Press release
Electric Power Steering Market Revenue Expected to Reach USD 38.78 Billion by 2030, with a CAGR of 6.2%.
Electric Power Steering Market Forecast
• Projected Growth: The market is expected to grow from USD 26.96 billion in 2024 to USD 38.78 billion by 2030, indicating robust demand.
• CAGR: The market is estimated to achieve a CAGR of 6.2% between 2025 and 2030, reflecting positive growth dynamics.
• Leading Region: The Asia-Pacific region accounts for approximately 43% of the market share, attributed to significant automotive production and government support for electric vehicles.
• Key Drivers: An increase in electric vehicle sales, driven by urbanization and consumer preferences for eco-friendly options, substantiates market growth.
• Challenges Ahead: Despite growth, high costs associated with Electric Power Steering systems compared to traditional hydraulic systems could pose challenges for adoption.
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Competitive Landscape of the Electric Power Steering Market
The Electric Power Steering Market is characterized by intense competition among several leading players focusing on innovation and technological advancements. Key companies in this space include:
• Bosch
• Denso Corporation
• Hyundai Mobis
• JTEKT Corporation
• HL Mando
• Hitachi Astemo, LTD.
• Mitsubishi Electric Corporation
• Nexteer
• NSK Corporate
• Sensata Technologies, Inc.
• ZF Friedrichshafen AG
• Zhuzhou Elite Electro-Mechanical Co. Ltd.
• GKN Automotive Limited
• Thyssenkrupp Presta AG
• Others
These companies are actively engaging in partnerships and developing new technologies to enhance their product offerings and maintain a competitive edge.
Key Takeaways from the Electric Power Steering Market Report
The Electric Power Steering market is significantly influenced by rising electric vehicle sales and technological advancements in autopilot and driver-assistance technologies. The integration of artificial intelligence within EPS systems is a trending advancement that further improves operational efficiency and safety. With Asia-Pacific being the fastest-growing region, companies are strategically focusing on this area for expansion. The market faces certain challenges, particularly concerning the cost of electric systems compared to traditional steering technologies.
Electric Power Steering Market Recent Development
• In 2025, Denso Corporation developed a new eAxle for a battery-operated electric vehicle in collaboration with BluE Nexus Corporation, marking a significant advancement in integration technology aimed at enhancing the performance and efficiency of electric vehicles.
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Electric Power Steering Market Segmentation
The Global Electric Power Steering Market can be segmented based on:
By Components
> Steering Column
> Steering Gear
> Sensor
> Mechanical Pinion & Rack
> Electronic Control Unit (ECU)
> Electric Motor
> Bearing
> Others
By Type
> Column Assist Type (C-EPS)
> Pinion Assist Type (P-EPS)
> Rack Assist Type (R-EPS)
By Mechanism
> Collapsible
> Rigid
By Fuel
> Petrol
> Diesel
> Natural Gas
> Electric
> Others
By Vehicle Type
> Passenger Cars & SUVs
> Commercial Vehicles
> Light Commercial Vehicles
> Heavy Commercial Vehicles
By Region
> North America
> South America
> Europe
> The Middle East & Africa
> Asia-Pacific
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Frequently Asked Questions (FAQs)
• What is the current market value of the Global Electric Power Steering Market?
• What are the primary drivers influencing the growth of the Electric Power Steering Market?
• Which region is expected to dominate the Electric Power Steering Market by 2030?
• What challenges does the Electric Power Steering market face in terms of adoption?
• Who are the leading companies in the Global Electric Power Steering Market?
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Other Report:
• Europe Electric Vehicle Motor Market size was valued at around USD32.9 billion in 2024 and is projected to reach USD80.2 billion by 2030. [Request Your Free Sample Now! https://www.marknteladvisors.com/query/request-sample/europe-ev-motor-market.html ]
• Global Automotive Radar Market size was valued at around USD 6.8 billion in 2024 and is projected to reach USD 34 billion by 2030. [Request Your Free Sample Now! https://www.marknteladvisors.com/research-library/automotive-radar-market.html ]
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