Electric Power Steering Market Size, Share & Trends Analysis Report By Mechanism (Collapsible EPS, Rigid EPS), By Type (CEPS, PEPS), By Vehicle Type (Passenger Car, Light Commercial Vehicles), By Region, And Segment Forecasts, 2024

The global electric power steering market size is anticipated to reach USD 39.27 billion by 2030, registering a CAGR of 6.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Evolving consumer preferences and the impact of government policies and regulations drive the market's growth. Technological advancements play a crucial role in propelling market growth by enhancing the efficiency and performance of electric power steering systems.

Original Equipment Manufacturers (OEMs) integrate advanced sensors into electric power steering systems to enhance performance and ensure vehicle safety. Using multiple steering sensors in EPS provides additional safety benefits to drivers by improving control and responsiveness. These sensors contribute to the overall safety features of vehicles with electric power steering, making them more attractive to consumers seeking enhanced safety standards.

Moreover, changing consumer preferences towards more advanced and convenient steering solutions contribute significantly to the expansion of the market. Additionally, government policies and regulations promoting electric power steering systems in vehicles further stimulate market growth by creating a favorable environment for manufacturers and consumers.

Governments worldwide are implementing regulations focused on fuel-efficient technologies, pushing OEMs to adopt electric power steering systems to meet these requirements. The shift by OEMs from hydraulic to electric power steering systems fuels the EPS market growth. This transition aims to reduce complexity and enhance vehicle efficiency by utilizing an electric motor instead of a hydraulic pump, leading to weight reduction in cars.

Electric Power Steering Market Report Highlights:

Based on mechanism, the collapsible EPS accounted for the largest market revenue share in 2023. Increasing focus on reducing vehicle weight and complexity by the OEMs is driving the demand for collapsible EPS, as it offers a lightweight and efficient solution compared to traditional steering systems.
In terms of type, the Rack Assist Type (REPS) segment is anticipated to register the fastest CAGR over the forecast period. The growth is attributed to its unique design and superior performance, which integrates an electric motor directly onto the steering rack, eliminating the need for a separate hydraulic system.
Based on vehicle type, the passenger car segment accounted for the largest revenue share in 2023. EPS systems offer variable steering assistance based on driving conditions and speeds, resulting in a smoother and more responsive driving experience for passengers.
In March 2021, NSK Ltd. collaborated with Volkswagen to enhance innovation in EPS systems. The collaboration resulted in NSK being appointed as the production partner for a high-power, single-pinion electric power steering system for Volkswagen's Modular Electric Drive (MEB) electric vehicle platform.

Product Code: GVR-4-68040-266-0

Chapter 1. Methodology and Scope

1.1. Market Segmentation & Scope
1.2. Segment Definitions
- 1.2.1. Mechanism
- 1.2.2. Type
- 1.2.3. Vehicle Type
- 1.2.4. Regional Scope
- 1.2.5. Estimates And Forecasts Timeline
1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources

Chapter 2. Executive Summary

2.1. Market Outlook
2.2. Segment Outlook
- 2.2.1. Mechanism Outlook
- 2.2.2. Type Outlook
- 2.2.3. Vehicle Type Outlook
2.3. Competitive Insights

Chapter 3. Electric Power Steering Market Variables, Trends, & Scope

3.1. Market Introduction/Lineage Outlook
3.2. Market Size and Growth Prospects (USD Million)
3.3. Industry Value Chain Analysis
3.4. Market Dynamics
- 3.4.1. Market Drivers Analysis
- 3.4.2. Market Restraints Analysis
- 3.4.3. Industry Opportunities
- 3.4.4. Industry Challenges
3.5. Electric Power Steering Market Analysis Tools
- 3.5.1. Porter's Five Forces analysis
  - 3.5.1.1. Bargaining power of the suppliers
  - 3.5.1.2. Bargaining power of the buyers
  - 3.5.1.3. Threats of substitution
  - 3.5.1.4. Threats from new entrants
  - 3.5.1.5. Competitive rivalry
- 3.5.2. PESTEL Analysis
  - 3.5.2.1. Political landscape
  - 3.5.2.2. Economic and Social landscape
  - 3.5.2.3. Technological landscape
  - 3.5.2.4. Environmental landscape
  - 3.5.2.5. Legal landscape

