Overview of the Global Electric Power Steering (EPS) Market:
Gain data-driven insights into the Global Electric Power Steering (EPS) Market Size, trends, and forecasts. This in-depth report delivers expert analysis of market drivers, segmentation, and emerging opportunities. It highlights key metrics and actionable findings in a professional, easy-to-scan format. Key statistics (market size, growth rates, share by segment) are presented up-front in bullet form for immediate impact.
Executive Summary
The Global 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.
Global Electric Power Steering Market Trend:
Integration of AI in Electric Power Steering – Technological advancements such as AI have revolutionized the automotive industry. The fusion of AI in the industry has resulted in the development of the Advanced Driver-Assistance System (ADAS). ADAS is a sensor and camera-controlled, which alters the driver of threats while driving vehicles. It also automates the vehicle, changes the lane, helps in parking, and others. Thus, ensuring the safety of the driver and surroundings, and further, reducing the risk of accidents and injuries. This AI-designed system works more efficiently with the electric power steering as it contains sensors such as torque sensors and others. Thus, raising the demand for Electric Power Steering in vehicles globally.
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Electric Power Steering (EPS) Market Segmentation
Break down the market by key categories and geography. We outline major segments and provide size/share estimates for each.
-By Vehicle Type
- Passenger Cars & SUVs
- Commercial Vehicles
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 Mechanism
- Collapsible
- Rigid
The collapsible kind of mechanism has the largest market share, with more than 67% of the total. This market share is observed due to its distinctive mechanism, which collapses during a collision.
-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 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
Geographical Analysis
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Regionally, the market is growing in multiple regions, however, Asia-Pacific is the fastest-growing region with approximately 43% market share. Countries such as China, India, Japan, and South Korea in the Asia-Pacific contribute to more than 34% of the global export of vehicles in 2023.
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Competitive Market Strategies: List of Largest Electric Power Steering (EPS) Companies
Analysis of the competitive landscape and company strategies. We profile leading players Business Description, Product Portfolio, Recent Developments, and list key Strategic Alliances or Partnerships approaches.
- 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
- Others
Future Market Analytics Focus Points
Look ahead to the analytics and trends shaping the industry’s future. This section suggests areas of emphasis for market analysis, such as:
- Identify Emerging Market Trends: Recognize new trends shaping industries.
- Leverage Big Data Analytics: Use data for informed decision-making strategies.
- Explore Geographic Expansion: Target growth opportunities in new areas.
- Analyze Consumer Behavior: Adapt to shifting preferences and habits.
- Emphasize Sustainability: Align strategies with ethical and sustainable practices.
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Objectives of the Study
Clearly state what the report aims to achieve. For example:
- Provide a comprehensive market overview with quantitative forecasts.
- Identify key market segments and competitive dynamics.
- Analyze trends and drivers influencing growth.
- Highlight challenges and risks, plus mitigation strategies.
- Offer actionable insights and recommendations for decision-makers.
Report Delivery Model
“Our market research report is available in multiple formats for convenience:
- Interactive PDF with rich charts and data tables.
- PowerPoint summary deck for easy presentation and sharing.
- Excel containing all research figure.
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