The global XX study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including- By Mechanism (Collapsible EPS, Rigid EPS), By Type (Column Assist Type (CEPS), Pinion Assist Type (PEPS), Rack Assist Type (REPS)), By Vehicle (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Buses & Coaches)
The Electric Power Steering Market signifies a significant shift in automotive steering technology, replacing traditional hydraulic systems with electrically assisted steering mechanisms. Electric power steering systems enhance fuel efficiency, enable advanced driver assistance features, and contribute to overall vehicle control. This market responds to the automotive industry's pursuit of energy efficiency, safety, and enhanced driving experience. With a focus on precise control, adaptability, and integration with vehicle automation, the Electric Power Steering Market aligns with the broader trends in the electrification and autonomy of vehicles.
The most prominent trend in the Electric Power Steering Market is the industry's transition towards steer-by-wire technology in electric power steering systems. As automotive manufacturers embrace advanced driver assistance systems (ADAS) and move towards autonomous driving, steer-by-wire technology is gaining prominence. This trend represents a shift from traditional mechanical steering systems to electronically controlled systems that offer enhanced flexibility and integration with vehicle control systems. Manufacturers in the Electric Power Steering Market are investing in the development of steer-by-wire solutions, providing vehicles with more sophisticated and adaptable steering capabilities, aligning with the evolving landscape of connected and autonomous vehicles.
A key driver propelling the Electric Power Steering Market is the growing demand for fuel efficiency and reduced emissions in vehicles. The driver behind the market's growth is the automotive industry's commitment to addressing environmental concerns and regulatory standards. Electric power steering systems contribute to fuel efficiency by eliminating the parasitic losses associated with traditional hydraulic systems. Additionally, they enable features such as variable steering assist, further optimizing energy consumption. The Electric Power Steering Market is responding to this driver by providing solutions that align with the industry's push towards greener and more sustainable automotive technologies, meeting the demand for energy-efficient and environmentally friendly vehicles.
An emerging opportunity within the Electric Power Steering Market lies in the integration of Advanced Driver Assistance Systems (ADAS) in power steering systems. With the increasing trend of safety and driver assistance technologies, there is potential to enhance power steering systems with features such as lane-keeping assistance, automated parking, and collision avoidance. This opportunity aligns with the broader trend of smart and connected vehicles. Manufacturers in the Electric Power Steering Market can explore innovations that integrate ADAS functionalities directly into power steering systems, providing vehicles with seamless and intelligent assistance for improved safety and driving experience. By seizing this opportunity, the market can contribute to the development of more advanced and integrated solutions that cater to the evolving needs of the automotive industry and enhance overall vehicle safety.
Column Assist Type (CEPS) is the largest segment in the electric power steering market by type. This is due to its compact design, cost-effectiveness, and suitability for small to mid-sized vehicles, which dominate global automobile production. CEPS systems are mounted directly on the steering column, simplifying installation and reducing manufacturing costs. Their lightweight nature contributes to improved fuel efficiency, which aligns with stringent environmental regulations and consumer demand for eco-friendly vehicles. Additionally, the widespread adoption of CEPS in passenger cars further drives its market share, solidifying its position as the largest segment.
Collapsible EPS is the fastest-growing segment in the electric power steering market by mechanism. This growth is driven by increasing safety concerns and regulatory mandates requiring advanced safety features in vehicles. Collapsible systems are designed to absorb energy during a collision, protecting the driver by reducing the impact force. These features make collapsible EPS particularly appealing to automakers and consumers prioritizing vehicle safety. As technological advancements integrate collapsible EPS with advanced driver-assistance systems (ADAS), their adoption is expected to accelerate further, particularly in modern passenger vehicles.
Passenger cars constitute the largest segment in the electric power steering market by vehicle type. The sheer volume of passenger car production globally ensures this segment's dominance. Increasing consumer preference for vehicles with advanced comfort and control features, coupled with stringent fuel efficiency and emission standards, has driven automakers to adopt electric power steering in this category. Additionally, the rising demand for compact and mid-sized cars, particularly in emerging markets, further strengthens the prominence of this segment. Electric power steering's role in enhancing maneuverability and reducing steering effort aligns well with the needs of passenger car drivers.
