Car Electric Power Steering Market Revenue was valued at USD 28.5 Billion in 2024 and is estimated to reach USD 48.3 Billion by 2033, growing at a CAGR of 6.2% from 2026 to 2033.
The global Car Electric Power Steering (EPS) market was valued at approximately USD 23.5 billion in 2022 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.4% from 2023 to 2030. The increasing adoption of electric vehicles (EVs), combined with advancements in automotive safety features and fuel efficiency regulations, is driving the demand for EPS systems. The market growth is also influenced by the shift towards lighter, more fuel efficient vehicles that benefit from EPS technology, reducing weight compared to traditional hydraulic steering systems. North America and Europe are prominent regions, contributing significantly to the market share, driven by technological advancements and a robust automotive industry in these regions. In 2022, North America held around 25% of the global market share, while Europe accounted for 28%, driven by strong demand for electric vehicles and the presence of major automotive manufacturers investing in EPS technology.
Regionally, the Asia Pacific (APAC) market is expected to exhibit the highest growth during the forecast period, with a CAGR of 8.2% from 2023 to 2030. The growth in the APAC region is fueled by the rapid expansion of the automotive sector, particularly in China and India, where the demand for electric vehicles is surging. The region is anticipated to dominate the global EPS market share by 2030, capturing over 40% of the market. Additionally, the rising adoption of electric and hybrid vehicles in the region, along with government initiatives supporting electric mobility, presents significant opportunities for the Car Electric Power Steering market to thrive in APAC. Other regions, such as Latin America and the Middle East, are also expected to show moderate growth in the coming years as they follow the global trends toward sustainable automotive solutions.
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JTEKT
Bosch
NSK
Nexteer
ZF
Mobis
Showa
Thyssenkrupp
Mando
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 Car Electric Power Steering Market
Column Type
Rack and Pinion Type
Pinion Type
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
Electric Motor
Torque Sensor
Electronic Control Unit (ECU)
Steering Column
Compact Vehicles
Midsize Vehicles
Luxury Vehicles
Sport Utility Vehicles (SUVs)
Light Commercial Vehicles
Heavy Commercial Vehicles
OEM (Original Equipment Manufacturer)
Aftermarket
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 Car Electric 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 Car Electric Power Steering Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Car Electric Power Steering Market, By Type
6. Global Car Electric Power Steering Market, By Application
7. Global Car Electric Power Steering Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Car Electric Power Steering Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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