Motor-driven Power Steering System Market Revenue was valued at USD 29 Billion in 2024 and is estimated to reach USD 45 Billion by 2033, growing at a CAGR of 5.5% from 2026 to 2033.
The global Motor driven Power Steering (MDPS) system market was valued at approximately USD 30 billion in 2022 and is projected to reach USD 65 billion by 2032, growing at a compound annual growth rate (CAGR) of 8% during the forecast period from 2023 to 2032. The increasing demand for fuel efficient and technologically advanced vehicles, coupled with stringent government regulations regarding safety and emissions, is driving the adoption of motor driven power steering systems. Additionally, the rise in electric vehicle production is expected to further accelerate market growth, given the compatibility of MDPS with electric vehicles due to their lower energy consumption and weight saving features. The markets expansion is influenced by the shift toward electric power steering (EPS) systems, which offer better performance and energy efficiency compared to traditional hydraulic power steering systems.
Regionally, North America held the largest share of the motor driven power steering system market in 2022, accounting for approximately 35% of the global market, followed by Europe with a share of around 30%. The Asia Pacific region is expected to witness the highest growth during the forecast period, with a projected CAGR of 10%. This growth is primarily attributed to the rapidly growing automotive industry in countries such as China, Japan, and India. The increasing consumer preference for fuel efficient and eco friendly vehicles in these regions, along with the adoption of advanced steering technologies, is expected to contribute to the substantial rise in market demand. Latin America and the Middle East & Africa are also expected to experience moderate growth due to the increasing adoption of electric vehicles and ongoing automotive manufacturing developments in these regions.
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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 Motor-driven Power Steering System Market
Electric Motor
Hydraulic Pump
Steering Control Module
Torque Sensor
Other Components
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
Hydraulic Power Steering (HPS)
Electric Power Steering (EPS)
Electro-Hydraulic Power Steering (EHPS)
Light-Duty Vehicles
Heavy-Duty Vehicles
Off-Road Vehicles
Original Equipment Manufacturers (OEM)
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 Motor-driven Power Steering System 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 Motor-driven Power Steering System Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Motor-driven Power Steering System Market, By Type
6. Global Motor-driven Power Steering System Market, By Application
7. Global Motor-driven Power Steering System Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Motor-driven Power Steering System Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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