|
Parameter |
Details |
|
Market Size (2024) |
$26.7 Billion |
|
Market Size (2034) |
$48.3 Billion |
|
Market Growth Rate |
6.1% |
|
Segments |
By Mechanism (Collapsible EPS, Rigid EPS), By Type (Column Assist Type (CEPS), Pinion Assist Type (PEPS), Rack Assist Type (REPS)), By Vehicle (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Buses & Coaches) |
|
Study Period |
2019- 2024 and 2025-2034 |
|
Units |
Revenue (USD) |
|
Qualitative Analysis |
Porter’s Five Forces, SWOT Profile, Market Share, Scenario Forecasts, Market Ecosystem, Company Ranking, Market Dynamics, Industry Benchmarking |
|
Companies |
Denso Corp, GKN Automotive Ltd, Hitachi Astemo Ltd, Hyundai Mobis, JTEKT Corp, Mitsubishi Electric Corp, Nexteer Automotive, NSK Ltd, Robert Bosch GmbH, thyssenkrupp AG, ZF Friedrichshafen AG, and Others. |
|
Countries |
US, Canada, Mexico, Germany, France, Spain, Italy, UK, Russia, China, India, Japan, South Korea, Australia, South East Asia, Brazil, Argentina, Middle East, Africa |
By Mechanism
By Type
By Vehicle
By Region
*List not exhaustive
Electric Power Steering Market Outlook 2024
1 Market Overview
1.1 Introduction to the Electric Power Steering Market
1.2 Scope of the Study
1.3 Research Objective
1.3.1 Key Market Scope and Segments
1.3.2 Players Covered
1.3.3 Years Considered
2 Executive Summary
2.1 2024 Electric Power Steering Industry- Market Statistics
3 Market Dynamics
3.1 Market Drivers
3.2 Market Challenges
3.3 Market Opportunities
3.4 Market Trends
4 Market Factor Analysis
4.1 Porter’s Five Forces
4.2 Market Entropy
4.2.1 Global Electric Power Steering Market Companies with Area Served
4.2.2 Products Offerings Global Electric Power Steering Market
5 Recession Impact Analysis and Outlook Scenarios
5.1.1 Recission Impact Analysis
5.1.2 Market Growth Scenario- Base Case
5.1.3 Market Growth Scenario- Reference Case
5.1.4 Market Growth Scenario- High Case
6 Global Electric Power Steering Market Trends
6.1 Global Electric Power Steering Revenue (USD Million) and CAGR (%) by Type (2018-2032)
6.2 Global Electric Power Steering Revenue (USD Million) and CAGR (%) by Applications (2018-2032)
6.3 Global Electric Power Steering Revenue (USD Million) and CAGR (%) by regions (2018-2032)
7 Global Electric Power Steering Market Revenue (USD Million) by Type, and Applications (2018-2023)
7.1 Global Electric Power Steering Revenue (USD Million) by Type (2018-2023)
7.1.1 Global Electric Power Steering Revenue (USD Million), Market Share (%) by Type (2018-2023)
7.2 Global Electric Power Steering Revenue (USD Million) by Applications (2018-2023)
7.2.1 Global Electric Power Steering Revenue (USD Million), Market Share (%) by Applications (2018-2023)
8 Global Electric Power Steering Development Regional Status and Outlook
8.1 Global Electric Power Steering Revenue (USD Million) By Regions (2018-2023)
8.2 North America Electric Power Steering Revenue (USD Million) by Type, and Application (2018-2023)
8.2.1 North America Electric Power Steering Revenue (USD Million) by Country (2018-2023)
8.2.2 North America Electric Power Steering Revenue (USD Million) by Type (2018-2023)
8.2.3 North America Electric Power Steering Revenue (USD Million) by Applications (2018-2023)
8.3 Europe Electric Power Steering Revenue (USD Million), by Type, and Applications (USD Million) (2018-2023)
8.3.1 Europe Electric Power Steering Revenue (USD Million), by Country (2018-2023)
8.3.2 Europe Electric Power Steering Revenue (USD Million) by Type (2018-2023)
8.3.3 Europe Electric Power Steering Revenue (USD Million) by Applications (2018-2023)
8.4 Asia Pacific Electric Power Steering Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2023)
8.4.1 Asia Pacific Electric Power Steering Revenue (USD Million) by Country (2018-2023)
8.4.2 Asia Pacific Electric Power Steering Revenue (USD Million) by Type (2018-2023)
8.4.3 Asia Pacific Electric Power Steering Revenue (USD Million) by Applications (2018-2023)
8.5 South America Electric Power Steering Revenue (USD Million), by Type, and Applications (2018-2023)
8.5.1 South America Electric Power Steering Revenue (USD Million), by Country (2018-2023)
8.5.2 South America Electric Power Steering Revenue (USD Million) by Type (2018-2023)
8.5.3 South America Electric Power Steering Revenue (USD Million) by Applications (2018-2023)
8.6 Middle East and Africa Electric Power Steering Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2023)
8.6.1 Middle East and Africa Electric Power Steering Revenue (USD Million) by Country (2018-2023)
8.6.2 Middle East and Africa Electric Power Steering Revenue (USD Million) by Type (2018-2023)
8.6.3 Middle East and Africa Electric Power Steering Revenue (USD Million) by Applications (2018-2023)
9 Company Profiles
10 Global Electric Power Steering Market Revenue (USD Million), by Type, and Applications (2024-2032)
10.1 Global Electric Power Steering Revenue (USD Million) and Market Share (%) by Type (2024-2032)
10.1.1 Global Electric Power Steering Revenue (USD Million), and Market Share (%) by Type (2024-2032)
10.2 Global Electric Power Steering Revenue (USD Million) and Market Share (%) by Applications (2024-2032)
10.2.1 Global Electric Power Steering Revenue (USD Million), and Market Share (%) by Applications (2024-2032)
