The latest report by IMARC Group, titled “Electric Power Steering Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the electric power steering market size report The global electric power steering market size reached US$ 26.79 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.01 Billion by 2028, exhibiting a growth rate (CAGR) of 5.45% during 2023-2028.
Electric power steering (EPS) is an advanced steering technology that replaces traditional hydraulic systems in vehicles with an electric motor and sensors. This technology enables a more precise and smooth steering experience, offering better control and maneuverability. In electric power steering, the electric motor directly assists the steering column, thereby eliminating the need for a hydraulic pump and fluid. The system is more energy efficient as it operates only when steering is required, reducing the overall load on the engine and improving fuel economy. Due to its myriad advantages over hydraulic systems, electric power steering is becoming the norm in new automobiles, from compact cars to heavy-duty trucks. Over the years, this technology has gained traction as a crucial component in modern vehicles, enhancing both safety and performance while contributing to environmental sustainability.
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Electric Power Steering Market Trends and Drivers:
The global electric power steering market is primarily driven by the automotive industry’s transition toward electrification and autonomous driving, where EPS systems are essential for advanced driver-assistance systems (ADAS). Besides this, the rising consumer demand for fuel-efficient vehicles with enhanced safety features is further propelling market growth. Additionally, stringent emissions regulations around the world are pushing automakers to adopt more energy-efficient technologies, and electric power steering perfectly aligns with these goals. In line with this, emerging markets also present significant growth opportunities as higher automotive sales in these regions contribute to accelerated EPS adoption. Furthermore, the development of advanced EPS systems with capabilities like lane-keeping assistance and automated parking, which are becoming standard features in premium as well as mid-range vehicles, is positively influencing the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Component Insights:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Mechanism Insights:
- Rigid EPS
- Collapsible EPS
Type Insights:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Vehicle Type Insights:
- Passenger Car
- Commercial Vehicle
Market Breakup by Region:
- 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
Competitive Landscape with Key Player:
- 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
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