Product Code: 20518
The Global Automotive Electric Power Steering Market, valued at USD 25.60 Billion in 2024, is projected to experience a CAGR of 7.29% to reach USD 39.05 Billion by 2030. Electric Power Steering (EPS) systems are electromechanical assemblies replacing traditional hydraulic power steering by using an electric motor to assist driver input, enhancing fuel efficiency and steering precision. Key market drivers include stringent global emissions regulations for improved vehicle fuel economy, increasing demand for advanced driver assistance systems requiring precise electronic control, and the rapid electrification of vehicles.
| Market Overview |
| Forecast Period | 2026-2030 |
| Market Size 2024 | USD 25.60 Billion |
| Market Size 2030 | USD 39.05 Billion |
| CAGR 2025-2030 | 7.29% |
| Fastest Growing Segment | Column Type |
| Largest Market | Asia Pacific |
Key Market Drivers
The increasing production and adoption of electric and hybrid vehicles represents a substantial catalyst for the global automotive electric power steering market. Electric power steering systems are intrinsically more compatible with electric and hybrid powertrains compared to traditional hydraulic systems, as they eliminate the need for an engine-driven hydraulic pump, thereby reducing energy consumption and enabling more efficient energy regeneration. This inherent efficiency directly contributes to extended range for electric vehicles and improved fuel economy for hybrids, aligning with overarching industry goals for electrification.
Key Market Challenges
A significant challenge impeding the expansion of the Global Automotive Electric Power Steering market is the substantial initial investment required for the research, development, and integration of these complex electronic systems into vehicle architectures. This considerable financial outlay directly hampers market growth by imposing a heavy burden on automotive manufacturers and component suppliers. The extensive capital expenditure needed for advanced R&D, sophisticated testing protocols, and the retooling of production lines for these intricate electronic systems often restricts the capacity for rapid market penetration, particularly for smaller enterprises. The automotive industry consistently directs significant resources towards innovation.
Key Market Trends
Steer-by-Wire Technology Evolution fundamentally shifts to fully electronic steering, offering enhanced design flexibility and improved vehicle dynamics. These are crucial for advanced driver assistance and autonomous driving. According to the German Association of the Automotive Industry (VDA), German automotive companies invested €58.4 billion in research and development worldwide in 2023, reflecting commitment to innovation, including by-wire. Volvo Cars, in August 2024, highlighted redundancy and centralized electrical/electronic architecture for its steer-by-wire systems, enhancing functionality and steering maneuvers. This evolution, replacing physical linkages, facilitates features like variable steering ratios and active damping, aiding performance and safety.
Key Market Players
- JTEKT
- NSK
- Bosch
- Nexteer
- Mitsubishi Electric
- Thyssenkrupp
- Mando
- Hyundai Mobis
- Showa
Report Scope:
In this report, the Global Automotive Electric Power Steering Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Automotive Electric Power Steering Market, By Type:
- Column Type
- Pinion Type
- Dual Pinion Type
Automotive Electric Power Steering Market, By Component Type:
- Steering Rack/Column
- Sensor
- Steering Motor
- Other
Automotive Electric Power Steering Market, By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Automotive Electric Power Steering Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies presents in the Global Automotive Electric Power Steering Market.
Available Customizations:
Global Automotive Electric Power Steering Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Product Overview
- 1.1. Market Definition
- 1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations
2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
3. Executive Summary
- 3.1. Overview of the Market
- 3.2. Overview of Key Market Segmentations
- 3.3. Overview of Key Market Players
- 3.4. Overview of Key Regions/Countries
- 3.5. Overview of Market Drivers, Challenges, Trends
4. Voice of Customer
5. Global Automotive Electric Power Steering Market Outlook
- 5.1. Market Size & Forecast
- 5.2. Market Share & Forecast
- 5.2.1. By Type (Column Type, Pinion Type, Dual Pinion Type)
- 5.2.2. By Component Type (Steering Rack/Column, Sensor, Steering Motor, Other)
- 5.2.3. By Vehicle Type (Passenger Cars, Commercial Vehicles)
- 5.2.4. By Region
- 5.2.5. By Company (2024)
- 5.3. Market Map
6. North America Automotive Electric Power Steering Market Outlook
- 6.1. Market Size & Forecast
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Component Type
- 6.2.3. By Vehicle Type
- 6.2.4. By Country
- 6.3. North America: Country Analysis
- 6.3.1. United States Automotive Electric Power Steering Market Outlook
- 6.3.1.1. Market Size & Forecast
- 6.3.1.2. Market Share & Forecast