11 Global Electric Power Steering Development Regional Status and Outlook Forecast
11.1 Global Electric Power Steering Revenue (USD Million) By Regions (2024-2032)
11.2 North America Electric Power Steering Revenue (USD Million) by Type, and Applications (2024-2032)
11.2.1 North America Electric Power Steering Revenue (USD) Million by Country (2024-2032)
11.2.2 North America Electric Power Steering Revenue (USD Million), by Type (2024-2032)
11.2.3 North America Electric Power Steering Revenue (USD Million), Market Share (%) by Applications (2024-2032)
11.3 Europe Electric Power Steering Revenue (USD Million), by Type, and Applications (2024-2032)
11.3.1 Europe Electric Power Steering Revenue (USD Million), by Country (2024-2032)
11.3.2 Europe Electric Power Steering Revenue (USD Million), by Type (2024-2032)
11.3.3 Europe Electric Power Steering Revenue (USD Million), by Applications (2024-2032)
11.4 Asia Pacific Electric Power Steering Revenue (USD Million) by Type, and Applications (2024-2032)
11.4.1 Asia Pacific Electric Power Steering Revenue (USD Million), by Country (2024-2032)
11.4.2 Asia Pacific Electric Power Steering Revenue (USD Million), by Type (2024-2032)
11.4.3 Asia Pacific Electric Power Steering Revenue (USD Million), by Applications (2024-2032)
11.5 South America Electric Power Steering Revenue (USD Million), by Type, and Applications (2024-2032)
11.5.1 South America Electric Power Steering Revenue (USD Million), by Country (2024-2032)
11.5.2 South America Electric Power Steering Revenue (USD Million), by Type (2024-2032)
11.5.3 South America Electric Power Steering Revenue (USD Million), by Applications (2024-2032)
11.6 Middle East and Africa Electric Power Steering Revenue (USD Million), by Type, and Applications (2024-2032)
11.6.1 Middle East and Africa Electric Power Steering Revenue (USD Million), by region (2024-2032)
11.6.2 Middle East and Africa Electric Power Steering Revenue (USD Million), by Type (2024-2032)
11.6.3 Middle East and Africa Electric Power Steering Revenue (USD Million), by Applications (2024-2032)
12 Methodology and Data Sources
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Sources
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Disclaimer
List of Tables
Table 1 Market Segmentation Analysis
Table 2 Global Electric Power Steering Market Companies with Areas Served
Table 3 Products Offerings Global Electric Power Steering Market
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Electric Power Steering Revenue (USD Million) And CAGR (%) By Type (2018-2032)
Table 8 Global Electric Power Steering Revenue (USD Million) And CAGR (%) By Applications (2018-2032)
Table 9 Global Electric Power Steering Revenue (USD Million) And CAGR (%) By Regions (2018-2032)
Table 10 Global Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Table 11 Global Electric Power Steering Revenue Market Share (%) By Type (2018-2023)
Table 12 Global Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Table 13 Global Electric Power Steering Revenue Market Share (%) By Applications (2018-2023)
Table 14 Global Electric Power Steering Market Revenue (USD Million) By Regions (2018-2023)
Table 15 Global Electric Power Steering Market Share (%) By Regions (2018-2023)
Table 16 North America Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Table 17 North America Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Table 18 North America Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Table 19 Europe Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Table 20 Europe Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Table 21 Europe Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Table 22 Asia Pacific Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Table 23 Asia Pacific Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Table 24 Asia Pacific Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Table 25 South America Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Table 26 South America Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Table 27 South America Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Table 28 Middle East and Africa Electric Power Steering Revenue (USD Million) By Region (2018-2023)
Table 29 Middle East and Africa Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Table 30 Middle East and Africa Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Table 31 Financial Analysis
Table 32 Global Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Table 33 Global Electric Power Steering Revenue Market Share (%) By Type (2024-2032)
Table 34 Global Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Table 35 Global Electric Power Steering Revenue Market Share (%) By Applications (2024-2032)
Table 36 Global Electric Power Steering Market Revenue (USD Million), And Revenue (USD Million) By Regions (2024-2032)
Table 37 North America Electric Power Steering Revenue (USD)By Country (2024-2032)
Table 38 North America Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Table 39 North America Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Table 40 Europe Electric Power Steering Revenue (USD Million) By Country (2024-2032)
