Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Electric Power Steering Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Forecasted Market Size and CAGR for the Electric Power Steering Market?
The market size of the electric power steering has experienced significant growth recently. The market was valued at $28.84 billion in 2024 and is forecasted to increase to $30.33 billion in 2025, with a compound annual growth rate (CAGR) of 5.2%.
What Is the Forecasted CAGR for the Electric Power Steering Market by 2029?
The Electric Power Steering Global Market is forecasted to reach a size of $39.49 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%.
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What Are the Market Drivers in the Electric Power Steering Industry?
The key drivers in the electric power steering market are:
• Integration with autonomous driving systems
• Rise in electric and hybrid vehicle production
• Advancements in Electric Power Steering (EPS) technology
• Consumer demand for enhanced driving experience
What Is the Segment-Wise Breakdown of the Electric Power Steering Market?
The electric power steering market covered in this report is segmented –
1) By Type: R-EPS, P-EPS, C-EPS
2) By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack And Pinion, Electronic Control Unit, Electric Motor, Bearing
3) By Electric Motor: Brush Motor, Brushless Motor
3) By Mechanism: Rigid, Collapsible
4) By Application: Passenger Cars (PC), Commercial Vehicles (CV)
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Which Emerging Trends Are Driving Growth in the Electric Power Steering Sector?
The key trends in the electric power steering market are:
• The integration of electric power steering with autonomous driving systems is a future trend.
• There is growing consumer demand for enhanced driving experiences, including smoother and quieter power steering.
• Advancements in connectivity and data integration are being implemented in power steering systems.
• The development of energy-efficient technologies such as dual pinion electric power steering and steer-by-wire technology is a rising trend.
Which Companies Are Dominating the Electric Power Steering Market in Terms of Revenue?
Major players in the electric power steering market are:
• Robert Bosch GmbH
• JTEKT Corporation
• Nexteer Automotive Group Limited
• ZF Friedrichshafen AG
• NSK Steering Systems Pvt. Ltd.
• Mando Corporation
• Hyundai Mobis Co Ltd.
• Showa Corporation
• Hitachi Astemo Ltd.
• Denso Corporation
• China Automotive System
• KYB Corporation
• Thyssenkrupp AG
• Delphi Technologies
• Tenneco Inc.
• GKN Driveline Service GmbH
• Zhejiang Shibao Company Limited
• Jilin Dongfeng Power Co. Ltd.
• Chongqing Jianshe Automobile Electric Co. Ltd.
• Hella GmbH & Co. KGaA
• Valeo Group
• Magna International Inc.
• Huayu Automotive Systems Co. Ltd.
• Jiangsu Dajiang Automotive Electric Motor Co. Ltd.
What Are the Regions Driving Demand in the Electric Power Steering Market?
Asia-Pacific was the largest region in the electric power steering market share in 2024 and is expected to be the fastest-growing region in the forecast period
