Summary

The global electric power steering market size was valued at USD 29.62 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 45.30 Billion by 2033, exhibiting a CAGR of 4.59% from 2025-2033. Asia-Pacific currently dominates the market, holding a market share of over 50.5% in 2024. The rising demand for fuel-efficient vehicles, the growing adoption of electric and hybrid cars, the increasing implementation of government regulations promoting eco-friendly transportation, advancements in electric power steering technology, and the introduction of torque sensor systems represent some of the key factors driving the market.

Electric power steering refers to an automotive system that assists the driver in controlling the vehicle. It is comprised of several components, such as an electric motor, sensors, control module, wiring, connectors, power supply, and electronic input system. It is widely used in passenger cars, sports utility vehicles (SUVs), crossovers, electric vehicles (EVs), performance cars, hybrid vehicles, trucks, buses, and other commercial vehicles. As compared to traditional power steering, electric power steering improves vehicle handling, enhances maneuverability, increases performance, and allows drivers to easily navigate through tight spaces. It also enhances fuel efficiency, improves precision, lowers maintenance costs, reduces vehicle weight, and offers quieter and vibration-free operations. In addition, electric power steering can also be integrated with advanced automotive technologies to improve safety and enhance the driving experience.

Electric Power Steering Market Trends:
The rising demand for fuel-efficient vehicles across the globe is one of the primary factors favoring the market growth. Electric power steering is a lightweight, compact, and durable system that consumes less power compared to traditional hydraulic power steering, which, in turn, improves vehicle performance, enhances fuel efficiency, reduces weight, and extends the traveling range. In addition to this, the growing awareness among the masses regarding the adverse environmental impact of fossil fuel consumption is acting as another growth-inducing factor. Furthermore, the implementation of strict government regulations to curb pollution and reduce greenhouse gas emissions is facilitating the product demand to improve vehicle performance and increase overall efficiency. Additionally, the introduction of dual-pinion electric power steering designs, which provides a precision steering experience, reduce sensitivity to variations in steering load, and improve the feel, responsiveness, and accuracy of the steering mechanism, is positively influencing the market growth. Besides this, the incorporation of the haptic feedback system, which provides tactile cues and vibrations to enhance the driver’s situational awareness, increase attention, reduce fatigue, and improve the driving experience, is contributing to the market growth. Moreover, the widespread system utilization in electric and hybrid vehicles, as it improves energy efficiency and can be easily integrated into the electric drivetrain architecture, is providing an impetus to the market growth. Other factors, including the significant growth in the automotive industry, increasing investment in the development of advanced systems, and growing demand for enhanced driving experience, are anticipated to drive the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global electric power steering market, along with forecasts at the global, regional, and country levels from 2025-2033. Our report has categorized the market based on component, mechanism, type, and vehicle type.

Component Insights:

Steering Column
Sensors
Steering Gear
Mechanical Rack and Pinion
Electronic Control Unit
Electric Motor
Others

The report has provided a detailed breakup and analysis of the electric power steering market based on the component. This includes steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and others. According to the report, sensors represented the largest segment.

Mechanism Insights:

Rigid EPS
Collapsible EPS

A detailed breakup and analysis of the electric power steering market based on the mechanism has also been provided in the report. This includes rigid EPS and collapsible EPS. According to the report, collapsible EPS accounted for the largest market share.

Type Insights:

Rack Assist Type (REPS)
Column Assist Type (CEPS)
Pinion Assist Type (PEPS)

A detailed breakup and analysis of the electric power steering market based on the type has also been provided in the report. This includes rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS). According to the report, column assist type (CEPS) accounted for the largest market share.

Vehicle Type Insights:

Passenger Car
Commercial Vehicle

A detailed breakup and analysis of the electric power steering market based on the vehicle type has also been provided in the report. This includes passenger car and commercial vehicle. According to the report, passenger car accounted for the largest market share.

