In 2024, the global EPS market size was valued at approximately $41.10 billion, with projections indicating a compound annual growth rate (CAGR) of 5.8% from 2024 to 2034. The global electric power steering market has experienced significant growth over the past decade. The increasing adoption of EPS systems is driven by their ability to enhance vehicle performance and efficiency. Unlike hydraulic systems, EPS does not rely on engine power, which reduces energy consumption and improves overall vehicle fuel economy. This has led to widespread adoption across passenger cars, commercial vehicles, and electric vehicles (EVs).
Market’s Growth Drivers
- Rising Demand for Fuel-Efficient Vehicles: With stringent environmental regulations and rising fuel costs, automakers are focusing on technologies that enhance fuel efficiency. EPS systems play a critical role in achieving these goals.
- Increasing Adoption of Electric Vehicles (EVs): The global shift toward EVs has significantly boosted the demand for EPS systems. EVs rely on electric components, making EPS a natural fit for these vehicles.
- Technological Advancements: Innovations such as steer-by-wire systems and integration with advanced driver-assistance systems (ADAS) are propelling the EPS market forward.
- Government Regulations: Stringent safety and emissions standards worldwide are encouraging the adoption of EPS systems, which contribute to meeting these regulatory requirements.
- Urbanization and Rising Vehicle Ownership: Rapid urbanization, particularly in emerging economies, has led to increased vehicle sales, further driving the demand for EPS systems.
Key Trends
- Integration with Autonomous Vehicles: EPS systems are essential for the functioning of autonomous vehicles, as they enable precise and reliable steering control without human intervention.
- Steer-by-Wire Technology: This emerging technology eliminates the mechanical link between the steering wheel and the tires, offering improved flexibility and customization.
- Lightweight Materials: Manufacturers are focusing on using lightweight materials to reduce the overall weight of EPS systems, thereby enhancing vehicle efficiency.
- Regional Expansion: Asia-Pacific, particularly China and India, is emerging as a key market due to growing automotive production and sales.
Research Scope
Research in the EPS market focuses on several areas, including:
- Product Innovation: Developing more efficient and reliable EPS systems, such as dual-pinion and column-assist systems.
- Integration with Smart Technologies: Exploring how EPS can be integrated with IoT and AI for enhanced vehicle performance.
- Cost Optimization: Identifying ways to reduce production costs while maintaining high-quality standards.
- Sustainability: Developing eco-friendly EPS systems with reduced energy consumption and recyclable components.
Market key Companies:
Understanding key players and their initiatives provides valuable insights into the competitive landscape and emerging opportunities in the market. Here are the top companies in the market:
- BorgWarner
- Hycet Technology Co. Ltd.
- Hyundai Mobis
- JTEKT
- Mando Corporation
- Mitsubishi Electric
- Nexteer
- NSK
- Robert Bosch
- Tenneco
- ThyssenKrupp
- ZF Friedrichshafen AG.
Market Segmentation
The EPS market can be segmented based on the following criteria:
Electric Power Steering, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Column
- Sensors
- Gear
- Mechanical Rack & Pinion
- Electronic Control Unit
- Motor
- Others
Electric Power Steering, Mechanism Outlook (Revenue – USD Billion, 2018 – 2030)
- Collapsible EPS
- Rigid EPS
Electric Power Steering, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- C-EPS
- P-EPS
- R-EPS
Electric Power Steering, Vehicle Outlook (Revenue – USD Billion, 2018 – 2030)
- Passenger Car
- Commercial Vehicle
- Vehicle
Electric Power Steering, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
𝐂𝐥𝐢𝐜𝐤 𝐡𝐞𝐫𝐞 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/electric-power-steering-market
The electric power steering market is on a robust growth trajectory, driven by technological advancements, increasing EV adoption, and the global push for fuel efficiency. As the automotive industry continues to evolve, EPS systems will remain a critical component, offering opportunities for innovation and market expansion. Stakeholders in the industry must focus on research, regional expansion, and sustainability to capitalize on the burgeoning demand for EPS systems.
In 2024, the global EPS market size was valued at approximately $41.10 billion, with projections indicating a compound annual growth rate (CAGR) of 5.8% from 2024 to 2034.