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Electric Power Steering Market Anticipated To Witness Robust Growth, Surpassing $41.01 Billion By 2029

04-14-2025 01:52 PM CET | Logistics & Transport

Press release from: The Business Research Company

Electric Power Steering

Electric Power Steering

The Electric Power Steering Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Electric Power Steering Market Size and Its Estimated Growth Rate?
The market for electric power steering has been making robust gains over the past few years. The market will see an increase from $28.84 billion in 2024 to $30.75 billion in 2025, predicting a compound annual growth rate (CAGR) of 6.7%. The expansion during the past period can be credited to better fuel efficiency and lower emissions, improved safety and control in vehicles, fulfillment of regulatory benchmarks and norms, consumer desire for a smoother and comfortable driving experience, and a decrease in manufacturing costs.

The market size of electric power steering is predicted to experience robust growth in the coming years, escalating to $41.01 billion by 2029 with a 7.5% compound annual growth rate (CAGR). This surge in growth during the projected interval is attributable to its integration into autonomous driving systems, increased production of hybrid and electric vehicles, advancements within EPS technology, the rising consumer preference for an improved driving experience, and due to environmental norms and fuel efficiency demands. Key market trend speculations for the forecasted period include expectations for quieter and smoother steering, heightened connectivity and data integration, emphasis on energy efficacy, progress in dual pinion EPS, and the uptake of steer-by-wire technology.

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How Are Emerging Segments Shaping the Electric Power Steering Market Landscape?
The electric power steering market covered in this report is segmented -

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)

Subsegments:
1) By R-EPS (Rack Electric Power Steering): Integrated R-EPS Systems, Standalone R-EPS Systems
2) By P-EPS (Column Electric Power Steering): Electric Column Assist Systems, Electric Power-Assisted Column Systems
3) By C-EPS (Combo Electric Power Steering): Hybrid Systems, Advanced Control Systems

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Which Growth Factors Are Influencing Electric Power Steering Market Expansion?
A surge in the global popularity and demand for electric vehicles is set to fuel the expansion of the electric power steering market. Electric vehicles are powered by motors that run on electricity stored in batteries. In a world grappling with the COVID-19 pandemic and with ambitions to achieve net-zero emissions, electric and hybrid vehicles have seen a sudden surge in adoption. Due to electric power steering being a critical element in these vehicles, the growth in the number of electric vehicles necessitates increased production of electric power steering, thus driving its market demand. The France-based intergovernmental organization, the International Energy Agency, reported in July 2023 for example that electric vehicle sales rose from 10 million in 2022 to a forecasted 14 million in 2023. Ergo, the electric power steering market's growth is being championed by the escalating demand for electric vehicles.

Who Are the Dominant Players Across Different Electric Power Steering Market Segments?
Major companies operating in the electric power steering market are 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 Latest Developing Trends in the Electric Power Steering Market?
Key players in the electric power steering market are prioritizing the creation of advanced products like the Modular Pinion-Assist Electric Power Steering (EPS) System. This cutting-edge steering solution is tailored to boost both vehicle performance and manufacturing efficiency. For example, in August 2024, Nexteer Automotive, an American company specializing in motion control technology, launched their Modular Pinion-Assist Electric Power Steering (EPS) System. This ground-breaking system is engineered to be compatible with numerous vehicle platforms, thereby providing manufacturers with more design and deployment flexibility. With its potential to enhance steering reactivity, it promises a superior driving experience. Moreover, the modular structure of the system leads to reduced production costs and eases its incorporation into diverse vehicle models.

Get the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/report/electric-power-steering-global-market-report

Which Geographic Regions Are Expected to Dominate the Electric Power Steering Market in the Coming Years?
Asia-Pacific was the largest region in the electric power steering market share in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power steering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Power Steering Market?
2. What is the CAGR expected in the Electric Power Steering Market?
3. What Are the Key Innovations Transforming the Electric Power Steering Industry?
4. Which Region Is Leading the Electric Power Steering Market?

Why This Report Matters:

Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.

Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

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Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

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