Chapter 4. Electric Power Steering Market: Mechanism Estimates & Trend Analysis

4.1. Segment Dashboard
4.2. Electric Power Steering Market: Mechanism Movement Analysis, USD Million, 2023 & 2030
4.3. Collapsible EPS
- 4.3.1. Collapsible EPS Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. Rigid EPS
- 4.4.1. Rigid EPS Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 5. Electric Power Steering Market: Type Estimates & Trend Analysis

5.1. Segment Dashboard
5.2. Electric Power Steering Market: Type Movement Analysis, USD Million, 2023 & 2030
5.3. Column Assist Type (CEPS)
- 5.3.1. Column Assist Type (CEPS) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.4. Pinion Assist Type (PEPS)
- 5.4.1. Pinion Assist Type (PEPS) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.5. Rack Assist Type (REPS)
- 5.5.1. Rack Assist Type (REPS) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 6. Electric Power Steering Market: Vehicle Type Estimates & Trend Analysis

6.1. Segment Dashboard
6.2. Electric Power Steering Market: Vehicle Type Movement Analysis, USD Million, 2023 & 2030
6.3. Passenger Car
- 6.3.1. Passenger Car Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. Heavy Commercial Vehicles
- 6.4.1. Heavy Commercial Vehicles Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5. Buses & Coaches
- 6.5.1. Buses & Coaches Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 7. Electric Power Steering Market: Regional Estimates & Trend Analysis

7.1. Electric Power Steering Market Share, By Region, 2023 & 2030, USD Million
7.2. North America
- 7.2.1. North America Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.2. U.S.
  - 7.2.2.1. U.S. Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.3. Canada
  - 7.2.3.1. Canada Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.3. Europe
- 7.3.1. Europe Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.2. UK
  - 7.3.2.1. UK Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.3. Germany
  - 7.3.3.1. Germany Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.4. France
  - 7.3.4.1. France Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4. Asia Pacific
- 7.4.1. Asia Pacific Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.2. China
  - 7.4.2.1. China Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.3. Japan
  - 7.4.3.1. Japan Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.4. India
  - 7.4.4.1. India Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.5. South Korea
  - 7.4.5.1. South Korea Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.6. Australia
  - 7.4.6.1. Australia Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.5. Latin America
- 7.5.1. Latin America Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Brazil
  - 7.5.2.1. Brazil Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.3. Mexico
  - 7.5.3.1. Mexico Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
7.6. Middle East and Africa
- 7.6.1. Middle East and Africa Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.2. Saudi Arabia
  - 7.6.2.1. Saudi Arabia Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.3. UAE
  - 7.6.3.1. UAE Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.4. South Africa
  - 7.6.4.1. South Africa Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 8. Competitive Landscape

8.1. Recent Developments & Impact Analysis by Key Market Participants
8.2. Company Categorization
8.3. Company Market Positioning
8.4. Company Heat Map Analysis
8.5. Strategy Mapping
- 8.5.1. Expansion
- 8.5.2. Mergers & Acquisition
- 8.5.3. Partnerships & Collaborations
- 8.5.4. New Product Launches
- 8.5.5. Research And Development
8.6. Company Profiles
- 8.6.1. JTEKT Corporation
  - 8.6.1.1. Company overview
  - 8.6.1.2. Financial performance
  - 8.6.1.3. Product benchmarking
  - 8.6.1.4. Strategic initiatives
- 8.6.2. Denso Corporation
  - 8.6.2.1. Company overview
  - 8.6.2.2. Financial performance
  - 8.6.2.3. Product benchmarking
  - 8.6.2.4. Strategic initiatives
- 8.6.3. GKN Automotive Limited
  - 8.6.3.1. Company overview
  - 8.6.3.2. Financial performance
  - 8.6.3.3. Product benchmarking
  - 8.6.3.4. Strategic initiatives
- 8.6.4. Hitachi Astemo, Ltd.
  - 8.6.4.1. Company overview
  - 8.6.4.2. Financial performance
  - 8.6.4.3. Product benchmarking
  - 8.6.4.4. Strategic initiatives
- 8.6.5. Hyundai Mobis
  - 8.6.5.1. Company overview
  - 8.6.5.2. Financial performance
  - 8.6.5.3. Product benchmarking
  - 8.6.5.4. Strategic initiatives
- 8.6.6. Mitsubishi Electric Corporation
  - 8.6.6.1. Company overview
  - 8.6.6.2. Financial performance
  - 8.6.6.3. Product benchmarking
  - 8.6.6.4. Strategic initiatives
- 8.6.7. Nexteer Automotive
  - 8.6.7.1. Company overview
  - 8.6.7.2. Financial performance
  - 8.6.7.3. Product benchmarking
  - 8.6.7.4. Strategic initiatives
- 8.6.8. NSK Ltd.
  - 8.6.8.1. Company overview
  - 8.6.8.2. Financial performance
  - 8.6.8.3. Product benchmarking
  - 8.6.8.4. Strategic initiatives
- 8.6.9. Robert Bosch GmbH
  - 8.6.9.1. Company overview
  - 8.6.9.2. Financial performance
  - 8.6.9.3. Product benchmarking
  - 8.6.9.4. Strategic initiatives
- 8.6.10. ZF Friedrichshafen AG
  - 8.6.10.1. Company overview
  - 8.6.10.2. Financial performance
  - 8.6.10.3. Product benchmarking
  - 8.6.10.4. Strategic initiatives
- 8.6.11. thyssenkrupp AG
  - 8.6.11.1. Company overview
  - 8.6.11.2. Financial performance
  - 8.6.11.3. Product benchmarking
  - 8.6.11.4. Strategic initiatives

