Automotive Electric Powered Steering Systems Market was valued at USD 24.5 Billion in 2022 and is projected to reach USD 39.3 Billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030.
The automotive electric powered steering (EPS) systems market is experiencing significant growth as a result of increasing demand for fuel-efficient, eco-friendly vehicles, and enhanced driving comfort. EPS systems are replacing traditional hydraulic power steering systems in modern vehicles due to their advantages in terms of energy efficiency, improved fuel economy, and precise steering control. These systems use an electric motor to provide steering assistance, and they are increasingly being integrated with advanced safety features such as lane-keeping assist and automatic parking systems. The market is expected to grow rapidly as automakers continue to prioritize technological innovation in steering systems to meet consumer demand for smarter, more efficient vehicles.
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The primary applications of automotive electric powered steering systems are in passenger cars and commercial vehicles. The demand for EPS in passenger cars is driven by the need for reduced fuel consumption, enhanced driving experience, and the growing adoption of electric vehicles (EVs). As consumers continue to seek better comfort and ease of use, automakers are incorporating EPS technology to provide more responsive handling and reduce the weight of vehicles. Additionally, the integration of EPS in EVs plays a key role in improving energy efficiency, as it consumes less power compared to traditional hydraulic systems. This shift towards electric-powered systems aligns with the broader automotive industry trend of reducing carbon emissions and achieving greater fuel efficiency across various vehicle segments.
Passenger cars represent one of the largest subsegments of the automotive electric powered steering systems market. The increasing adoption of electric power steering in passenger vehicles can be attributed to a range of benefits, including improved fuel efficiency, reduced emissions, and a smoother driving experience. EPS systems in passenger cars offer precise control, reduce steering effort, and are increasingly being integrated with advanced driver assistance systems (ADAS). As consumer preference shifts toward electric and hybrid vehicles, the need for lightweight, efficient, and environmentally friendly steering systems is accelerating. In addition, the growing demand for safety features like lane-keeping assist, which relies on EPS, is pushing automakers to invest in and adopt these systems for a competitive advantage in the market.
Another key factor driving the adoption of EPS in passenger cars is the evolving consumer expectation for comfort and convenience. The increasing focus on improving user experience has led to the incorporation of more advanced and customizable steering functions, such as variable steering ratios and torque feedback, which are facilitated by electric systems. As technology continues to evolve, manufacturers are also integrating EPS with autonomous driving features, where precision and adaptability are critical for maintaining vehicle stability and driver safety. With advancements in software and sensor technologies, EPS is expected to become more intelligent and adaptable, enhancing the overall driving experience and reinforcing its position as a crucial technology for future passenger vehicles.
In the commercial vehicle segment, the adoption of automotive electric powered steering systems is growing steadily due to the need for more efficient, sustainable, and user-friendly steering solutions. Commercial vehicles, including trucks, buses, and vans, require more robust steering systems to handle heavier loads, extended driving hours, and long-distance travel. EPS provides the necessary steering assistance while reducing the weight and complexity of the system compared to traditional hydraulic systems. The reduction in fuel consumption and maintenance costs associated with EPS makes it an appealing choice for fleet operators seeking to optimize operational efficiency and reduce overall costs.
Moreover, the incorporation of EPS in commercial vehicles is aligned with the industry's push toward greater fuel efficiency and sustainability. With stricter environmental regulations and the rise of electric commercial vehicles, EPS technology is crucial in supporting the shift toward greener transportation solutions. The lightweight nature of electric steering systems also contributes to lowering the overall weight of commercial vehicles, improving fuel economy, and reducing emissions. Additionally, the increased precision and responsiveness offered by EPS are enhancing driver comfort and safety, especially during long journeys or in heavy traffic conditions, making it an attractive option for both commercial operators and drivers.
One of the most significant trends in the automotive electric powered steering systems market is the growing shift toward electric and hybrid vehicles. As consumers become more environmentally conscious and demand for EVs continues to rise, automakers are incorporating EPS as a standard feature to reduce energy consumption, improve performance, and increase overall vehicle efficiency. Moreover, the increasing integration of advanced driver assistance systems (ADAS) with EPS is enhancing vehicle safety, providing features like lane-keeping assist, automatic parking, and emergency steering. This trend is expected to continue as the automotive industry embraces the future of autonomous driving.
