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 industry has witnessed significant changes from 2018 to 2022, particularly in the Electric Powered Steering Systems (EPS) market. EPS technology has gained traction as manufacturers seek to improve vehicle fuel efficiency, reduce weight, and enhance driving comfort. By 2022, the global EPS market was valued at billions of dollars, driven by the growing demand for fuel-efficient vehicles and government regulations pushing for eco-friendly innovations. The transition to electric vehicles (EVs) further fueled EPS adoption, as automakers needed lightweight and energy-efficient steering systems. Key players in the market, such as Bosch, JTEKT, and Nexteer, have dominated with innovative offerings in the EPS space, positioning them as leaders in the global market.
From 2023 to 2033, the automotive EPS market is expected to experience exponential growth, largely due to increasing demand for electric vehicles, autonomous driving, and enhanced driver-assist technologies. As automakers transition to EVs and hybrids, EPS will become a critical component for improving fuel efficiency and range. Furthermore, with advanced driver-assistance systems (ADAS) becoming standard in modern vehicles, the demand for EPS is poised to increase. Electric steering systems provide precise control, reduce energy consumption, and allow for more customizable driving experiences—key attributes that are necessary for the next generation of vehicles.
The global demand for EPS is projected to rise significantly as manufacturers focus on technological innovation and cost-effective production methods. By 2033, the EPS market is likely to expand further with innovations like steer-by-wire systems and the integration of EPS with other vehicle control systems. The growing popularity of electric and autonomous vehicles will play a major role in this transition, as these vehicles require highly efficient and responsive steering systems to meet safety and performance standards. As a result, EPS technologies are becoming a focal point for manufacturers striving to create smarter and more sustainable vehicles.
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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)
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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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