steering (EPS) market is on an upward trajectory, driven by a growing emphasis on energy efficiency and advancements in automotive technology. Electric Power Steering systems are gaining preference over traditional hydraulic systems due to their fuel efficiency and responsive steering capabilities. As the automotive industry in Vietnam embraces eco-friendly solutions, the Electric Power Steering market is expected to witness continued growth, with automakers incorporating EPS technology in a range of vehicles.

Drivers of the Market

The Vietnam Electric Power Steering market is primarily driven by the quest for improved vehicle handling and fuel efficiency. Electric Power Steering (EPS) systems are known for their energy efficiency and the ability to adapt to different driving conditions. As environmental concerns grow, the demand for fuel-efficient vehicles equipped with EPS rises. Additionally, the convenience of EPS in parking and low-speed maneuvers contributes to its adoption. The increasing number of electric and hybrid vehicles in the market further amplifies the demand for EPS technology.

Challenges of the Market

The Vietnam electric power steering (EPS) market confronts challenges that shape its trajectory within the automotive sector. One significant hurdle is the high initial cost of integrating EPS systems into vehicles, impacting their affordability for a wide range of consumers. Moreover, concerns about the reliability and durability of EPS technology, especially in diverse driving conditions, pose challenges for market acceptance. The market also faces competition from traditional hydraulic power steering systems, which are perceived as more cost-effective by some consumers. Additionally, the need for skilled technicians for maintenance and repair of EPS systems creates challenges in aftermarket services. Striking a balance between cost, performance, and consumer trust is crucial for the sustained growth of the Vietnam electric power steering market.

COVID 19 Impact on the Market

The Electric Power Steering (EPS) market in Vietnam experienced notable disruptions due to the COVID-19 pandemic. The automotive sector faced challenges such as production halts, supply chain disruptions, and changes in consumer behavior, impacting the demand for EPS systems. With economic uncertainties and a cautious consumer base, the EPS market underwent changes in dynamics. Companies within the automotive industry adapted to the new normal, implementing strategies to recover from the setbacks and align with the evolving trends in the post-pandemic era.

Key Players in the Market

As the demand for electric power steering systems grows in Vietnam, key players have emerged as leaders in this sector. JTEKT Corporation, a global automotive components manufacturer, is recognized for its advanced electric power steering solutions. Nexteer Automotive, with a strong global presence, has been actively involved in supplying electric power steering systems to the Vietnamese market. Additionally, TRW Automotive Holdings Corp. has been a notable contributor to the adoption of electric power steering in Vietnam.

Key Highlights of the Report:

• Vietnam Electric Power Steering Market Outlook
• Market Size of Vietnam Electric Power Steering Market, 2024
• Forecast of Vietnam Electric Power Steering Market, 2031
• Historical Data and Forecast of Vietnam Electric Power Steering Revenues & Volume for the Period 2021-2031
• Vietnam Electric Power Steering Market Trend Evolution
• Vietnam Electric Power Steering Market Drivers and Challenges
• Vietnam Electric Power Steering Price Trends
• Vietnam Electric Power Steering Porter's Five Forces
• Vietnam Electric Power Steering Industry Life Cycle
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Type for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By CEPS for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By PEPS for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By REPS for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Mechanism for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Collapsible for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Rigid for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Off-Highway for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Construction for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Agricultural for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Components for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Steering column for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Sensors for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Steering gear for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Mechanical rack and pinion for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Electronic control unit for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Electric motor for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Bearing for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Electric Motor for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Brush motor for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Brushless motor for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Application for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Passenger Cars (PC) for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Power Steering Market Revenues & Volume By Commercial Vehicles (CV) for the Period 2021-2031
• Vietnam Electric Power Steering Import Export Trade Statistics
• Market Opportunity Assessment By Type
• Market Opportunity Assessment By Mechanism
• Market Opportunity Assessment By Off-Highway
• Market Opportunity Assessment By Components
• Market Opportunity Assessment By Electric Motor
• Market Opportunity Assessment By Application
• Vietnam Electric Power Steering Top Companies Market Share
• Vietnam Electric Power Steering Competitive Benchmarking By Technical and Operational Parameters
• Vietnam Electric Power Steering Company Profiles
• Vietnam Electric Power Steering Key Strategic Recommendations