Another key trend is the growing focus on steering system customization and smart steering technologies. Automakers are increasingly offering adjustable steering responses, torque feedback, and variable steering ratios, which are made possible through the flexibility of electric steering systems. As EPS technology evolves, it is being combined with artificial intelligence (AI) and machine learning to create more intuitive and responsive steering systems. This development will not only enhance driving comfort but also improve safety by providing real-time adjustments based on road conditions and driver behavior. The integration of EPS with connected vehicle technologies is expected to further shape the future of steering systems.
There are significant opportunities for growth in the automotive electric powered steering systems market, particularly as the demand for electric and autonomous vehicles continues to surge. As more automakers focus on reducing vehicle weight and improving energy efficiency, EPS offers an ideal solution due to its lightweight nature and low energy consumption. Moreover, the increased integration of EPS with ADAS and autonomous driving technologies presents new opportunities for advanced steering functionalities. Companies that can innovate in these areas and offer cutting-edge, customizable steering solutions will be well-positioned to capitalize on the expanding market.
Additionally, emerging markets such as Asia-Pacific, where demand for automobiles is rapidly growing, present substantial growth opportunities. The shift toward electric vehicles in these regions is expected to drive the adoption of EPS systems, as consumers and manufacturers seek out more efficient, environmentally friendly solutions. With governments in many countries implementing stricter emissions regulations, the automotive industry is likely to see a significant increase in the adoption of electric steering systems as part of their sustainability initiatives. The increasing focus on fuel efficiency and environmental impact presents a promising landscape for EPS manufacturers to expand their market presence and innovate further.
1. What is the role of electric power steering in modern vehicles?
Electric power steering provides steering assistance using an electric motor, improving fuel efficiency, precision, and overall driving comfort in vehicles.
2. How does EPS differ from traditional hydraulic steering systems?
EPS uses an electric motor to assist steering, while hydraulic systems rely on fluid pressure, making EPS more energy-efficient and lighter than hydraulic systems.
3. Are electric power steering systems used in both passenger and commercial vehicles?
Yes, electric power steering is increasingly being adopted in both passenger cars and commercial vehicles due to its energy efficiency and performance benefits.
4. What are the advantages of EPS in electric vehicles?
EPS is more energy-efficient and helps reduce the overall weight of electric vehicles, which enhances driving range and performance.
5. How does EPS contribute to vehicle safety?
EPS is integrated with advanced driver assistance systems like lane-keeping assist, which helps improve safety by providing automatic steering corrections.
6. What are the key trends driving the EPS market?
The growth of electric and autonomous vehicles, as well as the increasing adoption of ADAS, are key trends driving the EPS market forward.
7. Is EPS technology being used in commercial vehicles?
Yes, EPS is being increasingly adopted in commercial vehicles, such as trucks and buses, to improve fuel efficiency and enhance driver comfort.
8. What are the environmental benefits of EPS systems?
EPS systems help reduce fuel consumption and emissions by being more energy-efficient compared to traditional hydraulic steering systems.
9. What are the opportunities for EPS manufacturers in emerging markets?
Emerging markets, particularly in Asia-Pacific, offer substantial growth opportunities for EPS manufacturers as demand for electric and fuel-efficient vehicles rises.
10. What is the future outlook for the EPS market?
The EPS market is expected to grow significantly, driven by the increasing demand for electric vehicles, advanced steering technologies, and regulatory pressures to reduce emissions.
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Nexteer Automobile
TRW
JTEKT Corporation
Bosch
NSK Motion&Control
Showa Corporation
Thyssenkrupp
Mando Corporation
Beijing Hainanchuan Automotive Parts Co.
Tri-ring Group
Elite Electro Mechanical
Zhejiang Shibao Holding Group
Hyundai MOBIS
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. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. 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 Electric Powered Steering Systems Market
Passenger Cars
Commercial Vehicle
Based on Types the Market is categorized into Below types that held the largest Automotive Electric Powered Steering Systems market share In 2023.
Column Type
Pinion-and-rack Type
Double pinion Type
Ball screw Type
Global (United States, Global 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)
1. Introduction of the Global Automotive Electric Powered Steering Systems 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 Electric Powered Steering Systems Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automotive Electric Powered Steering Systems Market, By Type
6. Global Automotive Electric Powered Steering Systems Market, By Application
7. Global Automotive Electric Powered Steering Systems Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Automotive Electric Powered Steering Systems Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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