Electrically Powered Steering Column Drive Market size is estimated to be USD 3.1 Billion in 2024 and is expected to reach USD 5.8 Billion by 2033 at a CAGR of 7.1% from 2026 to 2033.
The global Electrically Powered Steering Column Drive Market was valued at USD 1.5 billion in 2022 and is projected to reach USD 2.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2030. In North America, the markets growth is driven by stringent fuel efficiency regulations and increased vehicle production. The United States, for instance, produced over 10 million vehicles in 2023, emphasizing advanced steering technologies to enhance safety and efficiency. Europe accounted for 23% of the market share in 2024, with countries like Germany producing over 3.6 million vehicles in 2023, focusing on electric power steering (EPS) and steer by wire technologies for improved vehicle performance.
The Asia Pacific region dominated the market with a 40% share in 2024, primarily due to the increasing production of passenger vehicles and rising safety concerns. China led this growth, producing over 21 million passenger vehicles in 2023 and rapidly adopting EPS and steer by wire technologies. In India, the electric power steering market is expected to register a CAGR of over 10.5% during the forecast period, driven by rising vehicle demand and favorable government policies. Latin America and the Middle East & Africa collectively held a 12% market share in 2024, with growth anticipated due to improving economic conditions and increased vehicle sales. For example, Brazil experienced a 10% increase in electric vehicle sales in 2023, boosting demand for EPS and steer by wire systems.
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TRW
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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 Electrically Powered Steering Column Drive Market
Electric Power Steering (EPS)
Column Drive Units
Rack and Pinion Systems
Steer-by-Wire Systems
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Electric Vehicles (EVs)
Automotive Industry
Aerospace Industry
Marine Applications
Industrial Machinery
Conventional Electrical Systems
Intelligent Steering Control Systems
Feedback Control Mechanisms
Adaptive Steering Technologies
Electric Motors
Control Units
Sensors
Steering Columns
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 Electrically Powered Steering Column Drive 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 Electrically Powered Steering Column Drive Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Electrically Powered Steering Column Drive Market, By Type
6. Global Electrically Powered Steering Column Drive Market, By Application
7. Global Electrically Powered Steering Column Drive Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Electrically Powered Steering Column Drive Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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