Press release
Future of the Electric Power Steering Market: Trends, Innovations, and Key Forecasts Through 2034
Electric Power Steering
Electric Power Steering Market Size Growth Forecast: What to Expect by 2025?
The market size of electric power steering has seen a robust growth lately. Expected to increase from $28.84 billion in 2024 to $30.75 billion in 2025, it has a compound annual growth rate (CAGR) of 6.7%. The historical growth of this market is due to factors like improved fuel efficiency and emission reduction, better vehicle safety and control features, regulatory standards and norms, preferences of consumers for a more comfortable driving experience, and reduced manufacturing costs.
How Will the Electric Power Steering Market Size Evolve and Grow by 2029?
The market size for electric power steering is anticipated to witness considerable growth in the upcoming years, culminating in a total worth of $41.01 billion in 2029 with a compound annual growth rate (CAGR) of 7.5%. This projected growth can be linked to its integration with autonomous driving systems, the surge in production of hybrid and electric vehicles, improvements in electric power steering (EPS), customer preference for superior driving experiences, environmental regulations, and fuel efficiency. In the forecast period, the market trends to watch include the demand for quiet and smooth steering, strengthened connectivity and integrated data, an emphasis on energy efficiency, the creation of dual pinion EPS and the widespread use of steer-by-wire technology.
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What Drivers Are Propelling the Growth of Electric Power Steering Market Forward?
The global surge in demand for electric vehicles is set to significantly boost the electric power steering market in the near future. Electric vehicles, which are essentially motor vehicles powered by electricity accumulated in batteries, are being increasingly adopted due to the ongoing fight against COVID-19 and the aspiration to achieve net-zero emissions. As electric power steering forms an integral part of electric vehicles, the rising numbers of such vehicles invariably intensifies the need for more electric power steering, hence stimulating the electric power steering market. For instance, as per data from the International Energy Agency, a France-based intergovernmental body, electric vehicle sales reached 10 million in 2022. This figure is projected to rise to 14 million in 2023. Consequently, the escalating demand for electric vehicles is fueling the expansion of the electric power steering market.
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Which Emerging Trends Are Transforming the Electric Power Steering Market in 2025?
Key players in the electric power steering market are concentrating on developing innovative products like the Modular Pinion-Assist Electric Power Steering (EPS) System. This advanced steering solution aims to improve vehicle efficiency and streamline the manufacturing process. In August 2024, Nexteer Automotive, an American company specializing in motion control technology, announced the launch of their Modular Pinion-Assist Electric Power Steering (EPS) System. This cutting-edge system is versatile and can fit diverse vehicle models, giving manufacturers more design and application flexibility. Furthermore, the system augments steering responsiveness, resulting in an improved driving experience. The modular design also cuts production expenses and makes it easier to incorporate into various vehicle models.
What Are the Key Segments in the Electric Power Steering Market?
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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Who Are the Key Players Shaping the Electric Power Steering Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Electric Power Steering Market?
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.
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