Electric Power Steering Market to be Worth $37.1 Billion by 2031

Electric Power Steering Market Size, Share, Forecast, & Trends Analysis by Type (Rack-assist EPS, Column-assist EPS, Pinion-assist EPS), Application (Internal Combustion Engine Vehicle, Electric Vehicles), and Geography - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled, ‘Electric Power Steering Market by Type (Rack-assist EPS, Column-assist EPS, Pinion-assist EPS), Application (Internal Combustion Engine Vehicle, Electric Vehicles), and Geography—Global Forecast to 2031.

According to this latest publication from Meticulous Research^®, the electric power steering market is projected to reach $37.1 billion by 2031, at a CAGR of 5.3% from 2024–2031. The growth of the electric power steering market is driven by the increasing adoption of EPS to enhance driving experience and the growing use of EPS to reduce the complexity and weight of vehicles. However, the limited load-bearing capacity of EPS systems restrain the growth of this market. Furthermore, the surging use of steer-by-wire technology and the growing adoption of electric vehicles are expected to generate growth opportunities for the players operating in this market. However, complete replacement for any malfunction is a major challenge impacting market growth.

The electric power steering market is segmented by type (rack-assist electric power steering, column-assist electric power steering, and pinion-assist electric power steering [single pinion-assist EPS (SPEPS) and dual pinion-assist EPS (SPEPS)]), application (internal combustion engine vehicle [commercial vehicles, passenger vehicles, and industrial vehicles] and electric vehicles [commercial vehicles and passenger vehicles]), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on type, the electric power steering market is segmented into rack-assist electric power steering, column-assist electric power steering, and pinion-assist electric power steering. In 2024, the rack-assist electric power steering segment is expected to account for the largest share of above 40.0% of the electric power steering market. The segment's large market share is attributed to the increasing adoption of rack-assist EPS to enhance steering precision; the increasing need to adjust the level of steering assistance based on vehicle speed and driving condition; and the rack-assist EPS to enhance fuel efficiency, steering response, and maintenance.

Additionally, with the growing adoption of rack-assist EPS, several providers are increasingly launching (mREPS) systems to efficiently meet OEMs’ wide-ranging requirements for advanced steering systems. For instance, in April 2023, Nexteer Automotive Corporation (U.S.) launched the Modular Rack-Assist Electric Power Steering (mREPS) system and expanded the Company’s cost-effective, modular EPS offerings. Nexteer’s mREPS provides flexibility to efficiently meet OEMs’ wide-ranging requirements for advanced steering systems of heavier vehicles, EVs, and light commercial vehicles.

However, the column-assist electric power steering segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing adoption of column-assist EPS due to its compact design, the rising use of column-assist EPS to reduce vibration transmitted to the steering wheel, and the integration of column-assist EPS with advanced driver-assistance systems such as lane-keeping assist and adaptive cruise control.

Based on application, the electric power steering market is segmented into internal combustion engine vehicles and electric vehicles. In 2024, the internal combustion engine vehicle segment is expected to account for the larger share of above 68.0% of the electric power steering market. The segment's large market share is attributed to the increasing adoption of EPS to enhance the driving experience in ICE vehicles; the rising use of EPS in ICE vehicles due to it being more energy-efficient compared to traditional hydraulic power steering systems; and the increasing integration of EPS with various vehicle control systems such as stability control, lane-keeping assist, automatic parking.

However, the electric vehicles segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing adoption of EPS in EVs to improve safety and redundancy, the rising use of EPS in electric vehicles for energy efficiency and to reduce vehicle complexity and weight, and the EPS's ability to provide variable steering assistance, enabling lighter steering at low speed and stronger steering at high speed.

Based on geography, the electric power steering market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 36.0% of the electric power steering market. Asia-Pacific’s significant market share can be attributed to the growing penetration of EPS systems in major countries such as India, China, and Japan; the increasing production of electric vehicles; the growing use of EPS to reduce the complexity and weight of vehicles; the increasing technological advancement such as steer-by-wire technology in EPS systems; and the increasing need of EPS systems in commercial vehicles due to heavier steering loads.

Also, this market is expected to register the highest CAGR of above 7.0% during the forecast period.

Key Players

The key players operating in the electric power steering market JTEKT Corporation (Japan), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Nidec Corporation (Japan), Magna International Inc. (Canada), ContiTech Deutschland GmbH (Germany), HYCET Technology Co., Ltd (China), HL Mando Corporation (South Korea), Mitsubishi Electric Mobility Corporation (Japan), Nexteer Automotive Corporation (U.S.), NSK Ltd. (Japan), thyssenkrupp AG (Germany), Hitachi Astemo Americas, Inc. (A Subsidiary of Hitachi America Ltd) (U.S), and MAHLE GmbH (A Subsidiary of Mahle Stiftung GmbH) (Germany).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type and application?
What is the historical market size for the electric power steering market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the electric power steering market?
Who are the major players in the electric power steering market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the electric power steering market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the electric power steering market, and how do they compete with other players?

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