Product Code: GVR-4-68040-266-0

List of Tables

Table 1 List of abbreviations
Table 2 Electric power steering market 2018 - 2030 (USD Million)
Table 3 Global electric power steering market estimates and forecasts by region, 2018 - 2030 (USD Million)
Table 4 Global electric power steering market estimates and forecasts by mechanism, 2018 - 2030 (USD Million)
Table 5 Global electric power steering market estimates and forecasts by type, 2018 - 2030 (USD Million)
Table 6 Global electric power steering market estimates and forecasts by vehicle type, 2018 - 2030 (USD Million)
Table 7 North America electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 8 North America electric power steering market by type, 2018 - 2030 (USD Million)
Table 9 North America electric Power Steering market by Vehicle Type, 2018 - 2030 (USD Million)
Table 10 U.S. Electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 11 U.S. Electric power steering market by type, 2018 - 2030 (USD Million)
Table 12 U.S. electric power steering market by vehicle Type, 2018 - 2030 (USD Million)
Table 13 Canada electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 14 Canada electric power steering market by type, 2018 - 2030 (USD Million)
Table 15 Canada electric power steering market by vehicle Type, 2018 - 2030 (USD Million)
Table 16 Europe electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 17 Europe electric power steering market by type, 2018 - 2030 (USD Million)
Table 18 Europe electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 19 Germany electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 20 Germany electric power steering market by type, 2018 - 2030 (USD Million)
Table 21 Germany electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 22 UK electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 23 UK electric power steering market by type, 2018 - 2030 (USD Million)
Table 24 UK electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 25 France electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 26 France electric power steering market by type, 2018 - 2030 (USD Million)
Table 27 France electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 28 Asia Pacific electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 29 Asia Pacific electric power steering market by type, 2018 - 2030 (USD Million)
Table 30 Asia Pacific electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 31 China electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 32 China electric power steering market by type, 2018 - 2030 (USD Million)
Table 33 China electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 34 Japan electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 35 Japan electric power steering market by type, 2018 - 2030 (USD Million)
Table 36 Japan electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 37 India electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 38 India electric power steering market by type, 2018 - 2030 (USD Million)
Table 39 India electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 40 South Korea electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 41 South Korea electric power steering market by type, 2018 - 2030 (USD Million)
Table 42 South Korea electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 43 Australia electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 44 Australia electric power steering market by type, 2018 - 2030 (USD Million)
Table 45 Australia electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 46 Latin America electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 47 Latin America electric power steering market by type, 2018 - 2030 (USD Million)
Table 48 Latin America electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 49 Brazil electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 50 Brazil electric power steering market by type, 2018 - 2030 (USD Million)
Table 51 Brazil electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 52 Mexico electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 53 Mexico electric power steering market by type, 2018 - 2030 (USD Million)
Table 54 Mexico electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 55 Middle East & Africa electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 56 Middle East & Africa electric power steering market by type, 2018 - 2030 (USD Million)
Table 57 Middle East & Africa electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 58 UAE electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 59 UAE electric power steering market by type, 2018 - 2030 (USD Million)
Table 60 UAE electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 61 Saudi Arabia electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 62 Saudi Arabia electric power steering market by type, 2018 - 2030 (USD Million)
Table 63 Saudi Arabia electric power steering market by vehicle type, 2018 - 2030 (USD Million)
Table 64 South Africa electric power steering market by mechanism, 2018 - 2030 (USD Million)
Table 65 South Africa electric power steering market by type, 2018 - 2030 (USD Million)
Table 66 South Africa electric power steering market by vehicle type, 2018 - 2030 (USD Million)

