Market Overview:
The electric power steering market is experiencing rapid growth, driven by enhanced vehicle safety, lightweight design, and fuel efficiency demands. According to IMARC Group’s latest research publication, “Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2025-2033“, offers a comprehensive analysis of the industry, which comprises insights on the global electric power steering market share. The global electric power steering market size was valued at USD 29.62 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 45.30 Billion by 2033, exhibiting a CAGR of 4.59% from 2025-2033.
This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.
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Our report includes:
- Market Dynamics
- Market Trends And Market Outlook
- Competitive Analysis
- Industry Segmentation
- Strategic Recommendations
Factors Affecting the Growth of the Electric Power Steering Industry:
- Enhanced Vehicle Safety:
For enhanced safety of a vehicle, EPS systems may be supplemented by advanced stability control systems, which in real-time monitor vehicle dynamics and adjust steering assistance to assist drivers in maintaining control in slippery or difficult driving situations. EPS systems also aid in supporting lane-keeping assistance features that keep drivers within the lane. If the car starts to veer off without intention, the EPS can make steering corrections to help get the car back in the lane, thus decreasing the chances of colliding due to lane departure.
- Lightweight Design:
Lower weight with respect to EPS systems allows improved handling and maneuverability of vehicles. With light steering components, it is also possible to achieve very accurate and responsive steering motions, resulting in an even better and safer driving experience. Besides, lightweight design in EPS systems will generally be used with new materials that can be either lightweight alloys or plastics. Such materials will be effective not only for lightweight construction but also quite often provide increased cost-effectiveness in production, resulting in gains for automakers considering overall costs.
- Fuel Efficiency Demands:
The electric power steering (EPS) systems are more energy efficient when compared to traditional hydraulic systems. EPS systems operate on demand, drawing power only when steering assistance is required, improving the overall energy consumption of a vehicle and thus boosting fuel economy. Moreover, hydraulic power steering systems need a continuous flow of hydraulic fluid, and that always causes parasitic losses in the engine because the hydraulic pump needs to be kept powered continuously. In contrast, the EPS system doesn’t need this constant power supply; hence, it is associated with lesser energy wastage and improved fuel efficiency.
Leading Companies Operating in the Global Electric Power Steering Industry:
- HELLA GmbH & Co. KGaA (Faurecia SE)
- Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK LTD
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- ThyssenKrupp AG
- TT Electronics plc
- ZF Friedrichshafen AG
Electric Power Steering Market Report Segmentation:
By Component:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Sensors exhibit a clear dominance in the market due to their pivotal role in detecting steering inputs and enabling precise control in electric power steering system.
By Mechanism:
- Rigid EPS
- Collapsible EPS
Collapsible EPS represents the largest segment owing to its widespread adoption in modern vehicles for its safety features and compact design.
By Type:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Colum assist type (CEPS) holds the biggest market share attributed to its versatility, seamless integration, and cost-effectiveness in various vehicle models.
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Passenger car accounts for the majority of the market share, as electric power steering systems are extensively utilized in passenger vehicles for enhanced maneuverability and driving comfort.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market, driven by the increasing demand for fuel-efficient vehicles and the presence of key manufacturers in the region.
Research Methodology:
The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.
Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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Author: sujeet rai
Market Researcher
