Electric Power Steering Market is estimated to reach USD 49.93 billion by 2035 | Top key players - Denso Corporation, Hitachi Automotive Systems, Infineon Technologies AG, JTEKT Corporation

Research Nester's latest report on the "Global Electric Power Steering Market: Supply & Demand Analysis, Growth Forecasts & Statistics Report 2026-2035" delivers an in-depth analysis of market dynamics, growth drivers, and region-specific trends. The report segments the market by type, component, vehicle type, vehicle propulsion type, and sales channel, emphasizing the role of technological advancements in automotive steering systems and the shift toward fuel-efficient and electric vehicles. It provides a comprehensive evaluation of key factors, challenges, and emerging opportunities shaping the future of the electric power steering (EPS) industry.

According to a recent study by Research Nester, the global electric power steering market size is expected to cross USD 49.93 billion by 2035, expanding at a CAGR of 5.5% during the forecast period 2026-2035.

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Rising Adoption of Fuel-Efficient and Autonomous Vehicles to Propel Market Growth

The electric power steering industry is growing due to increased demand for improved driving comfort and development of energy saving automobile technologies all over the world. EPS has gained more popularity in modern passenger and commercial vehicles due to the rise in vehicle electrification and the gradual disappearance of hydraulic steering systems. Automobile manufacturers are currently concerned with weight reduction and enhanced vehicle dynamics, to which EPS is beneficial as it does not require hydraulic parts. Another factor advancing the market growth is the increasing use of EPS with vehicle-to-everything (V2X) communication systems. Also, the emerging trend of connected and autonomous driving is creating a need for smart EPS solutions that improve maneuverability and the precision of driving.

Key Drivers and Challenges Impacting the Electric Power Steering Market

Growth Drivers:

• Rising adoption of electric vehicles (EVs) and hybrid vehicles

• Integration of advanced driver-assistance systems (ADAS) and autonomous driving technology

• Regulatory mandates supporting fuel efficiency and vehicle emissions reduction

• Increasing demand for lightweight and energy-efficient automotive components

Challenges:

• High cost of EPS components compared to conventional hydraulic steering systems

• Complexity in integrating EPS with autonomous and semi-autonomous driving technologies

• Potential reliability concerns due to electronic malfunctions

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The steering rack/column segment is projected to lead the market with a share of 34.6% by 2035 as steering rack/column is a critical component that provides stability and precise control to the steering mechanism. Manufacturers of automotive steering systems are increasingly working on ways of creating new steering racks that are lighter and strong at the same time to enhance the performance and fuel efficiency of vehicles. The rising demand for EPS in high-end and luxury cars is also the reason for the growing demand for steering columns that have adaptive steering control. Further, new designs in the collapsible and energy-absorbing steering columns are enhancing safety in case of an accident. Due to the focus on improving the durability and efficiency of the products, the market for the next-generation steering racks and columns is anticipated to expand.

Asia Pacific electric power steering market is expected to hold the highest share of 58.7% during the forecast period due to a higher production of automobiles and the increasing popularity of electric vehicles. China remains the most dominant market due to political support for electric mobility and technological development in smart cars. EPS is also gaining popularity in India, especially in the passenger car segment where car makers are focusing on lighter and energy efficient parts. Furthermore, an increase in disposable income and urbanization has also helped in the enhancement of the demand for cars with better steering systems.

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The competition outlook for the electric power steering market remains intense, with companies continuing to invest in next generation steering solutions, including AI and IoT. Some of the major market players are Denso Corporation, Hitachi Automotive Systems, Infineon Technologies AG, JTEKT Corporation, Mitsubishi Electric, NSK, Ltd., Nexteer Automotive, Robert Bosch, Valeo Japan, and ZF Friedrichshafen AG who are increasing their product lines of steer-by-wire systems and fully electric steering technologies. The increasing concern for sustainable EPS and the growing trend towards vehicle automation is predicted to influence the future competitive dynamics of the EPS industry.

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