Electric Power Steering (EPS) Market Overview: 2025-2030

Base Year: 2024

Historical Years: 2020-23

Forecast Years: 2025-30

The Electric Power Steering (EPS) Market size was valued at around USD 26.96 billion in 2024 and is projected to reach USD 38.78 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.2% during the forecast period, i.e., 2025-30. This market growth is observed due to the increase in the demand for electronic and hybrid vehicles, advancements in technology, rise in foreign direct investments (FDI) inflow, stringent regulations, and others.

Markntel Advisor’s Electric Power Steering (EPS) Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, Electric Power Steering (EPS) Market drivers, barriers, Electric Power Steering (EPS) Market Trends, and Key Players in Electric Power Steering (EPS) Market.

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Electric Power Steering (EPS) Market Dynamics: 2025-2030

Electric Power Steering (EPS) Market Driver:

Increase in Electric Vehicle Sales – A rise in the demand for electric vehicles is observed due to urbanization, economic stability, an increase in the white-collar population, and others. These factors have resulted in a rise in disposable income, thus raising the ownership of vehicles. Along with this, the rise in consumer awareness has inclined the consumer towards environmentally friendly alternatives such as electric vehicles. The reduced maintenance cost and low emissions have further encouraged the global population to adopt electric vehicles. As per the International Energy Agency (IEA) 2024, sales of more than 3 million electric vehicles were observed in the first quarter of 2024, which is nearly 25% more than the sales in 2023. The dynamics of electric vehicles work on electricity; thus they use electric motors to empower steering.

Additionally, the installation of electric power steering reduces the weight of the vehicle, and its torque sensors make the vehicle convenient for driving. Hence, this pushes the demand for electric vehicles, further pushing the market growth.

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Electric Power Steering (EPS) Market (2025-30): Segmentation Outlook

The market report has segmented the market into the following categories:

• By Fuel
  • Petrol- Market Size & Forecast 2020-2030, USD Million
  • Diesel- Market Size & Forecast 2020-2030, USD Million
  • Natural Gas-Market Size & Forecast 2020-2030, USD Million
  • Electric-Market Size & Forecast 2020-2030, USD Million
  • Others-Market Size & Forecast 2020-2030, USD Million
• By Vehicle Type
  • Passenger Cars & SUVs-Market Size & Forecast 2020-2030, USD Million
  • Commercial Vehicles-Market Size & Forecast 2020-2030, USD Million
    • Light Commercial Vehicles-Market Size & Forecast 2020-2030, USD Million
    • Heavy Commercial Vehicles-Market Size & Forecast 2020-2030, USD Million

According to report, Passenger Cars & SUVs hold the largest market share of approximately 75%. This is due to fuel efficiency, the dynamics of the vehicles, and the terrain of vehicle mobility.

• By Components
  • Steering Column – Market Size & Forecast 2020-2030, USD Million
  • Steering Gear – Market Size & Forecast 2020-2030, USD Million
  • Sensor -Market Size & Forecast 2020-2030, USD Million
  • Mechanical Pinion & Rack-Market Size & Forecast 2020-2030, USD Million
  • Electronic Control Unit (ECU)-Market Size & Forecast 2020-2030, USD Million
  • Electric Motor-Market Size & Forecast 2020-2030, USD Million
  • Bearing-Market Size & Forecast 2020-2030, USD Million
  • Others-Market Size & Forecast 2020-2030, USD Million
• By Type
  • Column Assist Type (C-EPS)- Market Size & Forecast 2020-2030, USD Million
  • Pinion Assist Type (P-EPS)- Market Size & Forecast 2020-2030, USD Million
  • Rack Assist Type (R-EPS)- Market Size & Forecast 2020-2030, USD Million
• By Mechanism
  • Collapsible- Market Size & Forecast 2020-2030, USD Million
  • Rigid- Market Size & Forecast 2020-2030, USD Million

According to report, The collapsible kind of mechanism has the largest market share, with more than 67% of the total.

• By Region
  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Note – If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Top Companies Operating in the Electric Power Steering (EPS) Market:

• Bosch
• Denso Corporation
• Hyundai Mobis
• JTEKT Corporation
• HL Mando
• Hitachi Astemo, LTD.
• Mitsubishi Electric Corporation
• Nexteer
• NSK Corporate
• Sensata Technologies, Inc.
• ZF Friedrichshafen AG
• Zhuzhou Elite Electro-Mechanical Co. Ltd.
• GKN Automotive Limited
• Thyssenkrupp Presta AG

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