What Has Been the Growth Trajectory of the Electric Power Steering Market?
The electric power steering market has seen considerable growth due to a variety of factors.
• Recent years have witnessed robust growth in the market size of electric power steering. The market, which is projected to expand from $28.84 billion in 2024 to $30.75 billion in 2025, is expected to see a compound annual growth rate (CAGR) of 6.7%. This past growth and projected ascent is due to several factors such as improved fuel efficiency and lowered emissions, elevated vehicle safety and control, regulatory standards and norms, a shift in consumer preferences towards a more comfortable driving experience, and the cuts in manufacturing costs.
What Is The Expected Growth In The Electric Power Steering Market?
The Electric Power Steering market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for electric power steering is predicted to witness significant expansion in the forthcoming years. It is expected to augment to approximately $41.01 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%.
This surge during the projection span can be ascribed to factors such as the incorporation with autonomous driving systems, increasing production of electric and hybrid vehicles, advancements in EPS, the customer's longing for a better driving experience and the heed to environmental regulations as well as fuel efficiency. Key trends expected during the forecast period cover the demand for quiet and fluid steering, improved connectivity and data amalgamation, concentration on energy efficiency, the evolution of dual pinion EPS and the embracement of steer-by-wire technology.
What Main Forces Are Fueling Expansion In The Electric Power Steering Market?
The surge in global electric vehicle demand is poised to significantly boost the electric power steering market. Electric vehicles primarily encompass an electric-powered motor and battery storage. The fight against COVID-19 and the aim for net-zero emissions have rapidly increased the adoption of EVs and hybrid vehicles. Given that electric power steering is an integral part of electric vehicles, their rise necessitates the expansion of electric power steering, thus elevating the demand in its market. For instance, the International Energy Agency, a France-based intergovernmental organization, noted in July 2023 that the sales of electric vehicles were 10 million in 2022, and projected an increase to 14 million sales in 2023. Consequently, heightened demand for electric vehicles is propelling the expansion of the electric power steering market.
What Are The Primary Segments In The Global 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)
Subsegments:
1) By R-EPS (Rack Electric Power Steering): Integrated R-EPS Systems, Standalone R-EPS Systems
2) By P-EPS (Column Electric Power Steering): Electric Column Assist Systems, Electric Power-Assisted Column Systems
3) By C-EPS (Combo Electric Power Steering): Hybrid Systems, Advanced Control Systems
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Which Key Trends Are Driving Changes In The Electric Power Steering Market?
Leading entities in the electric power steering market are concentrating on the innovation of cutting-edge products such as the Modular Pinion-Assist Electric Power Steering (EPS) System. This state-of-the-art steering solution is created to bolster both vehicle performance and manufacturing efficiency. In a prime example, Nexteer Automotive, a company based in the US that specializes in motion control technology, introduced the Modular Pinion-Assist Electric Power Steering (EPS) System in August 2024. This groundbreaking system is designed for adaptability across numerous vehicle platforms, therefore, offering manufacturers more design versatility and ease of implementation. The system improves steering reactivity, resulting in an enhanced driving experience. Moreover, the modular design lowers manufacturing expenses and streamlines the integration process for various vehicle models.
Who Are the Key Players In The Electric Power Steering Market?
Major companies operating in the electric power steering market include:
• 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 Is The Most Dominant Region 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. The regions covered in the electric power steering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
