Press release
Electrifying Growth Projected for Power Steering Market: Soaring to $41.01 billion by 2029 at a 7.5% CAGR
Electric Power Steering Market Size
The global Electric Power Steering Market is heading towards exponential growth, driven by numerous factors including fuel efficiency, vehicle safety enhancements, rise in electric vehicle production, consumer demand for superior driving experience, and integration with autonomous driving systems.
What Is The Projected Market Size Of The Global Electric Power Steering Market And Its Growth Rate?
The Electric Power Steering Market is expected to experience impressive growth over the next several years.
• The market grew from $28.84 billion in 2024 to $30.75 billion in 2025 at a CAGR of 6.7%.
• Forecasts suggest the market will soar to $41.01 billion in 2029, reflecting a CAGR of 7.5%.
• This growth can be attributed to various factors such as integration with autonomous driving systems, a rise in electric and hybrid vehicle production, advancements in EPS, and environmental regulations and fuel efficiency.
What Is Driving The Growth In The Electric Power Steering Market?
The increasing demand for electric vehicles worldwide is expected to significantly contribute to the growth of the electric power steering market. As the primary component in electric vehicles, the rise in EV production directly results in growing demand for electric power steering. As per the International Energy Agency, global EV sales are expected to increase from 10 million in 2022 to 14 million in 2023, which bodes well for the growth of the electric power steering market.
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Who Are the Key Players Driving Electric Power Steering Market Growth?
• Robert Bosch GmbH
• JTEKT Corporation
• Nexteer Automotive Group Limited
• ZF Friedrichshafen AG
• NSK Steering Systems Pvt. Ltd.
• Mando Corporation
• Hyundai Mobis Co Ltd.
• Showa Corporation
• Hitachi Astemo Ltd.
• Denso Corporation
• China Automotive System
• KYB Corporation
• Thyssenkrupp AG
• Delphi Technologies
• Tenneco Inc.
• GKN Driveline Service GmbH
• Zhejiang Shibao Company Limited
• Jilin Dongfeng Power Co. Ltd.
• Chongqing Jianshe Automobile Electric Co. Ltd.
• Hella GmbH & Co. KGaA
• Valeo Group
• Magna International Inc.,
• Huayu Automotive Systems Co. Ltd.
• Jiangsu Dajiang Automotive Electric Motor Co. Ltd.
What Are The Key Trends In The Electric Power Steering Market?
• A growing preference for noiseless and smooth steering mechanisms
• Enhanced connectivity and data integration
• An emphasis on energy efficiency
• The development of dual pinion EPS
• The adoption of steer-by-wire technology.
What Are The Segments Of The Global Electric Power Steering Market?
1) By Type: R-EPS, P-EPS, C-EPS
2) By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack And Pinion, Electronic Control Unit, Electric Motor, Bearing
3) By Electric Motor: Brush Motor, Brushless Motor
3) By Mechanism: Rigid, Collapsible
4) By Application: Passenger Cars (PC), Commercial Vehicles (CV)
Which Region Leads The Electric Power Steering Market?
Asia-Pacific dominates the Electric Power Steering market. It was the largest region in terms of market share in 2024 and is expected to continue as the fastest-growing region during the forecast period. Other key regions include Western Europe, Eastern Europe, North America, South America, The Middle East, and Africa.
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What Is Covered In The Electric Power Steering Market Global Market Report?
- Market Size Analysis: Analyze the Electric Power Steering Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Power Steering Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Power Steering Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Power Steering Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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