Passenger Vehicle EPS Market size is estimated to be USD 4.1 Billion in 2024 and is expected to reach USD 8.5 Billion by 2033 at a CAGR of 8.9% from 2026 to 2033.
In 2022, the global passenger vehicle Electric Power Steering (EPS) market was valued at USD 21.0 billion and is projected to reach USD 36.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2030. The Asia Pacific region dominated the market, driven by robust automotive production and sales in countries like China, Japan, and India. Factors such as rapid urbanization, rising disposable incomes, and supportive government policies have contributed to this growth. The regions focus on reducing vehicular emissions and improving fuel efficiency further propels the adoption of EPS systems. With a projected CAGR of around 7%, the Asia Pacific region is set to maintain its leadership position in the EPS market.Europe also represents a substantial market for passenger vehicle EPS systems, underpinned by the presence of leading automotive manufacturers and stringent emission regulations. Countries such as Germany, France, and the United Kingdom are at the forefront of automotive innovation, driving advancements in EPS technology. The European Unions stringent CO2 emission standards and the push towards electric and hybrid vehicles compel automakers to adopt EPS systems. Additionally, the regions focus on advanced driver assistance systems (ADAS) and autonomous driving technologies creates new opportunities for EPS solutions. With ongoing investments in research and development, Europe is expected to remain a key player in the EPS market.
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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 Passenger Vehicle EPS Market
Sedans
SUVs
Compact Cars
Luxury Vehicles
Vans and Minivans
Gasoline
Diesel
Electric
Hybrid
Alternative Fuels (e.g., CNG, Ethanol)
Individual Consumers
Corporate Fleets
Car Rental Agencies
Government Entities
Shared Mobility Services
Budget Vehicles (Under $20,000)
Mid-Range Vehicles ($20,000 - $50,000)
Premium Vehicles ($50,000 - $100,000)
Luxury Vehicles (Over $100,000)
Used Vehicles
Dealerships
Online Platforms
Auction Sales
Direct Sales from Manufacturers
Certified Pre-Owned Programs
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 Passenger 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 Passenger Vehicle EPS Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Passenger Vehicle EPS Market, By Type
6. Global Passenger Vehicle EPS Market, By Application
7. Global Passenger Vehicle EPS Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Passenger Vehicle EPS Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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