Consainsights logo
Mail Us
Reports > Technology & Media > Electric Power Steering Market Report

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 15 Nov 2024

Electric Power Steering Market Report (2023 - 2033)

Electric Power Steering Market Overview

The Electric Power Steering industry is characterized by rapid technological advancements and strong competitive dynamics. As more vehicle manufacturers shift towards electric and hybrid models, the demand for EPS systems is expected to rise significantly. Governments across the globe are enforcing strict regulations regarding emissions and fuel efficiency, further accelerating the adoption of EPS systems. Additionally, the growing trend towards automation in vehicles, propelled by advancements in IoT and AI, is driving innovation in EPS technologies. Key players in the market are investing in research and development to enhance actuation and control technologies, aiming to deliver superior driving experiences while maintaining safety standards.

What is the Market Size & CAGR of Electric Power Steering market in 2023?

In 2023, the Electric Power Steering market is projected to be valued at approximately USD 13.79 billion. Forecasts indicate that the market will grow at a compound annual growth rate (CAGR) of 7.4% from 2023 to 2033, reaching an estimated USD 28.90 billion by the end of the forecast period. This growth is driven by the increasing incorporation of EPS in electric and hybrid vehicles, as well as advancements in steering technologies and component efficiency. With the automotive industry transitioning towards electrification, the EPS market is expected to experience substantial transformation, impacting both manufacturers and consumers.

Electric Power Steering Industry Analysis

The Electric Power Steering industry is characterized by rapid technological advancements and strong competitive dynamics. As more vehicle manufacturers shift towards electric and hybrid models, the demand for EPS systems is expected to rise significantly. Governments across the globe are enforcing strict regulations regarding emissions and fuel efficiency, further accelerating the adoption of EPS systems. Additionally, the growing trend towards automation in vehicles, propelled by advancements in IoT and AI, is driving innovation in EPS technologies. Key players in the market are investing in research and development to enhance actuation and control technologies, aiming to deliver superior driving experiences while maintaining safety standards.

Electric Power Steering Market Segmentation and Scope

The Electric Power Steering market can be segmented based on system type, vehicle type, and application. The primary segmentation includes: 1) By System Type: Open Loop, Closed Loop, and Advanced Steering Systems. 2) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Electric Vehicles, and specialty vehicles. 3) By Application: Automotive Steering, Off-Road Vehicles, and Other Applications. Each segment plays a significant role in addressing specific consumer needs and aligning with automotive trends, making it crucial for industry stakeholders to recognize these dynamics to strategize effectively.

Request a custom research report for industry.

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 (2023 - 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 (2023 - 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 (2023 - 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 (2023 - 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 (2023 - 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

The Electric Power Steering market is poised for robust growth driven by emerging technologies and trends such as electric vehicle adoption, a shift towards automation, and stringent regulatory standards. By 2033, the EPS market is expected to evolve, integrating more advanced features like AI-driven assistive steering capabilities and improved energy management systems. Challenges such as supply chain disruptions and the need for increased R&D investments to develop more sophisticated units may arise but are likely to be mitigated by ongoing innovations within the industry.

Request a custom research report for industry.

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.

Datasite
Agilent
Asten Johnson
Bio-Rad
Carl Zeiss
Dywidag
Illumina
LEK Consulting
Shell

Market FAQs

1. What is the market size of the Electric Power Steering?

The global Electric Power Steering market size was valued at $XX billion in 2020 and is projected to reach $YY billion by 2025, growing at a CAGR of ZZ% during the forecast period.

2. What are the key market players or companies in the Electric Power Steering industry?

Some of the key market players in the Electric Power Steering industry include Company A, Company B, Company C, Company D, and Company E. These companies are leading in terms of market share and innovation within the industry.

3. What are the primary factors driving the growth in the Electric Power Steering industry?

The primary factors driving growth in the Electric Power Steering industry include increasing demand for fuel-efficient vehicles, technological advancements in electric power steering systems, growing automotive industry, and stricter regulations pertaining to vehicle emissions and fuel efficiency.

4. Which region is identified as the fastest-growing in the Electric Power Steering?

Asia-Pacific is identified as the fastest-growing region in the Electric Power Steering market, fueled by the rapid expansion of the automotive industry, rising disposable income levels, and increasing adoption of electric vehicles in countries like China, India, and Japan.

5. Does ConsaInsights provide customized market report data for the Electric Power Steering industry?

Yes, ConsaInsights offers customized market report data for the Electric Power Steering industry to meet the specific requirements and needs of clients. Our reports are tailored to provide in-depth analysis, insights, and strategic recommendations for businesses operating in this sector.

6. What deliverables can I expect from this Electric Power Steering market research report?

When you purchase our Electric Power Steering market research report, you can expect comprehensive insights on market size, trends, drivers, challenges, competitive landscape, key players analysis, regional analysis, and future outlook. The report will also include market forecasts, strategic recommendations, and actionable insights to help you make informed business decisions.