sujeet rai
Electric Power Steering Market Growth, and Demand Forecast 2025-2033
IMARC Group's report titled "Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2025-2033", The global electric power steering market size was valued at USD 29.62 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 45.30 Billion by 2033, exhibiting a CAGR of 4.59% from 2025-2033.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electric-power-steering-market/requestsample
Factors Affecting the Growth of the Electric Power Steering Industry:
- Rise of Electric and Hybrid Vehicles
The ever-increasing demand for electric and hybrid automobiles is one of the main factors governing the growth of the EPS Market. Such vehicles capitalize on electric motors for propulsion, thus making EPS systems an obvious choice. In these applications, hydraulic power steering systems were found to be otherwise inefficient, thus leading to fuel wastage and range reduction. As the automotive industry gears towards electrification, the demand for EPS systems is expected to soar, positively contributing to the position of EPS in the market.
- Advancements in Autonomous Driving Technologies
These include the rapid development in the autonomous driving technologies that are crucial in advancing the EPS market. The EPS systems serve the much-needed steering control in autonomous vehicles, usually functioning in combination with the ADAS components. The EPS systems should ideally respond with precision in the case of lane-keeping assistance, adaptive cruise control, and automatic parking. After the advent of autonomous driving technology, an increased demand for highly developed EPS systems will be witnessed.
- Stringent Fuel Efficiency Regulations
To combat climate change and lower carbon emissions, governments all over the world have started imposing stricter fuel efficiency regulations. These regulations are forcing car manufacturers to come up with fuel-efficient vehicles, and EPS systems are essential for achieving this goal. EPS systems reduce engine load and enhance fuel economy, providing an advantage to carmakers to comply with the regulations while maintaining vehicle performance and driver comfort. With the further tightening of fuel efficiency standards, the adoption of EPS will be even more encouraged.
We explore the factors propelling the electric power steering market growth, including technological advancements, consumer behaviors, and regulatory changes.
Leading Companies Operating in the Global Electric Power Steering Industry:
- HELLA GmbH & Co. KGaA (Faurecia SE)
- Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK LTD
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- ThyssenKrupp AG
- TT Electronics plc
- ZF Friedrichshafen AG
Electric Power Steering Market Report Segmentation:
By Component:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Sensors exhibit a clear dominance in the market due to their pivotal role in detecting steering inputs and enabling precise control in electric power steering system.
By Mechanism:
- Rigid EPS
- Collapsible EPS
Collapsible EPS represents the largest segment owing to its widespread adoption in modern vehicles for its safety features and compact design.
By Type:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Colum assist type (CEPS) holds the biggest market share attributed to its versatility, seamless integration, and cost-effectiveness in various vehicle models.
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Passenger car accounts for the majority of the market share, as electric power steering systems are extensively utilized in passenger vehicles for enhanced maneuverability and driving comfort.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market, driven by the increasing demand for fuel-efficient vehicles and the presence of key manufacturers in the region.
Global Electric Power Steering Market Trends:
The rising demand for fuel-efficient and environment friendly vehicles is accelerating the adoption of EPS systems, which offer better fuel efficiency compared to traditional hydraulic power steering. Technological advancements, such as the integration of advanced driver-assistance systems (ADAS) and the increasing prevalence of electric and hybrid vehicles, are further propelling the market growth. Additionally, stringent government regulations aimed at reducing vehicular emissions are pushing automakers to incorporate EPS systems in their new models. Major players in the market are focusing on innovations and strategic collaborations to strengthen their market presence and cater to the evolving consumer preferences.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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by sujeet rai on 2025-01-29 12:00:23
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