Global Electric Power Steering (EPS) Control Units Market was valued at USD 1.2 Billion in 2022 and is projected to reach USD 2.1 Billion by 2030, growing at a CAGR of 7.9% from 2024 to 2030.
The Electric Power Steering (EPS) Control Units Market has experienced significant growth in recent years due to advancements in automotive technology and increased demand for fuel-efficient, environmentally friendly vehicles. EPS systems, which replace traditional hydraulic steering systems, use electric motors to assist with steering, providing a smoother, more responsive driving experience. These systems are controlled by EPS control units, which regulate the amount of steering assist based on factors such as vehicle speed, road conditions, and driver input. As more automotive manufacturers incorporate EPS technology into their vehicles, the demand for EPS control units has surged, driving the growth of the market.
One of the key factors contributing to the rapid expansion of the EPS control units market is the increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). As these vehicles become more mainstream, automakers are turning to EPS systems as a solution for reducing weight and improving fuel efficiency. Additionally, EPS offers more precise control, which is particularly important for modern vehicles that feature advanced driver assistance systems (ADAS) and autonomous driving capabilities. The integration of EPS control units with these technologies has made them essential components for the future of the automotive industry.
Geographically, the EPS control units market is witnessing substantial growth in regions like North America, Europe, and Asia-Pacific. In particular, countries like China, Global, and South Korea are key players in the market due to the presence of major automotive manufacturers and a growing demand for electric vehicles. The increasing investments in research and development, along with advancements in vehicle electrification, have further fueled the expansion of the EPS control units market across these regions.
With the growing shift towards electric mobility and advancements in steering technology, the future of the EPS control units market looks promising. Manufacturers are constantly innovating to improve the performance, efficiency, and integration of EPS systems, ensuring that they remain at the forefront of automotive advancements.
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Bosch
JTEKT
Nexteer
ZF
NSK
Hitachi Astemo (Showa)
Hyundai Mobis
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. 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 Electric Power Steering (EPS) Control Units Market
Passenger Vehicle
Commercial Vehicle
Based on Types the Market is categorized into Below types that held the largest Electric Power Steering (EPS) Control Units market share In 2023.
C-EPS
P-EPS
R-EPS
DP-EPS
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, 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 Electric Power Steering (EPS) Control Units 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 Electric Power Steering (EPS) Control Units Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Electric Power Steering (EPS) Control Units Market, By Type
6. Global Electric Power Steering (EPS) Control Units Market, By Application
7. Global Electric Power Steering (EPS) Control Units Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Electric Power Steering (EPS) Control Units Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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