Global Automotive Electric Power Steering Market Report By Motor Assist (Column Assist, Pinion Assist, Rack Assist), By Technology (Conventional EPS, EPS with ADAS), By Component (EPS Control Module, Electric Motor, Rack & Pinion, Steering Column), By Vehicle Type (Passenger Vehicle (Hatchback, Sedan, Utility Vehicles), Light Commercial Vehicles, Heavy Duty Trucks, Buses & Coaches) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2023-2032

The global demand for Automotive Electric Power Steering Market is presumed to reach the market size of nearly USD 50.38 Billion by 2032 from USD 29.34 Billion in 2023 with a CAGR of 6.19% under the study period 2024 - 2032. Regarding volume, the market was calculated XX Million Units in 2023 and forecast to touch XX Million Units by 2032 with a CAGR of XX% during 2024-2032.

Automotive electric power steering (EPS) is a vehicle steering system that replaces traditional hydraulic power steering with electrically assisted steering mechanisms. EPS systems utilize electric motors to provide steering assistance, improving fuel efficiency, responsiveness, and overall vehicle handling. Automobile EPS reduces maintenance requirements and enhances driver comfort and control by eliminating the need for hydraulic fluid and mechanical components.

Market Dynamics

The market for automotive electric power steering (EPS) is driven by several factors that address the growing demand for advanced steering systems in modern vehicles. Firstly, stringent fuel efficiency regulations and emissions standards drive market growth as automakers seek to improve fuel economy and reduce carbon emissions by replacing traditional hydraulic power steering systems with more energy-efficient electric power steering solutions. EPS systems offer improved fuel efficiency by eliminating the parasitic losses associated with hydraulic systems, thus appealing to consumers and automakers focused on sustainability and environmental responsibility. Secondly, advancements in automotive technology, including the development of electric and autonomous vehicles, drive the market demand for EPS systems with advanced features such as lane-keeping assist, adaptive steering, and self-parking capabilities. These features enhance vehicle safety, comfort, and convenience, driving consumer preference for vehicles equipped with EPS systems. Thirdly, the growing trend towards vehicle electrification and the adoption of electric powertrains create opportunities for market expansion as automakers increasingly integrate EPS systems into electric and hybrid vehicles to optimize energy efficiency and enhance driving dynamics. 

Additionally, the globalization of the automotive industry and the expansion of emerging markets drive market growth as automakers invest in developing and producing automotive electric power steering (EPS) systems to meet the growing demand for vehicles in regions such as Asia-Pacific and Latin America. Moreover, the increasing focus on driver assistance systems and vehicle connectivity further stimulates market demand for EPS systems with features such as adaptive cruise control, collision avoidance, and vehicle-to-vehicle communication. However, the emergence of autonomous driving technologies and advancements in vehicle steering systems may challenge the automotive electric power steering (EPS) market growth in the coming years.

The report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of automotive electric power steering. The growth and trends of Automotive Electric Power Steering Industry provide a holistic approach to this study. 

Market Segmentation

This section of the automotive electric power steering market report provides detailed data on the segments by analyzing them at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.

By Motor Assist

• Column Assist
• Pinion Assist
• Rack Assist

By Technology

• Conventional Eps
• Eps With Adas

By Component

• Eps Control Module
• Electric Motor
• Rack & Pinion
• Steering Column

By Vehicle Type

• Passenger Vehicle (Hatchback, Sedan, Utility Vehicles)
• Light Commercial Vehicles
• Heavy Duty Trucks
• Buses & Coaches

Regional Analysis

This section covers the regional outlook, which accentuates current and future demand for the Automotive Electric Power Steering market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.

Global Automotive Electric Power Steering Market Share by Region (Representative Graph)

The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the automotive electric power steering market include Jtekt Corporation, Denso Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen, GKN plc, Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp, Showa Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.