The global electronic power steering market size reached USD 27,926.6 million in 2024. Worldwide demand for electronic power steering recorded Y-o-Y growth of 4.7% in 2024, and thus, the market is expected to reach USD 29,378.8 million in 2025. Over the projection period (2025 to 2035), global electronic power steering sales are predicted to rise swiftly at 5.2% CAGR and climb to a market size of USD 48,774.3 million by 2035-end.
The global Electronic Power Steering (EPS) Market is experiencing significant growth, driven by the increasing adoption of advanced automotive technologies and stringent fuel efficiency regulations. EPS systems are gradually replacing conventional hydraulic power steering due to their superior energy efficiency, lower maintenance costs, and enhanced vehicle control. The market is expected to expand at a robust pace, fueled by the rising demand for electric and autonomous vehicles worldwide.
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Key Takeaways:
- The EPS market is witnessing strong growth due to the increasing adoption of electric vehicles (EVs) and autonomous driving technologies.
- Rising demand for fuel-efficient and lightweight steering solutions is driving market expansion.
- Technological advancements in sensor integration, artificial intelligence, and vehicle connectivity are further propelling the market.
- Asia-Pacific is expected to dominate the market, with key contributions from China, Japan, and India.
- Major players in the industry are investing in R&D to enhance steering system capabilities and improve driver safety.
Key Market Drivers:
- Growing Adoption of Electric Vehicles (EVs): The shift toward EVs is increasing the demand for EPS systems, as they offer superior efficiency compared to hydraulic steering.
- Stringent Government Regulations on Fuel Efficiency: Governments worldwide are mandating fuel-efficient and emission-reducing technologies, encouraging automakers to integrate EPS.
- Advancements in Automotive Safety Systems: Integration of EPS with advanced driver assistance systems (ADAS) enhances vehicle safety and driver control.
- Rising Demand for Lightweight Automotive Components: EPS systems contribute to overall vehicle weight reduction, enhancing fuel efficiency.
- Increase in Autonomous Vehicle Development: Autonomous vehicles require precise and responsive steering control, making EPS a crucial component in self-driving technology.
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Key Players in the EPS Market:
- Robert Bosch GmbH
- JTEKT Corporation
- ZF Friedrichshafen AG
- Nexteer Automotive
- NSK Ltd.
- Mitsubishi Electric Corporation
- Hyundai Mobis Co., Ltd.
- Showa Corporation
- Thyssenkrupp AG
- GKN Automotive
Market Segmentation:
By Type:
- Column Assist EPS (C-EPS)
- Pinion Assist EPS (P-EPS)
- Rack Assist EPS (R-EPS)
- Electronic Hydraulic Power Steering (EHPS)
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
By Component:
- Steering Column
- Sensors
- Electronic Control Unit (ECU)
- Electric Motor
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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