Press release
Electric Power Steering Market Size Forecast: $39.49 Billion by 2029 | Global Outlook
Electric Power Steering Market
What Is the Projected Market Size Valuation of the Electric Power Steering Market by 2025?
The market size for electric power steering has seen significant growth in the latest years. It is anticipated to expand from $28.84 billion in 2024 to $30.33 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.2%. Factors contributing to this growth during the historical period include improved fuel efficiency and lower emissions, heightened vehicle safety and control, established industry regulations and norms, consumer preference for a smooth driving experience, and a decrease in production costs.
What Is the Estimated Market Growth Value for the Electric Power Steering Industry in 2029?
The market size of electric power steering is projected to experience robust growth in the upcoming years, scaling up to $39.49 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%. The growth prediction for the period is credited to its integration with self-driving systems, a surge in the production of electric and hybrid vehicles, developments in EPS, increasing customer demand for superior driving experience, as well as environmental regulations and fuel efficiency. Key trends for the forecasted years include the demand for silent and seamless steering, enhanced connectivity and data cooperation, priority on energy efficiency, the emergence of dual pinion EPS, and the embrace of steer-by-wire technology.
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What Are the Growth Drivers and Opportunities in the Electric Power Steering Market?
The surge in global demand for electric vehicles is forecasted to considerably accelerate the development of the electric power steering market. These vehicles are equipped with motors that run on electricity stored within batteries. In an effort to combat COVID-19 and meet aspirations for achieving net-zero emissions, there has been a sudden pivot towards the use of electric and hybrid vehicles. This shift has naturally spurred a rise in the demand for electric power steering, a key component in electric vehicles, which in turn has bolstered the growth of the electric power steering market. To illustrate, the International Energy Agency, a France-based intergovernmental organization, indicated that electric vehicle sales rose to 10 million in 2022 and predict this number tos grow to 14 million by 2023. As such, it is clear that the burgeoning demand for electric vehicles is a key driver in the expansion of the electric power steering market.
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What Are the Primary Segments Covered in the Global Electric Power Steering Market Report?
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
What Are the Top Growth Trends in the Electric Power Steering Market?
Major firms in the electric power steering market are prioritizing the creation of cutting-edge products, such as the Modular Pinion-Assist Electric Power Steering (EPS) System. The EPS system is a refined steering solution developed to boost both vehicle performance and production efficiency. In August 2024, for instance, Nexteer Automotive, a company specializing in motion control technologies in the US, introduced the Modular Pinion-Assist Electric Power Steering (EPS) System. This system was ingeniously built to be interchangeable across diverse vehicle platforms, granting manufacturers added versatility in design and application. Moreover, this system also betters steering reactivity, thus improving overall driving experience. Additionally, its modular structure cuts down production costs and eases its integration into varying vehicle models.
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Which Companies Are Shaping the Future of the Electric Power Steering Market?
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.
Which Region Holds the Largest Market Share in the Electric Power Steering Industry?
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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