The global electric power steering (EPS) market was valued at USD 25.32 billion in 2023 and is expected to reach USD 39.27 billion by 2030, expanding at a CAGR of 6.6% from 2024 to 2030. The increasing penetration of autonomous and semi-autonomous vehicles is a major factor accelerating the adoption of electric power steering systems, as they serve as a technologically advanced alternative to conventional hydraulic and electro-hydraulic steering mechanisms.

Electric power steering systems are increasingly favored due to their ability to reduce overall vehicle weight, which directly contributes to improved fuel efficiency and enhanced vehicle performance. This technological shift is playing a critical role in driving global demand for EPS across multiple vehicle categories.

Key Market Trends & Insights

• Asia Pacific dominated the global electric power steering market, accounting for a revenue share of 50.5% in 2023.
• By mechanism, the Collapsible EPS (CEPS) segment held the largest revenue share of 57.2% in 2023.
• By type, the Column Assist Type (C-EPS) segment generated the highest market revenue in 2023.
• By vehicle type, passenger cars represented the largest share of market revenue in 2023.

Market Size & Forecast

• 2023 Market Size: USD 25.32 Billion
• 2030 Projected Market Size: USD 39.27 Billion
• CAGR (2024–2030): 6.6%
• Largest Regional Market (2023): Asia Pacific

Stringent regulatory mandates aimed at improving fuel efficiency and reducing vehicular emissions are further strengthening market growth. Governments and regulatory authorities worldwide continue to enforce strict pollution control and fuel economy standards, compelling automakers to integrate energy-efficient technologies. Electric power steering systems support compliance with these regulations by minimizing energy consumption and lowering carbon emissions compared to traditional steering systems.

Despite these setbacks, post-pandemic recovery initiatives and government stimulus programs played a crucial role in stabilizing the market. Incentives aimed at reviving the automotive sector and encouraging vehicle purchases supported renewed demand for vehicles equipped with electric power steering systems. As automotive manufacturing and sales activities resumed globally, the electric power steering market experienced a positive growth trajectory.

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Key Electric Power Steering Company Insights

Several leading companies are actively shaping the competitive landscape of the electric power steering market, including Hyundai Mobis, Nexteer Automotive, and other prominent players.

• Hyundai Mobis provides advanced EPS systems along with a broad portfolio of automotive components to global automakers. The company places strong emphasis on research and development to enhance steering performance, safety, and efficiency. Its EPS solutions are designed for diverse vehicle platforms, ranging from compact passenger cars to SUVs and trucks.
• Nexteer Automotive offers a comprehensive range of EPS systems suitable for vehicles of all sizes, including small passenger cars, light commercial vehicles, and heavy-duty trucks. The company’s EPS technologies focus on delivering superior steering precision, enhanced safety, improved fuel efficiency, and a responsive driving experience.

Key Electric Power Steering Companies

• JTEKT Corporation
• Denso Corporation
• GKN Automotive Limited
• Hitachi Astemo, Ltd.
• Hyundai Mobis
• Mitsubishi Electric Corporation
• Nexteer Automotive
• NSK Ltd.
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• thyssenkrupp AG

Conclusion

The electric power steering market is poised for steady growth through 2030, supported by rising vehicle electrification, increasing adoption of autonomous driving technologies, and stringent regulatory requirements for fuel efficiency and emission reduction. While the COVID-19 pandemic temporarily constrained market expansion, recovery measures and renewed automotive demand have reinforced growth momentum. Ongoing technological advancements and sustained investments by key industry players are expected to further enhance EPS adoption across passenger and commercial vehicle segments globally.

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