- 6.3.1.2.1. By Type
- 6.3.1.2.2. By Component Type
- 6.3.1.2.3. By Vehicle Type
- 6.3.2. Canada Automotive Electric Power Steering Market Outlook
- 6.3.2.1. Market Size & Forecast
- 6.3.2.2. Market Share & Forecast
- 6.3.2.2.1. By Type
- 6.3.2.2.2. By Component Type
- 6.3.2.2.3. By Vehicle Type
- 6.3.3. Mexico Automotive Electric Power Steering Market Outlook
- 6.3.3.1. Market Size & Forecast
- 6.3.3.2. Market Share & Forecast
- 6.3.3.2.1. By Type
- 6.3.3.2.2. By Component Type
- 6.3.3.2.3. By Vehicle Type
7. Europe Automotive Electric Power Steering Market Outlook
- 7.1. Market Size & Forecast
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Component Type
- 7.2.3. By Vehicle Type
- 7.2.4. By Country
- 7.3. Europe: Country Analysis
- 7.3.1. Germany Automotive Electric Power Steering Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Type
- 7.3.1.2.2. By Component Type
- 7.3.1.2.3. By Vehicle Type
- 7.3.2. France Automotive Electric Power Steering Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Type
- 7.3.2.2.2. By Component Type
- 7.3.2.2.3. By Vehicle Type
- 7.3.3. United Kingdom Automotive Electric Power Steering Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Type
- 7.3.3.2.2. By Component Type
- 7.3.3.2.3. By Vehicle Type
- 7.3.4. Italy Automotive Electric Power Steering Market Outlook
- 7.3.4.1. Market Size & Forecast
- 7.3.4.2. Market Share & Forecast
- 7.3.4.2.1. By Type
- 7.3.4.2.2. By Component Type
- 7.3.4.2.3. By Vehicle Type
- 7.3.5. Spain Automotive Electric Power Steering Market Outlook
- 7.3.5.1. Market Size & Forecast
- 7.3.5.2. Market Share & Forecast
- 7.3.5.2.1. By Type
- 7.3.5.2.2. By Component Type
- 7.3.5.2.3. By Vehicle Type
8. Asia Pacific Automotive Electric Power Steering Market Outlook
- 8.1. Market Size & Forecast
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Component Type
- 8.2.3. By Vehicle Type
- 8.2.4. By Country
- 8.3. Asia Pacific: Country Analysis
- 8.3.1. China Automotive Electric Power Steering Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Type
- 8.3.1.2.2. By Component Type
- 8.3.1.2.3. By Vehicle Type
- 8.3.2. India Automotive Electric Power Steering Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Type
- 8.3.2.2.2. By Component Type
- 8.3.2.2.3. By Vehicle Type
- 8.3.3. Japan Automotive Electric Power Steering Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Type
- 8.3.3.2.2. By Component Type
- 8.3.3.2.3. By Vehicle Type
- 8.3.4. South Korea Automotive Electric Power Steering Market Outlook
- 8.3.4.1. Market Size & Forecast
- 8.3.4.2. Market Share & Forecast
- 8.3.4.2.1. By Type
- 8.3.4.2.2. By Component Type
- 8.3.4.2.3. By Vehicle Type
- 8.3.5. Australia Automotive Electric Power Steering Market Outlook
- 8.3.5.1. Market Size & Forecast
- 8.3.5.2. Market Share & Forecast
- 8.3.5.2.1. By Type
- 8.3.5.2.2. By Component Type
- 8.3.5.2.3. By Vehicle Type
9. Middle East & Africa Automotive Electric Power Steering Market Outlook
- 9.1. Market Size & Forecast
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Component Type
- 9.2.3. By Vehicle Type
- 9.2.4. By Country
- 9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Automotive Electric Power Steering Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Type
- 9.3.1.2.2. By Component Type
- 9.3.1.2.3. By Vehicle Type
- 9.3.2. UAE Automotive Electric Power Steering Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Type
- 9.3.2.2.2. By Component Type
- 9.3.2.2.3. By Vehicle Type
- 9.3.3. South Africa Automotive Electric Power Steering Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Type
- 9.3.3.2.2. By Component Type
- 9.3.3.2.3. By Vehicle Type
10. South America Automotive Electric Power Steering Market Outlook
- 10.1. Market Size & Forecast
- 10.2. Market Share & Forecast
- 10.2.1. By Type
- 10.2.2. By Component Type
- 10.2.3. By Vehicle Type
- 10.2.4. By Country
- 10.3. South America: Country Analysis
- 10.3.1. Brazil Automotive Electric Power Steering Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Type
- 10.3.1.2.2. By Component Type
- 10.3.1.2.3. By Vehicle Type
- 10.3.2. Colombia Automotive Electric Power Steering Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Type
- 10.3.2.2.2. By Component Type
- 10.3.2.2.3. By Vehicle Type
- 10.3.3. Argentina Automotive Electric Power Steering Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Type
- 10.3.3.2.2. By Component Type
- 10.3.3.2.3. By Vehicle Type
11. Market Dynamics
- 11.1. Drivers
- 11.2. Challenges
12. Market Trends & Developments
- 12.1. Merger & Acquisition (If Any)
- 12.2. Product Launches (If Any)
- 12.3. Recent Developments
13. Global Automotive Electric Power Steering Market: SWOT Analysis
14. Porter's Five Forces Analysis
- 14.1. Competition in the Industry
- 14.2. Potential of New Entrants
- 14.3. Power of Suppliers
- 14.4. Power of Customers
- 14.5. Threat of Substitute Products
15. Competitive Landscape
- 15.1. JTEKT
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
- 15.2. NSK
- 15.3. Bosch
- 15.4. ZF
- 15.5. Nexteer
- 15.6. Mitsubishi Electric
- 15.7. Thyssenkrupp
- 15.8. Mando
- 15.9. Hyundai Mobis
- 15.10. Showa
16. Strategic Recommendations
17. About Us & Disclaimer