Electric Power Steering Market 2023, Share, Size, Growth and Forecast by 2028

 The latest report by IMARC Group, titled “Electric Power Steering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global electric power steering market size reached US$ 26.79 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.01 Billion by 2028, exhibiting a growth rate (CAGR) of 5.45% during 2023-2028.

Electric Power Steering Market

Electric power steering (EPS) is an advanced steering technology that replaces traditional hydraulic systems in vehicles with an electric motor and sensors. This technology enables a more precise and smooth steering experience, offering better control and maneuverability. In electric power steering, the electric motor directly assists the steering column, thereby eliminating the need for a hydraulic pump and fluid. The system is more energy efficient as it operates only when steering is required, reducing the overall load on the engine and improving fuel economy. Due to its myriad advantages over hydraulic systems, electric power steering is becoming the norm in new automobiles, from compact cars to heavy-duty trucks. Over the years, this technology has gained traction as a crucial component in modern vehicles, enhancing both safety and performance while contributing to environmental sustainability.

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Electric Power Steering Market Trends and Drivers:

The global electric power steering market is primarily driven by the automotive industry’s transition toward electrification and autonomous driving, where EPS systems are essential for advanced driver-assistance systems (ADAS). Besides this, the rising consumer demand for fuel-efficient vehicles with enhanced safety features is further propelling market growth. Additionally, stringent emissions regulations around the world are pushing automakers to adopt more energy-efficient technologies, and electric power steering perfectly aligns with these goals. In line with this, emerging markets also present significant growth opportunities as higher automotive sales in these regions contribute to accelerated EPS adoption. Furthermore, the development of advanced EPS systems with capabilities like lane-keeping assistance and automated parking, which are becoming standard features in premium as well as mid-range vehicles, is positively influencing the market growth.

Report Segmentation:

The report has segmented the market into the following categories:

Component Insights:

  • Steering Column
  • Sensors
  • Steering Gear
  • Mechanical Rack and Pinion
  • Electronic Control Unit
  • Electric Motor
  • Others

Mechanism Insights:

  • Rigid EPS
  • Collapsible EPS

Type Insights:

  • Rack Assist Type (REPS)
  • Column Assist Type (CEPS)
  • Pinion Assist Type (PEPS)

Vehicle Type Insights:

  • Passenger Car
  • Commercial Vehicle

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • HELLA GmbH & Co. KGaA (Faurecia SE)
  • Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
  • JTEKT Corporation
  • Mitsubishi Electric Corporation
  • Nexteer Automotive
  • NSK LTD
  • NXP Semiconductors N.V.
  • Robert Bosch GmbH
  • ThyssenKrupp AG
  • TT Electronics plc
  • ZF Friedrichshafen AG

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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