Power Assisted Steering Market Size, Share, and Growth Analysis, By Propulsion Type (EV, ICE), By Vehicle (Passenger Cars, LCV), By Power, By Type, By Sales Channel, By Region - Industry Forecast 2025-2032

Power Assisted Steering Market size was valued at USD 22.2 billion in 2023 and is poised to grow from USD 23.27 billion in 2024 to USD 33.85 billion by 2032, growing at a CAGR of 4.8% during the forecast period (2025-2032).

The global power-assisted steering market is experiencing significant growth driven by an increasing demand for vehicles with advanced driver assistance systems (ADAS) and a focus on fuel efficiency. Power-assisted steering systems enhance driver comfort by reducing steering effort during low-speed maneuvers, making vehicles more accessible. These systems can lower energy consumption by up to 90%, yielding real fuel savings of 0.8 liters per 100 kilometers while contributing to reduced carbon emissions. The integration of ADAS, featuring safety-enhancing technologies, further propels the need for refined power-assisted steering solutions. The rise of Electric Power-Assisted Steering (EPAS) aligns with automotive manufacturers' objectives to meet stringent regulations and consumer preferences for eco-friendly, technologically advanced vehicles, positioning EPAS as a market leader in the years ahead.

Top-down and bottom-up approaches were used to estimate and validate the size of the Power Assisted Steering market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Power Assisted Steering Market Segments Analysis

Global Power Assisted Steering Market is segmented by Propulsion Type, Vehicle, Power, Type, Sales Channel and region. Based on Propulsion Type, the market is segmented into EV and ICE. Based on Vehicle, the market is segmented into Passenger Cars, LCV and HCV. Based on Power, the market is segmented into Electric and Hydraulic. Based on Type, the market is segmented into Rack Type EPS, Column Type EPS, Pinion Type EPS, H-EPS and HPS. Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Power Assisted Steering Market

A significant factor driving the growth of the power assisted steering market is the expansion of the global automotive industry. As the production and sales of vehicles increase worldwide, the demand for power assisted steering systems correspondingly rises. This rising automotive output highlights the necessity for innovative steering solutions that enhance vehicle maneuverability and driver comfort. Furthermore, advancements in technology and increasing consumer preference for modern vehicles equipped with sophisticated steering systems further amplify this trend. Consequently, the flourishing automotive sector plays a crucial role in stimulating the power assisted steering market, leading to greater opportunities for manufacturers and suppliers within this industry.

Restraints in the Power Assisted Steering Market

The Power Assisted Steering market faces certain challenges due to the higher initial costs associated with electric power steering systems when compared to traditional hydraulic systems. Manufacturers and consumers who prioritize cost-effectiveness might find these additional expenses burdensome, as the integration of electric components and sensors can significantly elevate overall prices. This financial consideration may deter some players in the industry, limiting their willingness to adopt newer technologies despite their benefits. Consequently, the market may experience constraints as stakeholders weigh the advantages of advanced systems against their budgetary constraints, impacting the overall growth and adoption of electric power steering solutions.

Market Trends of the Power Assisted Steering Market

The Power Assisted Steering market is witnessing a significant shift towards Electric Power Steering (EPS), driven by the global trend of electrification in the automotive sector. EPS systems are increasingly replacing conventional hydraulic systems due to their superior fuel efficiency, energy conservation, and enhanced driving control. This transition is further accelerated by stringent regulations aimed at reducing emissions and improving fuel economy, prompting manufacturers to adopt more environmentally friendly technologies. As consumers demand better performance and sustainability in their vehicles, the EPS segment is expected to expand robustly, reflecting a broader commitment to innovation and efficiency in automotive design.