Electric Power Steering Market Set to Reach USD 40.35 Billion by 2030, Driven by Technological Advancements and Regional Demand

The global Electric Power Steering (EPS) market is projected to grow from USD 27.37 billion in 2023 to USD 40.35 billion by 2030, exhibiting a CAGR of 5.7% during the forecast period. This growth is fueled by increasing demand for fuel-efficient vehicles, advancements in EPS technology, and stringent government regulations promoting eco-friendly transportation.

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Competitive Landscape and Regional Demand

Key players in the EPS market include Robert Bosch GmbH, JTEKT Corporation, ZF Friedrichshafen AG, Nexteer Automotive, and NSK Ltd. These companies are focusing on product innovation and strategic partnerships to strengthen their market position. The Asia-Pacific region currently holds the largest market share, accounting for over 50.5% in 2024, and is expected to continue its dominance due to the rising production of electric and hybrid vehicles. ​

EPS Growth and Opportunities in the United States

The United States EPS market is witnessing steady growth, driven by increasing adoption of advanced driver-assistance systems (ADAS) and the shift towards electric vehicles. Companies like Nexteer Automotive are expanding their product portfolios to cater to the evolving needs of the automotive industry. Recent developments include collaborations between EPS manufacturers and automakers to integrate steer-by-wire systems, enhancing vehicle safety and performance.​

EPS Trends and Consolidation in Asia-Pacific

Asia-Pacific remains the largest and fastest-growing market for EPS, with countries like China, India, and Japan leading the charge. The region's growth is attributed to increasing vehicle production, government initiatives promoting electric mobility, and rising consumer demand for fuel-efficient vehicles. Major EPS manufacturers are investing in local production facilities and forming joint ventures to strengthen their presence in this lucrative market.

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 EPS Updation and Opportunities in the Middle East and Africa

The Middle East and Africa region is gradually adopting EPS technology, with growth driven by the modernization of the automotive sector and increasing demand for passenger vehicles. Governments are implementing policies to promote fuel efficiency and reduce emissions, encouraging automakers to incorporate EPS systems. International EPS manufacturers are exploring opportunities for expansion through partnerships and collaborations with regional players.

EPS Growth and Trends in Europe

Europe is experiencing significant growth in the EPS market, with advancements in control algorithms, sensor integration, and the introduction of steer-by-wire systems. The region's focus on vehicle safety and environmental sustainability is driving the adoption of EPS technology. Companies like Robert Bosch GmbH and ZF Friedrichshafen AG are at the forefront of innovation, developing next-generation EPS systems to meet the evolving demands of the European automotive industry.​

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♦ Market Segmentation: In-Depth Analysis:

by Type

Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)

The Rack Assist Type (REPS) segment of the Electric Power Steering Market had the most market shear in 2023. A rack and pinion gear combination connected to both front wheels is called a "steering rack." When we turn the steering wheel, the rack and pinion gears engage, moving the car's wheels to the left or right and giving us control. Power-assisted is shortened to power. It offers more support that enables us to turn the steering rack, which facilitates easier car handling. The word "electric" refers to the steering rack's use of electronics to provide more power.

by Mechanism

Rigid
Collapsible

The market for electric power steering is divided into two segments: rigid and collapsible. In 2023, the Collapsible market had the most market share. Due to the rapid technological advancements in the automotive sector, the market for automobile collapsible steering columns has recently undergone significant change. The invention of power steering has introduced steering technology to the public. This technology is not only more responsive and fuel-efficient than traditional manual steering systems, but it is also more technologically sophisticated.

by Application

Passenger Cars (PC)
Commercial Vehicles (CV)

In 2023, the largest proportion of the electric power steering market was accounted for by commercial vehicles. The application sector includes both passenger cars (PC) and commercial vehicles (CV). Over the course of the projection period, the commercial vehicle category is anticipated to grow at the quickest rate. The primary driver of this segment's growth is the expansion of construction and e-commerce activities worldwide. Strict regulations governing vehicle weight and length restrictions, together with careless investments in rural development and infrastructure, have all contributed to the need for electric power steering for commercial vehicles and the market's expansion.

by Components

Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing

by Electric Motor

Brush motor
Brushless motor

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♦ Market Key Players : In-Depth Analysis:

1. JTEKT Corporation (Japan)
2. DENSO Corporation (Japan)
3. Mitsubishi Electric Corporation (Japan)
4. NSK Ltd. (Japan)
5. Nissan Motor Corporation (Japan)
6. Hitachi Automotive Systems (Japan)
7. Renesas Electronics (Japan)
8. ZF Friedrichshafen AG (Germany)
9. Thyssenkrupp (Germany)
10. Robert Bosch GmbH (Germany)

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