Electronic Power Steering System Market Poised to Reach USD 32.5 Billion by 2032, Driven by Safety, Efficiency, and EV Adoption
Market Size
- Estimated Value (2023): USD 16.2–16.5 Billion
- Forecasted Value (2030): USD 31.8–32.5 Billion
- Compound Annual Growth Rate (CAGR): Approximately 10.5% from 2024 to 2030
Overview
Electric motors are used in place of conventional hydraulic systems in Electronic Power Steering (EPS) systems, which provide increased precision, fuel efficiency, and versatility. Features like adaptive steering, parking assistance, and lane-keeping assist are made possible by EPS and are essential for safety, comfort, and preparedness for autonomous driving. EPS technology is now standard across all vehicle classes due to strong demands for lighter, more agile vehicles as well as increased electrification and pollution standards.
To Know More About This Report Request A Free Sample Copy https://www.maximizemarketresearch.com/request-sample/25876/
Market Estimation & Definition
The EPS system market comprises complete steering modules, including electric assist motors, steering angle sensors, control electronics, and software. Used in passenger cars, commercial vehicles, and electric vehicles, EPS enables reduced fuel consumption, enhanced handling performance, and advanced driver assistance capability.
Market Growth Drivers & Opportunity
- Emission & Fuel Economy Regulations: Rising global efficiency standards favor weight and energy-saving EPS systems.
- EV Proliferation: EPS compatibility with electric powertrains suits EV manufacturers aiming for lighter architectures.
- ADAS Integration: Seamless integration into driver assistance tools (e.g. lane centering, automated parking) depends on precise electronic steering control.
- Smart and Connected Vehicles: Increasing demand for steer-by-wire, torque feedback customization, and user-selectable steering feel.
- Consumer Experience & Comfort: Modern vehicles require responsive, quiet, and customizable steering systems, which EPS provides.
Segmentation Analysis
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Electric Vehicles (EVs)
By System Type:
- Column-Mounted EPS
- Pinion Mounted EPS
- Rack-Mounted EPS
- Steer-by-Wire Systems
By Payload Integration:
- Low-Voltage Systems (12 V – prevalent)
- High-Voltage Systems (48 V or higher – for electric drive-assisted steering)
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Major Manufacturers
- Bosch
- JTEKT Corporation (Nissan affiliate)
- NSK Ltd.
- Continental AG
- Nexteer Automotive
- Mando Corporation
- NSK Steering Systems
- Hitachi Automotive Systems
- NSK Precision
- Thyssenkrupp Presta
- ZF Friedrichshafen (TRW Division)
- Schaeffler Group
- Daikin
- Denso
- Mitsubishi Electric
Regional Analysis
North America:
A leading market supported by strong ADAS adoption, electric vehicle growth, and automotive technological innovation.
Europe:
Environmental regulations and luxury vehicle demand fuel EPS integration, alongside high consumer expectations.
Asia-Pacific:
The fastest-growing region driven by high vehicle production volumes, electrification initiatives, and emerging economies like China and India.
Latin America & Middle East & Africa:
Presenting steady growth in response to rising vehicle ownership and modernization of new fleets in key regional markets.
COVID‑19 Impact Analysis
The pandemic induced short-term supply-chain disruptions and automotive production slowdowns in 2020–2021. However, post-pandemic stimulus measures and accelerated EV adoption drove RSI (rolling stock intensity) and vehicle production, contributing to quicker EPS integration across global vehicle fleets.
Commutator Analysis
While EPS systems have no mechanical commutators, their functionality revolves around precision electronics and control strategies:
- Electric Assist Motor Control: Offers seamless torque assistance with dynamic responsiveness.
- Sensor Fusion: Incorporates steering angle, torque, and vehicle-state data for accurate steering feel and ADAS capability.
- Drive-by-Wire Potential: Enables throttle-free steering linkage in fully autonomous systems.
- System Diagnostics and Safety: Built-in redundancy and fault detection for functional safety compliance (ISO 26262).
Key Questions Answered
- What is the projected market size by 2030?
USD 31.8–32.5 Billion. - What is the anticipated growth rate?
Around 10.5% CAGR. - Which vehicle segments dominate the market?
Passenger vehicles and EVs lead in EPS demand. - Which steering system types are most used?
Rack-mounted and column-mounted EPS are widely employed; steer-by-wire is emerging. - Which regions show the fastest growth?
Asia-Pacific leads, while North America and Europe maintain strong positions. - How did COVID‑19 impact the market trajectory?
Initial disruption followed by recovery, driven by new vehicle launches and EV growth. - What future trends will shape EPS adoption?
Steer-by-wire, torque customization, networked safety, and fully autonomous control.
Conclusion
The Electronic Power Steering system market is poised for significant growth, with projections approaching USD 32.5 billion by 2030. With manufacturers pushing for electrification, convenience features, and autonomous readiness, EPS technology becomes essential. Suppliers focusing on high-precision motors, intelligent software control, and scalable drive-by-wire systems are best positioned to lead this advancing market.
About Maximize Market Research
Maximize Market Research Pvt. Ltd. is a global market research and consulting company headquartered in Pune, India. The firm specializes in data-driven insights across industries such as automotive, healthcare, electronics, and technology. Its team provides custom reports and strategic recommendations to support business growth and market entry.
Contact Us
Maximize Market Research Pvt. Ltd.
2nd Floor, Navale IT Park, Phase 3
Pune-Bangalore Highway, Narhe
Pune, Maharashtra 411041, India
📞 +91 96073 65656
✉️ sales@maximizemarketresearch.com