Global Electric Power Steering Industry: Key Statistics and Insights in 2025-2033

Summary:

1. The global electric power steering industry size reached USD 29.62 Billion in 2024.

2. The market is expected to reach USD 45.30 Billion by 2033, exhibiting a growth rate CAGR of 4.59%  during 2025-2033.

3. Asia Pacific leads the market, accounting for the largest electric power steering market share.

4. Sensors hold the majority of the market share in the component segment.

5. Collapsible EPS dominates the electric power steering industry.

6. Colum assist type (CEPS) is the biggest segment in the market, driven by its compact design and cost-effectiveness.

7. Passenger car is the leading application segment.

8. The growing demand for fuel efficiency is a primary driver of the electric power steering market.

9. Technological advancements and the rise of electric and hybrid vehicles are reshaping the electric power steering market.

Industry Trends and Drivers:

1. Technological advancements and integration:

The shift from hydraulic to electric power steering (EPS) is improving vehicle control and energy efficiency. Modern EPS integrates with advanced driver-assistance systems (ADAS). This enables features like lane-keeping, collision avoidance, and automated parking. These enhancements make vehicles safer and improve the driving experience. This approach meets regulations and the growing demand for safer, more reliable vehicles. Automotive manufacturers are investing in research to develop adaptive, software-driven EPS solutions. This highlights EPS's crucial role in car design.

1. Increasing demand for fuel efficiency:

The focus on fuel efficiency and eco-friendly vehicles is boosting the use of Electric Power Steering (EPS). EPS only uses power when steering, unlike hydraulic systems that run all the time. This leads to better fuel economy and helps meet emissions standards. Thus, automakers are adopting EPS to meet strict regulations and cater to eco-conscious customers. Moreover, EPS systems are lighter, reducing vehicle weight and further improving fuel efficiency.

1. Rise of electric and hybrid vehicles:

EPS systems are better suited for electric and hybrid vehicles than hydraulic systems. They integrate well with these vehicles' electrical systems, using energy efficiently. This leads to smoother steering and better overall efficiency. The rising demand for electric vehicles, fueled by government support and green policies, boosts the need for EPS. Advances in EPS technology allow for personalized steering, enhancing the driving experience and meeting modern expectations.

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Electric Power Steering Market Report Segmentation:

By Component:

1. Steering Column

2. Sensors

3. Steering Gear

4. Mechanical Rack and Pinion

5. Electronic Control Unit

6. Electric Motor

7. 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:

1. Rigid EPS

2. 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:

1. Rack Assist Type (REPS)

2. Column Assist Type (CEPS)

3. 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:

1. Passenger Car

2. 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:

1. North America (United States, Canada)

2. Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

3. Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

4. Latin America (Brazil, Mexico, Others)

5. 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.

Top Electric Power Steering Market Leaders:

The electric power steering market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

1. HELLA GmbH & Co. KGaA (Faurecia SE)

2. Hycet Technology Co. Ltd (Great Wall Motor Company Limited)

3. JTEKT Corporation

4. Mitsubishi Electric Corporation

5. Nexteer Automotive

6. NSK LTD

7. NXP Semiconductors N.V.

8. Robert Bosch GmbH

9. ThyssenKrupp AG

10. TT Electronics plc

11. ZF Friedrichshafen AG

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