Regional Insights:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for electric power steering. Some of the factors driving the Asia Pacific electric power steering market included rising demand for energy-sufficient vehicles, implementation of strict government regulations, and various technological innovations.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global electric power steering market. Detailed profiles of all major companies have been provided. Some of the companies covered include HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK LTD, NXP Semiconductors N.V., Robert Bosch GmbH, ThyssenKrupp AG, TT Electronics plc, ZF Friedrichshafen AG, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What is electric power steering?
2. How big is the global electric power steering market?
3. What is the expected growth rate of the global electric power steering market during 2025-2033?
4. What are the key factors driving the global electric power steering market?
5. What is the leading segment of the global electric power steering market based on component?
6. What is the leading segment of the global electric power steering market based on mechanism?
7. What is the leading segment of the global electric power steering market based on type?
8. What is the leading segment of the global electric power steering market based on vehicle type?
9. What are the key regions in the global electric power steering market?
10. Who are the key players/companies in the global electric power steering market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Electric Power Steering Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Steering Column
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Sensors
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Steering Gear
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Mechanical Rack and Pinion
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Electronic Control Unit
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Electric Motor
6.6.1 Market Trends
6.6.2 Market Forecast
6.7 Others
6.7.1 Market Trends
6.7.2 Market Forecast
7 Market Breakup by Mechanism
7.1 Rigid EPS
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Collapsible EPS
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Type
8.1 Rack Assist Type (REPS)
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Colum Assist Type (CEPS)
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Pinion Assist Type (PEPS)
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Vehicle Type
9.1 Passenger Car
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Commercial Vehicle
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 Drivers, Restraints, and Opportunities
11.1 Overview
11.2 Drivers
11.3 Restraints
11.4 Opportunities
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 HELLA GmbH & Co. KGaA (Faurecia SE)
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.2 Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.3 JTEKT Corporation
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Mitsubishi Electric Corporation
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 Nexteer Automotive
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 SWOT Analysis
15.3.6 NSK LTD
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 NXP Semiconductors N.V.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Robert Bosch GmbH
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 SWOT Analysis
15.3.9 ThyssenKrupp AG
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 TT Electronics plc
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.11 ZF Friedrichshafen AG
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 SWOT Analysis

