Electric Power Steering Market Forecasted to Cross USD 26.8 Billion by 2032

USA, New Jersey: According to Verified Market Research analysis, the global Electric Power Steering Market size was valued at USD 12.3 Billion in 2024 and is projected to reach USD 26.8 Billion by 2032, growing at a CAGR of 10.5% from 2026 to 2032.

The global electric power steering (EPS) market is forecasted to exceed USD 26.8 billion by 2032, driven by the growing demand for fuel-efficient vehicles, advanced driver-assistance systems (ADAS), and the global shift toward electric and hybrid vehicles. EPS systems are increasingly replacing traditional hydraulic systems due to their lightweight design, energy efficiency, and improved steering precision. Technological advancements, including integration with autonomous driving features, are further boosting adoption. Additionally, stringent government regulations on vehicle emissions and safety are encouraging automakers to adopt EPS solutions, positioning the market for substantial growth across both passenger and commercial vehicle segments worldwide.

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What is the current growth outlook for the Electric Power Steering Market?

The Electric Power Steering (EPS) market is witnessing robust growth due to rising demand for fuel-efficient and lightweight vehicles, alongside advancements in autonomous driving technologies. Analysts project a CAGR of over 7% from 2025 to 2030, driven by increased adoption in passenger cars, commercial vehicles, and electric vehicles. Key factors influencing growth include government regulations promoting vehicle safety, rising consumer preference for enhanced driving comfort, and innovations in steer-by-wire technology. Market players are focusing on R&D to improve energy efficiency and reduce system weight, boosting EPS integration across emerging automotive markets globally.

What are the key drivers and challenges in the Electric Power Steering Market?

The EPS market is primarily driven by the need for improved fuel efficiency, reduced carbon emissions, and enhanced vehicle maneuverability. Innovations such as torque sensors, adaptive steering systems, and integration with ADAS (Advanced Driver Assistance Systems) are accelerating adoption. However, high initial costs, complex electronic components, and limited skilled workforce pose challenges. Additionally, maintenance concerns and reliability issues in extreme conditions can affect market penetration. Despite these hurdles, rising EV production, regulatory mandates for vehicle safety, and increasing demand in emerging economies provide lucrative growth opportunities for EPS manufacturers globally.

How are technological advancements shaping the Electric Power Steering Market?

Technological innovations are transforming the EPS market, with developments in steer-by-wire systems, electric torque sensors, and integrated motor-driven mechanisms improving precision and reliability. Manufacturers are focusing on lightweight materials and software-driven calibration to enhance energy efficiency and driving comfort. Integration with autonomous and connected vehicle systems allows EPS to support lane-keeping assistance, collision avoidance, and smart steering features.

Major companies

NSK Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Bosch, Nexteer Automotive

Trends

Global Market Expansion: As markets continue to globalize, numerous enterprises in the Electric Power Steering sector are actively exploring opportunities in emerging markets. Leveraging their expertise and resources, these companies are strategically expanding their footprint and reaching out to new customer segments, thereby capitalizing on evolving market dynamics.

Sustainable Practices: There's a noticeable surge in prioritizing sustainability within the market, spurred by both consumer preferences and regulatory mandates. This shift is manifesting in heightened adoption of eco-friendly materials, implementation of energy-efficient processes, and proactive initiatives aimed at waste reduction.

Digital Transformation: The Electric Power Steering market is swiftly embracing digital transformation, incorporating cutting-edge technologies like AI, IoT, and blockchain. This transition is significantly enhancing operational efficiency, fostering product innovation, and elevating customer experiences through personalization.

Health and Wellness: Consumers are placing a growing emphasis on health and wellness, catalyzing the introduction of functional and nutritious products in the Electric Power Steering market. Additionally, there's a notable trend towards integrating health-focused attributes into existing offerings to meet evolving consumer expectations.

Key Segments Are Covered in Report

Electric Power Steering Market, By Type

Column Assist EPS (C EPS)
Rack Assist EPS (R EPS)
Pinion Assist EPS (P EPS)

Electric Power Steering Market, By Vehicle Type

Passenger Cars
Commercial Vehicles
Electric Vehicles

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Regional Analysis

North America (USA and Canada)
Europe (UK, Germany, France and rest of Europe)
Asia-Pacific (China, Japan, India, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
Middle East and Africa (GCC and Rest of the Middle East and Africa)

The report offers analysis on the following aspects:

(1) Market Penetration: Comprehensive information on the product portfolios of the top players in the Electric Power Steering Market.

(2) Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the Electric Power Steering market.

(3) Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.

(4) Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.

(5) Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Electric Power Steering Market.

Frequently Asked Questions (FAQ)

1. What are the present scale and future growth prospects of the Electric Power Steering Market?
Answer: The Electric Power Steering Market size was valued at USD 12.3 Billion in 2024 and is projected to reach USD 26.8 Billion by 2032, growing at a CAGR of 10.5% from 2026 to 2032.

2. What is the current state of the Electric Power Steering market?
Answer: As of the latest data, the Electric Power Steering market is experiencing growth, stability, and challenges.

3. Who are the key players in the Electric Power Steering market?
Answer: NSK Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Bosch, Nexteer Automotive are the Prominent players in the Electric Power Steering market, known for their notable characteristics and strengths.

4. What factors are driving the growth of the Electric Power Steering market?
Answer: The growth of the Electric Power Steering market can be attributed to factors such as key drivers technological advancements, increasing demand, and regulatory support.

5. Are there any challenges affecting the Electric Power Steering market?
Answer: The Electric Power Steering market's challenges include competition, regulatory hurdles, and economic factors.

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