Table 41 Europe Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Table 42 Europe Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Table 43 Asia Pacific Electric Power Steering Revenue (USD Million) By Country (2024-2032)
Table 44 Asia Pacific Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Table 45 Asia Pacific Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Table 46 South America Electric Power Steering Revenue (USD Million) By Country (2024-2032)
Table 47 South America Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Table 48 South America Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Table 49 Middle East and Africa Electric Power Steering Revenue (USD Million) By Region (2024-2032)
Table 50 Middle East and Africa Electric Power Steering Revenue (USD Million) By Region (2024-2032)
Table 51 Middle East and Africa Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Table 52 Middle East and Africa Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Table 53 Research Programs/Design for This Report
Table 54 Key Data Information from Secondary Sources
Table 55 Key Data Information from Primary Sources
List of Figures
Figure 1 Market Scope
Figure 2 Porter’s Five Forces
Figure 3 Global Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Figure 4 Global Electric Power Steering Revenue Market Share (%) By Type (2023)
Figure 5 Global Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Figure 6 Global Electric Power Steering Revenue Market Share (%) By Applications (2023)
Figure 7 Global Electric Power Steering Market Revenue (USD Million) By Regions (2018-2023)
Figure 8 Global Electric Power Steering Market Share (%) By Regions (2023)
Figure 9 North America Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Figure 10 North America Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Figure 11 North America Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Figure 12 Europe Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Figure 13 Europe Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Figure 14 Europe Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Figure 15 Asia Pacific Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Figure 16 Asia Pacific Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Figure 17 Asia Pacific Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Figure 18 South America Electric Power Steering Revenue (USD Million) By Country (2018-2023)
Figure 19 South America Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Figure 20 South America Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Figure 21 Middle East and Africa Electric Power Steering Revenue (USD Million) By Region (2018-2023)
Figure 22 Middle East and Africa Electric Power Steering Revenue (USD Million) By Type (2018-2023)
Figure 23 Middle East and Africa Electric Power Steering Revenue (USD Million) By Applications (2018-2023)
Figure 24 Global Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Figure 25 Global Electric Power Steering Revenue Market Share (%) By Type (2030)
Figure 26 Global Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Figure 27 Global Electric Power Steering Revenue Market Share (%) By Applications (2030)
Figure 28 Global Electric Power Steering Market Revenue (USD Million) By Regions (2024-2032)
Figure 29 North America Electric Power Steering Revenue (USD Million) By Country (2024-2032)
Figure 30 North America Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Figure 31 North America Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Figure 32 Europe Electric Power Steering Revenue (USD Million) By Country (2024-2032)
Figure 33 Europe Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Figure 34 Europe Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Figure 35 Asia Pacific Electric Power Steering Revenue (USD Million) By Country (2024-2032)
Figure 36 Asia Pacific Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Figure 37 Asia Pacific Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Figure 38 South America Electric Power Steering Revenue (USD Million) By Country (2024-2032)
Figure 39 South America Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Figure 40 South America Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Figure 41 Middle East and Africa Electric Power Steering Revenue (USD Million) By Region (2024-2032)
Figure 42 Middle East and Africa Electric Power Steering Revenue (USD Million) By Region (2024-2032)
Figure 43 Middle East and Africa Electric Power Steering Revenue (USD Million) By Type (2024-2032)
Figure 44 Middle East and Africa Electric Power Steering Revenue (USD Million) By Applications (2024-2032)
Figure 45 Bottom-Up and Top-Down Approaches for This Report
Figure 46 Data Triangulation
By Mechanism
By Type
By Vehicle
By Region
By Region
Electric Power Steering Market Size is valued at $26.7 Billion in 2024 and is forecast to register a growth rate (CAGR) of 6.1% to reach $48.3 Billion by 2034.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Denso Corp, GKN Automotive Ltd, Hitachi Astemo Ltd, Hyundai Mobis, JTEKT Corp, Mitsubishi Electric Corp, Nexteer Automotive, NSK Ltd, Robert Bosch GmbH, thyssenkrupp AG, ZF Friedrichshafen AG
Base Year- 2024; Estimated Year- 2025; Historic Period- 2019-2024; Forecast period- 2025 to 2034; Currency: Revenue (USD); Volume