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

List of Figures

​Figure 1: Global: Electric Power Steering Market: Major Drivers and Challenges
Figure 2: Global: Electric Power Steering Market: Sales Value (in Billion USD), 2019-2024
Figure 3: Global: Electric Power Steering Market Forecast: Sales Value (in Billion USD), 2025-2033
Figure 4: Global: Electric Power Steering Market: Breakup by Component (in %), 2024
Figure 5: Global: Electric Power Steering Market: Breakup by Mechanism (in %), 2024
Figure 6: Global: Electric Power Steering Market: Breakup by Type (in %), 2024
Figure 7: Global: Electric Power Steering Market: Breakup by Vehicle Type (in %), 2024
Figure 8: Global: Electric Power Steering Market: Breakup by Region (in %), 2024
Figure 9: Global: Electric Power Steering (Steering column) Market: Sales Value (in Million USD), 2019 & 2024
Figure 10: Global: Electric Power Steering (Steering column) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 11: Global: Electric Power Steering (Sensors) Market: Sales Value (in Million USD), 2019 & 2024
Figure 12: Global: Electric Power Steering (Sensors) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 13: Global: Electric Power Steering (Steering Gear) Market: Sales Value (in Million USD), 2019 & 2024
Figure 14: Global: Electric Power Steering (Steering Gear) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 15: Global: Electric Power Steering (Mechanical Rack and Pinion) Market: Sales Value (in Million USD), 2019 & 2024
Figure 16: Global: Electric Power Steering (Mechanical Rack and Pinion) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 17: Global: Electric Power Steering (Electronic Control Unit) Market: Sales Value (in Million USD), 2019 & 2024
Figure 18: Global: Electric Power Steering (Electronic Control Unit) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 19: Global: Electric Power Steering (Electric Motor) Market: Sales Value (in Million USD), 2019 & 2024
Figure 20: Global: Electric Power Steering (Electric Motor) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 21: Global: Electric Power Steering (Other Components) Market: Sales Value (in Million USD), 2019 & 2024
Figure 22: Global: Electric Power Steering (Other Components) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 23: Global: Electric Power Steering (Rigid EPS) Market: Sales Value (in Million USD), 2019 & 2024
Figure 24: Global: Electric Power Steering (Rigid EPS) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 25: Global: Electric Power Steering (Collapsible EPS) Market: Sales Value (in Million USD), 2019 & 2024
Figure 26: Global: Electric Power Steering (Collapsible EPS) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 27: Global: Electric Power Steering (Rack Assist Type (REPS)) Market: Sales Value (in Million USD), 2019 & 2024
Figure 28: Global: Electric Power Steering (Rack Assist Type (REPS)) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 29: Global: Electric Power Steering (Colum Assist Type (CEPS)) Market: Sales Value (in Million USD), 2019 & 2024
Figure 30: Global: Electric Power Steering (Colum Assist Type (CEPS)) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 31: Global: Electric Power Steering (Pinion Assist Type (PEPS)) Market: Sales Value (in Million USD), 2019 & 2024
Figure 32: Global: Electric Power Steering (Pinion Assist Type (PEPS)) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 33: Global: Electric Power Steering (Passenger Car) Market: Sales Value (in Million USD), 2019 & 2024
Figure 34: Global: Electric Power Steering (Passenger Car) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 35: Global: Electric Power Steering (Commercial Vehicle) Market: Sales Value (in Million USD), 2019 & 2024
Figure 36: Global: Electric Power Steering (Commercial Vehicle) Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 37: North America: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 38: North America: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 39: United States: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 40: United States: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 41: Canada: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 42: Canada: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 43: Asia-Pacific: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 44: Asia-Pacific: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 45: China: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 46: China: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 47: Japan: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 48: Japan: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 49: India: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 50: India: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 51: South Korea: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 52: South Korea: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 53: Australia: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 54: Australia: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 55: Indonesia: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 56: Indonesia: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 57: Others: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 58: Others: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 59: Europe: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 60: Europe: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 61: Germany: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 62: Germany: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 63: France: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 64: France: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 65: United Kingdom: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 66: United Kingdom: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 67: Italy: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 68: Italy: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 69: Spain: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 70: Spain: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 71: Russia: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 72: Russia: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 73: Others: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 74: Others: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 75: Latin America: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 76: Latin America: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 77: Brazil: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 78: Brazil: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 79: Mexico: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 80: Mexico: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 81: Others: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 82: Others: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 83: Middle East and Africa: Electric Power Steering Market: Sales Value (in Million USD), 2019 & 2024
Figure 84: Middle East and Africa: Electric Power Steering Market: Breakup by Country (in %), 2024
Figure 85: Middle East and Africa: Electric Power Steering Market Forecast: Sales Value (in Million USD), 2025-2033
Figure 86: Global: Electric Power Steering Industry: Drivers, Restraints, and Opportunities
Figure 87: Global: Electric Power Steering Industry: Value Chain Analysis
Figure 88: Global: Electric Power Steering Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Electric Power Steering Market: Key Industry Highlights, 2024 & 2033
Table 2: Global: Electric Power Steering Market Forecast: Breakup by Component (in Million USD), 2025-2033
Table 3: Global: Electric Power Steering Market Forecast: Breakup by Mechanism (in Million USD), 2025-2033
Table 4: Global: Electric Power Steering Market Forecast: Breakup by Type (in Million USD), 2025-2033
Table 5: Global: Electric Power Steering Market Forecast: Breakup by Vehicle Type (in Million USD), 2025-2033
Table 6: Global: Electric Power Steering Market Forecast: Breakup by Region (in Million USD), 2025-2033
Table 7: Global: Electric Power Steering Market: Competitive Structure
Table 8: Global: Electric Power Steering Market: Key Players