Light Commercial Vehicle EPS Market Revenue was valued at USD 4.56 Billion in 2024 and is estimated to reach USD 8.92 Billion by 2033, growing at a CAGR of 7.95% from 2026 to 2033.
The Light Commercial Vehicle (LCV) Electric Power Steering (EPS) market has been experiencing significant growth, driven by technological advancements and the increasing demand for fuel efficient vehicles. In 2022, the global LCV EPS market was valued at approximately USD 2.5 billion and is projected to reach USD 4.0 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2030. This growth is primarily attributed to the rising adoption of electric and hybrid light commercial vehicles, as well as the integration of advanced driver assistance systems (ADAS) that enhance vehicle safety and performance. The shift towards electrification and stringent emission regulations worldwide further bolster the demand for EPS systems in light commercial vehicles.
Regionally, the Asia Pacific region dominated the LCV EPS market in 2023, accounting for approximately 40% of the total revenue. This dominance is fueled by the regions robust automotive manufacturing industry, increasing urbanization, and supportive government policies promoting electric vehicles. North America held a 30% share, driven by technological advancements and the growing adoption of electric and hybrid vehicles. Europe contributed 20% to the market, influenced by stringent emission standards and a strong focus on fuel efficiency. Latin America and the Middle East & Africa each accounted for 5% of the market share. Notably, the Asia Pacific region is also the fastest growing market, with a projected CAGR of 9% from 2024 to 2032, reflecting strong growth prospects in countries such as China, Japan, and India. These trends underscore the global shift towards more efficient and environmentally friendly transportation solutions, positioning the LCV EPS market for continued expansion in the coming years.
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JTEKT
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 Light Commercial Vehicle EPS Market
Light Delivery Vans
Pickup Trucks
Chassis Cabs
Cutaway Vans
Logistics and Transportation
Construction and Infrastructure
Food and Beverage Distribution
Service and Maintenance
Front-Wheel Drive (FWD)
Rear-Wheel Drive (RWD)
All-Wheel Drive (AWD)
Hydraulic EPS (Electric Power Steering)
Column-integrated EPS
Rack-mounted EPS
Retail and E-commerce
Telecommunications
Agriculture
Public Sector (Municipal Services)
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 Light Commercial Vehicle EPS 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 Light Commercial Vehicle EPS Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Light Commercial Vehicle EPS Market, By Type
6. Global Light Commercial Vehicle EPS Market, By Application
7. Global Light Commercial Vehicle EPS Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Light Commercial Vehicle EPS Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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