List of Figures

Fig. 1 Market Research Process
Fig. 2 Electric Power Steering Market Segmentation
Fig. 3 Electric Power Steering Market Landscape
Fig. 4 Information Procurement
Fig. 5 Data Analysis Models
Fig. 6 Market Formulation and Validation
Fig. 7 Data Validating & Publishing
Fig. 8 Market Snapshot
Fig. 9 Segment Snapshot (1/2)
Fig. 10 Segment Snapshot (2/2)
Fig. 11 Competitive Landscape Snapshot
Fig. 12 Electric Power Steering Market: Industry Value Chain Analysis
Fig. 13 Electric Power Steering Market: Market Dynamics
Fig. 14 Electric Power Steering Market: Porter's Five Forces Analysis
Fig. 15 Electric Power Steering Market: PESTEL Analysis
Fig. 16 Electric Power Steering Market Share by Mechanism, 2023 & 2030 (USD Million)
Fig. 17 Electric Power Steering Market, by Mechanism: Market Share, 2023 & 2030
Fig. 18 Collapsible EPS Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 19 Rigid EPS Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 20 Electric Power Steering Market Share by Type, 2023 & 2030 (USD Million)
Fig. 21 Electric Power Steering Market, by Type: Market Share, 2023 & 2030
Fig. 22 Column Assist Type (CEPS) Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 23 Pinion Assist Type (PEPS) Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 24 Rack Assist Type (REPS) Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 25 Electric Power Steering Market Share by Vehicle Type, 2023 & 2030 (USD Million)
Fig. 26 Electric Power Steering Market, by Vehicle Type: Market Share, 2023 & 2030
Fig. 27 Passenger Car Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 28 Light Commercial Vehicles Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 29 Heavy Commercial Vehicles Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 30 Buses & Coaches Market Estimates & Forecasts, 2018 - 2030 (Revenue, USD Million)
Fig. 31 Electric Power Steering Market Revenue, by Region, 2023 & 2030 (USD Million)
Fig. 32 Regional Marketplace: Key Takeaways
Fig. 33 North America Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 34 U.S. Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 35 Canada Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 36 Europe Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 37 UK Electric Power Steering Market Estimates and Forecasts, 2018 - 2030,) (USD Million)
Fig. 38 Germany Electric Power Steering Market Estimates and Forecasts (2018 - 2030,) (USD Million)
Fig. 39 France Electric Power Steering Market Estimates and Forecasts (2018 - 2030,) (USD Million)
Fig. 40 Asia Pacific Electric Power Steering Market Estimates and Forecast, 2018 - 2030 (USD Million)
Fig. 41 China Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 42 Japan Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 43 India Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 44 South Korea Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 45 Australia Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 46 Latin America Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 47 Brazil Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 48 Mexico Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 49 MEA Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 50 UAE Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 51 Saudi Arabia Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 52 South Africa Electric Power Steering Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Fig. 53 Key Company Categorization
Fig. 54 Company Market Positioning
Fig. 55 Strategic Framework

Electric Power Steering Market Size, Share & Trends Analysis Report By Mechanism (Collapsible EPS, Rigid EPS), By Type (CEPS, PEPS), By Vehicle Type (Passenger Car, Light Commercial Vehicles), By Region, And Segment Forecasts, 2024 - 2030

Description

Table of Contents

List of Tables

Electric Power Steering Market Growth & Trends:

Electric Power Steering Market Report Highlights:

Table of Contents

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Electric Power Steering Market Variables, Trends, & Scope

Chapter 4. Electric Power Steering Market: Mechanism Estimates & Trend Analysis

Chapter 5. Electric Power Steering Market: Type Estimates & Trend Analysis

Chapter 6. Electric Power Steering Market: Vehicle Type Estimates & Trend Analysis

Chapter 7. Electric Power Steering Market: Regional Estimates & Trend Analysis

Chapter 8. Competitive Landscape

List of Tables

List of Figures