Global Electric Power Steering System (EPS) Market Insights Forecasts to 2033

• The Global Electric Power Steering System (EPS) Market Size was Valued at USD 23.8 Billion in 2023
• The Market Size is Growing at a CAGR of 5.22% from 2023 to 2033
• The Worldwide Electric Power Steering System (EPS) Market Size is Expected to Reach USD 39.6 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Electric Power Steering System (EPS) Market Size is Anticipated to Exceed USD 39.6 Billion by 2033, Growing at a CAGR of 5.22% from 2023 to 2033.

Market Overview

An electric motor is utilized instead of the old hydraulic systems in cars with electric power steering (EPS), a sophisticated steering technology that helps with steering. With variable steering assistance that adjusts to driving conditions and speed, EPS aims to provide the driver with more control over the vehicle. The absence of a hydraulic pump in EPS systems allows for higher fuel economy. With EPS, driving is smoother and more responsive as the electric motor adjusts its assistance based on steering input. Some of the vehicle types for which EPS is frequently used are buses, lorries, SUVs, and passenger cars. Its adaptability and effectiveness make it a crucial part of modern car systems, making driving more enjoyable and fuel-efficient. Adjustable power, excellent control over steering, and reduced fuel usage are all provided by electric power steering. As a result, commercial cars are increasingly using electronic power steering more often. The structure and performance requirements of commercial vehicles differ from those of passenger cars, so an electric power system used for driving a single motor car would not be able to provide sufficient power and torque for a commercial vehicle. The increasing popularity of autonomous vehicles has led to the adoption of electric power steering (EPS) systems as a contemporary alternative to conventional steering mechanisms like hydraulic and electro-hydraulic systems. This change has resulted in a significant increase in the demand for EPS systems worldwide. EPS systems reduce weight in vehicles, which improves fuel efficiency.

Report Coverage

This research report categorizes the market for the global electric power steering system (EPS) market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global electric power steering system (EPS) market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global electric power steering system (EPS) market.

Driving Factors

In a period of technological advancements in the automotive sector, the integration of EPS technology stands out as a revolutionary force. The adoption of electric power steering systems has increased due to the need for automobiles with cutting-edge features and improved performance. This driver is the car industry's dedication to providing customers with a driving experience that goes above and beyond accepted standards, which is pushing up demand for electric power steering systems. Electric power steering satisfies modern consumers' expectations for an improved driving experience. Driving will be smoother and more pleasant due to this technology, which allows for varying steering sensitivity dependent on road conditions and vehicle speed. Consequently, it is the main factor propelling the electric power steering market.

Restraining Factors

Electric power steering systems are in great demand, however, there are still certain challenges in this sector. The absence of steering sensation and the increased expense of EPS in comparison to traditional steering systems might stop the industry from expanding.

Market Segmentation

The global electric power steering system (EPS) market share is classified into type, component, and vehicle type.

• The column assist type (C-EPS) segment is expected to hold the largest share of the global electric power steering system (EPS) market during the forecast period.   

Based on the type, the global electric power steering system (EPS) market is divided into column assist type (C-EPS), pinion assist type (P-EPS), and rack assist type (R-EPS). Among these, the column assist type (C-EPS) segment is expected to hold the largest share of the global electric power steering system (EPS) market during the forecast period. Due to its small size and smooth integration, the column assist type is expected to dominate the electric power steering market and give manufacturers more design and architectural freedom. Situated within the steering column, the column assist type offers a space-saving solution that enhances the overall use of cabin space. Its adaptability to a variety of vehicle types from little cars to larger SUVs and trucks helps to increase its appeal.

• The sensors segment is expected to hold the largest share of the global electric power steering system (EPS) market during the forecast period.   

Based on the components, the global electric power steering system (EPS) market is divided into steering gear, electric motors, electronic control units, sensors, steering columns, and others. Among these, the sensors segment is expected to hold the largest share of the global electric power steering system (EPS) market during the forecast period. As sensors are essential to maintaining accuracy, responsiveness, and flexibility in steering systems, the sensors sector is predicted to lead the electric power steering market. The sensory foundation of EPS is made up of sensors, especially torque and position sensors. These sensors provide real-time data that the control unit uses to provide steering assistance according to driving circumstances. In keeping with the market's emphasis on enhanced driving performance and safety, this precise level of data makes steering fluid and dynamic.

