Electric Power Steering Market Size, Share, Industry Trends and Forecast to 2033
This report covers a comprehensive analysis of the Electric Power Steering market, including insights on market size, growth potential, technological advancements, and regional dynamics from 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $15.60 Billion |
| CAGR (2023-2033) | 6.8% |
| 2033 Market Size | $30.66 Billion |
| Top Companies | Bosch, ZF Friedrichshafen AG, Thyssenkrupp AG |
| Last Modified Date | 23 February 2025 |
Electric Power Steering Market Report (2023 - 2033)
Electric Power Steering Market Overview
What is the Market Size & CAGR of Electric Power Steering market in 2023?
Electric Power Steering Industry Analysis
Electric Power Steering Market Segmentation and Scope
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Electric Power Steering Market Analysis Report by Region
Europe Electric Power Steering Market Report:
The European Electric Power Steering market is forecasted to grow from USD 4.13 billion in 2023 to USD 8.11 billion by 2033. The region's strict emissions regulations and consumer preference for high-performance vehicles are key drivers of this growth.Asia Pacific Electric Power Steering Market Report:
In the Asia Pacific region, the Electric Power Steering market is valued at USD 3.39 billion in 2023 and is projected to grow to USD 6.65 billion by 2033. The growth is driven by increasing vehicle production, particularly in countries like China and India, where automotive demands are rapidly expanding due to urbanization and rising disposable incomes.North America Electric Power Steering Market Report:
North America, with a market size of USD 5.01 billion in 2023, is anticipated to expand to USD 9.84 billion by 2033 due to the proliferation of electric and hybrid vehicles. The region is also a hub for significant automotive innovation, further facilitating the adoption of EPS technologies.South America Electric Power Steering Market Report:
The South American Electric Power Steering market is expected to witness growth from USD 1.31 billion in 2023 to USD 2.58 billion by 2033. This growth is primarily attributed to the growing automotive sector and the rising number of vehicle manufacturers entering the market, alongside increasing awareness of fuel efficiency.Middle East & Africa Electric Power Steering Market Report:
In the Middle East and Africa, the market is forecasted to increase from USD 1.77 billion in 2023 to USD 3.48 billion by 2033. This growth potential is supported by increasing investments in automotive infrastructure and expanding vehicle manufacturing capabilities within the region.Request a custom research report for industry.
Electric Power Steering Market Analysis By System Type
Global Electric Power Steering Market, By System Type Market Analysis (2024 - 2033)
The Electric Power Steering Market, segmented by system type, includes Open Loop and Closed Loop systems as major contributors. In 2023, the Open Loop system has a market size of USD 9.47 billion, projected to rise to USD 18.61 billion by 2033, capturing about 60.69% market share. Closed Loop systems follow, with a size of USD 4.41 billion in 2023, expected to reach USD 8.66 billion by 2033, holding a 28.24% market share.
Electric Power Steering Market Analysis By Vehicle Type
Global Electric Power Steering Market, By Vehicle Type Market Analysis (2024 - 2033)
The vehicle type segmentation highlights Passenger Vehicles, Heavy Commercial Vehicles, and Electric Vehicles as key categories. By 2033, Passenger Vehicles will account for a substantial share with a market size projected at USD 16.22 billion, while Electric Vehicles will reach USD 3.92 billion, supported by increased EV adoption.
Electric Power Steering Market Analysis By Application
Global Electric Power Steering Market, By Application Market Analysis (2024 - 2033)
Application wise, the Automotive Steering segment leads with a market size of USD 8.25 billion in 2023, expected to double by 2033. Specialty Vehicles and Off-Road Vehicles are also significant, indicating a diversified application range.
Electric Power Steering Market Analysis By Technology
Global Electric Power Steering Market, By Technology Market Analysis (2024 - 2033)
Technologically, advancements in software and hardware integration are enhancing the functionality of EPS systems. Companies are developing smarter systems that require less power and provide better feedback to drivers, drastically improving the user experience.
Electric Power Steering Market Analysis By Component
Global Electric Power Steering Market, By Component Market Analysis (2024 - 2033)
The market by component reveals Actuators leading with USD 9.47 billion in 2023, projected to grow to USD 18.61 billion by 2033. Sensors also play a vital role, with a growing market presence driven by the continual push for enhanced vehicle safety and reliability.
Electric Power Steering Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Electric Power Steering Industry
Bosch:
Bosch is a leading global supplier of technology and services, providing innovative Electric Power Steering systems for enhanced vehicle performance and safety.ZF Friedrichshafen AG:
ZF specializes in driveline and chassis technology, offering cutting-edge Electric Power Steering solutions tailored for various vehicle types.Thyssenkrupp AG:
Thyssenkrupp is known for its advanced Electric Power Steering systems designed to cater to modern automotive demands, emphasizing safety and efficiency.We're grateful to work with incredible clients.
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FAQs
What is the market size of electric power steering?
The electric power steering market is projected to size $15.6 billion in 2023, with a robust CAGR of 6.8% anticipated until 2033. This growth is bolstered by increasing adoption of advanced steering technologies across the automotive sector.
What are the key market players or companies in this electric power steering industry?
Key players in the electric power steering market include major automotive component manufacturers, such as Bosch, ZF Friedrichshafen AG, and JTEKT Corporation, which are pioneering innovations and enhancing product offerings for better vehicle control systems.
What are the primary factors driving the growth in the electric power steering industry?
Growth in the electric power steering sector is driven primarily by technological advancements, increasing production of electric vehicles, and the rising demand for lightweight and fuel-efficient vehicles aiming to enhance overall automotive performance.
Which region is the fastest Growing in the electric power steering market?
The fastest-growing region is North America, with the market expected to grow from $5.01 billion in 2023 to $9.84 billion in 2033. This growth is driven by the rising demand for passenger vehicles and continuous automotive innovation in the region.
Does ConsaInsights provide customized market report data for the electric power steering industry?
Yes, ConsaInsights offers customized market report data tailored to meet specific needs of clients in the electric power steering industry, ensuring relevant insights based on unique market conditions and individual business requirements.
What deliverables can I expect from this electric power steering market research project?
Deliverables from the electric power steering market research project include comprehensive market analysis reports, detailed insights on market trends, competitive landscape assessments, and forecasts across various segments and geographical regions.
What are the market trends of electric power steering?
Current trends in the electric power steering market include an emphasis on increasing automation in vehicles, growing demand for driver assistance systems, and the transition toward electric and hybrid vehicles which utilize advanced steering technologies.