Automotive Electric Power Steering Market Size & Forecast: USD 22.75 Billion by {2029}, CAGR of 6.21% | Market Overview

The Global Automotive Electric Power Steering (EPS) Market has undergone remarkable growth, standing at USD 22.75 billion in 2023. The market is projected to expand at a CAGR of 6.21% between 2025 and 2029. This growth reflects a transformative shift in the automotive industry driven by innovations in technology, a growing emphasis on sustainability, and evolving consumer preferences.

This report explores the trends, growth drivers, challenges, and regional perspectives shaping the EPS market, alongside insights into its key components and recent developments.

Automotive Electric Power Steering Market Overview

Automotive Electric Power Steering Market Size and Growth Potential

The global EPS market is poised for robust growth, driven by the increasing adoption of vehicle electrification and energy-efficient technologies. Electric power steering systems, known for their energy efficiency compared to traditional hydraulic systems, align perfectly with the automotive industry’s sustainability goals.

Trends Shaping the Market

1. Integration of Advanced Driver Assistance Systems (ADAS): EPS systems are critical for enabling ADAS features such as lane-keeping assist, adaptive cruise control, and automated parking.

2. Rise of Autonomous Vehicles: As the industry moves towards autonomous driving, demand for EPS systems equipped with sensor fusion and sophisticated control algorithms is increasing.

3. Focus on Green Mobility: Stricter emission regulations and the push for fuel-efficient vehicles are accelerating the adoption of EPS systems.

4. Artificial Intelligence (AI) in EPS: AI-enabled systems can adapt to individual driving styles, enhancing safety and driving experience.

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Key Growth Drivers of Automotive Electric Power Steering Market 

1. Vehicle Electrification

The transition from traditional hydraulic systems to EPS aligns with the global drive toward reducing vehicle emissions. EPS systems consume less power, contributing to improved fuel efficiency.

2. Regulatory Support

Governments worldwide are implementing stringent emission standards, compelling automakers to adopt cleaner technologies, including EPS.

3. Enhanced Driving Experience

EPS systems provide smoother handling, precise steering control, and seamless integration with modern safety features, elevating the overall driving experience.

4. Consumer Demand for Fuel Efficiency

Rising fuel prices and environmental awareness among consumers are increasing the demand for fuel-efficient vehicles equipped with EPS.

Automotive Electric Power Steering Market Key Challenges

• Integration Complexities

Integrating EPS systems into existing vehicle architectures, particularly for retrofitting older models, poses technical and financial challenges.

• Reliability Concerns

The durability and reliability of EPS systems in extreme weather conditions and harsh operating environments remain a concern.

• Cybersecurity Risks

As EPS systems become more connected, they are susceptible to cyber threats, necessitating robust security measures.

• Repair and Maintenance Complexity

The advanced technology in EPS systems can complicate repairs and maintenance, potentially increasing costs for consumers.

Key Components of EPS Systems

Steering Rack/Column

The steering rack/column is the core mechanism that transmits the driver’s input to the wheels. This component ensures precise steering movements.

Sensors

Sensors detect the position and movement of the steering wheel, enabling the EPS system to provide appropriate assistance. They also enhance safety features like lane-keeping assist.

Steering Motors

Steering motors generate the necessary torque to assist in steering maneuvers, contributing to smoother vehicle handling. Advances in motor technology, such as brushless designs, have enhanced efficiency and reliability.

Electronic Control Units (ECUs) and Other Components

Auxiliary components like ECUs, power supply modules, and wiring harnesses play vital roles in the seamless operation and integration of EPS systems within vehicles.

Regional Insights of Automotive Electric Power Steering Market 

1. North America

• Drivers: Stringent emission regulations and a mature automotive industry.

• Trends: High emphasis on integrating EPS with ADAS for energy efficiency and safety.

2. Europe & CIS

• Drivers: A robust manufacturing base and regulatory frameworks promoting vehicle electrification.

• Trends: Sustainability-focused innovations and adoption of greener mobility solutions.

3. Asia Pacific

• Drivers: Rapid urbanization, rising disposable income, and a growing automotive sector.

• Trends: Consumer demand for fuel-efficient vehicles equipped with advanced features drives EPS adoption.

4. South America

• Drivers: Increased awareness of fuel efficiency and environmental concerns.

• Trends: Economic growth and infrastructure development present untapped market opportunities.

5. Middle East & Africa

• Drivers: Economic development and increasing automotive sales.

• Trends: Infrastructure improvements and evolving consumer preferences bolster market prospects.

Recent Developments

In February 2024, HL Mando initiated a joint venture in China with Tianrun Industrial Technology to manufacture power steering components for commercial vehicles. This collaboration underscores the industry’s focus on meeting the demands of diverse vehicle categories through innovation and strategic partnerships.

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Automotive Electric Power Steering Market Competitive Landscape

Major Automotive Electric Power Steering Market Players

• Denso Corporation

• GKN Automotive Limited

• Hitachi Astemo, Ltd.

• Hyundai Mobis Co., Ltd.

• JTEKT Corporation

• Mitsubishi Electric Corporation

• Nexteer Automotive Corporation

• NSK Ltd.

• Robert Bosch GmbH

These companies are at the forefront of EPS innovation, focusing on advanced technologies, sustainability, and meeting consumer demands.

Future Prospects

The future of the EPS market lies in continued innovation and overcoming existing challenges. Steer-by-wire systems, integration with driver monitoring technologies, and advancements in haptic feedback are expected to redefine the driving experience.

Despite challenges related to cybersecurity and maintenance, the market’s trajectory indicates a strong potential for growth and transformation.

Conclusion

The Global Automotive Electric Power Steering Market is set to revolutionize the automotive industry, offering sustainable, efficient, and technologically advanced solutions.

With a strong emphasis on green mobility, integration with ADAS, and a focus on consumer-centric innovations, the EPS market represents the future of automotive steering systems.

As key players continue to invest in research and development, the industry is poised to overcome challenges and drive towards a more connected and efficient automotive ecosystem.

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