Automotive Electronic Power Steering Market size is estimated to be USD 20 Billion in 2024 and is expected to reach USD 35 Billion by 2033 at a CAGR of 6.5% from 2026 to 2033.
The global Automotive Electronic Power Steering (EPS) market was valued at approximately USD 21.4 billion in 2022 and is projected to reach USD 39.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.6% during the forecast period. This growth is primarily driven by the rising demand for fuel efficient and lightweight vehicles, along with technological advancements in steering systems. Increasing consumer preference for advanced driver assistance systems (ADAS) and the growing adoption of electric vehicles (EVs) are expected to further contribute to market expansion. Moreover, the rising need for enhanced vehicle safety and improved steering performance is anticipated to drive the development and adoption of EPS technology worldwide.
Regionally, North America accounted for the largest market share in 2022, driven by the high adoption rate of advanced automotive technologies, especially in the U.S. The Asia Pacific region is expected to witness the fastest growth, with a CAGR of 8.2%, owing to the strong automotive manufacturing base in countries like China, Japan, and South Korea, along with rising consumer demand for electric and hybrid vehicles. Europe also holds a significant share, particularly due to the growing emphasis on reducing vehicle emissions and the region’s strong automotive industry. Latin America and the Middle East & Africa are expected to see moderate growth over the forecast period, as vehicle production and the adoption of new technologies increase in these regions.
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JTEKT
Bosch
Nexteer Automobile
ZF
NSK
Mobis
Showa
Thyssenkrupp
Mando
CAAS
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Automotive Electronic Power Steering Market
Column-Assisted Electronic Power Steering (C-EPS)
Pinion-Assisted Electronic Power Steering (P-EPS)
Rack-Assisted Electronic Power Steering (R-EPS)
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Electric Vehicles
Hybrid Vehicles
Fully Electric Steering System
Electro-Hydraulic Steering System
Electromechanical Steering System
Original Equipment Manufacturers (OEMs)
Aftermarket
Standard Application
Performance Application
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Automotive Electronic Power Steering Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Automotive Electronic Power Steering Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automotive Electronic Power Steering Market, By Type
6. Global Automotive Electronic Power Steering Market, By Application
7. Global Automotive Electronic Power Steering Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Automotive Electronic Power Steering Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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