• The passenger vehicles segment is expected to hold the largest share of the global electric power steering system (EPS) market during the forecast period.   

Based on the vehicle type, the global electric power steering system (EPS) market is divided into passenger vehicles, light commercial vehicles, heavy commercial vehicles, off-road vehicles, and sport utility vehicles. Among these, the passenger vehicles segment is expected to hold the largest share of the global electric power steering system (EPS) market during the forecast period. Electric power steering systems have shown to be most advantageous for passenger cars, which comprise a range of sub-segments including compacts, sedans, SUVs, and luxury vehicles. The growing desire of consumers for cutting-edge technologies and better driving experiences has led automakers to give EPS installation in passenger cars priority. Electric power steering is an essential technology in this category due to its adaptability to different passenger vehicle sizes and classes as well as its potential to enhance control, maneuverability, and fuel efficiency.

Regional Segment Analysis of the Global Electric Power Steering System (EPS) Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global electric power steering system (EPS) market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global electric power steering system (EPS) market over the predicted timeframe. Strong automotive manufacturing development, rising disposable incomes, and proactive government support for electric car infrastructure are driving increasing demand in this region. The need for electric power steering systems is rising in this region due to the growing development of automobile production. The usage of EPS is spreading with the production of new cars in order to enhance driving and meet the ever-evolving expectations of customers in this dynamic market. The Asia Pacific region's rising levels of disposable income have a direct effect on consumer purchasing patterns, increasing demand for cars with cutting-edge features. Customers with more discretionary income find electric power steering, which offers a better driving experience with smoother steering and more control, to be an enticing alternative. The rising prosperity of the Asia-Pacific region is closely linked to the rise in demand for cars with EPS. This assistance includes electric power steering systems, which are crucial to the operation of electric vehicles.

North America is expected to grow at the fastest pace in the global electric power steering system (EPS) market during the forecast period. The focus on vehicle safety, responsive steering for bigger vehicles like trucks and SUVs, and integration with the quickly advancing region of autonomous driving technologies are the main factors pushing EPS adoption in North America. The goal of increasing vehicle safety has had a major impact on the adoption of electric power steering systems in North America. To lower traffic accidents and raise general road safety, regulatory bodies are always pushing for more sophisticated safety systems. Assuring safer driving experiences is made possible by the accuracy and reactivity offered by EPS, which makes it a desirable option for both manufacturers and users. Also, the market for automobiles has a high preference for trucks and SUVs, reflecting a desire among consumers for larger, more versatile vehicles. The basic EPS functions, such as variable steering assistance based on road conditions, are ideally matched to the dynamics of trucks and SUVs. As it aligns with local customer tastes, electric power steering is becoming more and more popular. North America is therefore predicted to increase significantly throughout the projection period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global electric power steering system (EPS) market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• JTEKT Corporation
• SHOWA Corporation
• Thyssenkrupp Presta AG
• Mando Corporation
• Hyundai Mobis
• Zhuzhou Elite Electro-Mechanical Co. Ltd.
• Robert Bosch Automotive Steering GmbH
• Mitsubishi Electric Corporation
• ZF Friedrichshafen Group
• Nexteer Automotive
• NSK Global
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2023, The GWS 800 Professional is a new angle grinder that Bosch Power Tools India, a significant supplier of power tools for the metalworking, woodworking, and construction sectors, has introduced to their impressive line-up. Also, by 2023, Bosch Power Tools will have 55% of its products localized in India due to this launch.
• In November 2022, the SAA's mobility innovation award went to NEXTEER due of its innovative solutions that enable new business models.
• In November 2022, NEXTEER and tactile mobility won the CES 2023 innovation award for road surface detection and early intuitive warning software.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global electric power steering system (EPS) market based on the below-mentioned segments: 

Global Electric Power Steering System (EPS) Market, By Type

• Column Assist Type (C-EPS)
• Pinion Assist Type (P-EPS)
• Rack Assist Type (R-EPS)

Global Electric Power Steering System (EPS) Market, By Component

• Steering Gear
• Electric Motor
• Electronic Control Unit (ECU)
• Sensors
• Steering Column
• Others

Global Electric Power Steering System (EPS) Market, By Vehicle Type

• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Off-Road Vehicles
• Sport Utility Vehicle

Global Electric Power Steering System (EPS) Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa