Product Code: ETC13410747 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Sumit Sagar | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Electric Power Steering Market was valued at USD 24.8 Billion in 2024 and is expected to reach USD 37.1 Billion by 2031, growing at a compound annual growth rate of 5.40% during the forecast period (2025-2031).
The Global Electric Power Steering Market is experiencing significant growth driven by factors such as the increasing demand for fuel-efficient vehicles, advancements in automotive technology, and the rising trend of vehicle electrification. Electric power steering systems offer improved fuel efficiency, enhanced vehicle performance, and better driving experience compared to traditional hydraulic systems. The market is witnessing a shift towards the adoption of electric power steering systems due to their lighter weight, lower maintenance requirements, and compatibility with advanced driver assistance systems. Major players in the market are focusing on developing innovative solutions to meet the evolving needs of the automotive industry. Geographically, Asia Pacific is expected to dominate the market due to the presence of key automotive manufacturers and the growing demand for electric vehicles in countries like China and Japan.
The Global Electric Power Steering Market is experiencing a surge in demand due to the increasing focus on vehicle safety, fuel efficiency, and driver assistance systems. The shift towards electric power steering systems from traditional hydraulic systems is a key trend driving market growth, as electric systems offer better performance, energy efficiency, and integration with advanced driver assistance systems. Additionally, the rise in production of electric vehicles and the growing adoption of autonomous vehicles are creating significant opportunities for market expansion. Companies are investing in research and development to enhance the capabilities of electric power steering systems, such as improved responsiveness and self-driving functionalities. Overall, the Global Electric Power Steering Market is poised for substantial growth as automotive manufacturers prioritize innovation and sustainability in their products.
The Global Electric Power Steering Market faces several challenges, including the increasing complexity of automotive systems requiring advanced technology and integration capabilities, the high initial cost of electric power steering systems compared to traditional hydraulic systems, and the need for continuous research and development to enhance performance and efficiency. Additionally, factors such as fluctuations in raw material prices, stringent government regulations related to emissions and fuel efficiency, and the impact of the COVID-19 pandemic on the automotive industry have posed challenges for the market. Manufacturers also need to address issues related to cybersecurity and data protection as vehicles become more connected and autonomous. Overcoming these challenges will require innovation, collaboration, and strategic planning to meet the evolving demands of the automotive sector and ensure the growth of the electric power steering market.
The Global Electric Power Steering Market is primarily driven by the increasing demand for fuel-efficient vehicles, as electric power steering systems are more energy-efficient compared to traditional hydraulic systems. Additionally, the growing trend towards vehicle electrification and the integration of advanced driver assistance systems (ADAS) are boosting the adoption of electric power steering technology. The shift towards autonomous driving technologies and the focus on enhancing vehicle safety and performance are also key drivers of market growth. Furthermore, electric power steering systems offer improved handling, steering control, and overall driving experience, which is further fueling their demand in the automotive industry. The expansion of the electric vehicles market and the stringent regulations regarding vehicle emissions are expected to further propel the growth of the Global Electric Power Steering Market.
Government policies related to the Global Electric Power Steering Market primarily focus on promoting energy efficiency and reducing emissions. Many countries have implemented regulations mandating the use of electric power steering systems in vehicles to improve fuel efficiency and reduce reliance on traditional hydraulic systems. Additionally, there are stringent emission standards in place that encourage the adoption of electric power steering technology to help automakers meet these requirements. Governments also offer incentives and subsidies to manufacturers and consumers to promote the development and adoption of electric power steering systems, further driving market growth. Overall, these policies aim to enhance sustainability in the automotive industry by encouraging the transition to more environmentally friendly power steering solutions.
The Global Electric Power Steering Market is expected to witness significant growth in the coming years due to increasing demand for fuel-efficient vehicles and advancements in automotive technology. Factors such as improved driving experience, easier maneuverability, and reduced energy consumption are driving the adoption of electric power steering systems. Additionally, the rise in electric vehicles and autonomous driving technologies is further propelling the market growth. With a shift towards electric power steering systems from traditional hydraulic systems, the market is anticipated to expand rapidly. Furthermore, the integration of sensors and control units in electric power steering systems for enhanced safety and performance is expected to drive innovation and market growth in the foreseeable future.
In the Global Electric Power Steering Market, Asia is expected to witness significant growth due to the increasing automotive production and demand for fuel-efficient vehicles in countries like China, Japan, and India. North America is projected to dominate the market, driven by the presence of major automotive manufacturers and technological advancements in electric power steering systems. Europe is also a key market, with stringent regulations promoting the adoption of electric power steering for improved fuel efficiency. The Middle East and Africa region is witnessing a gradual shift towards electric power steering systems, especially in luxury vehicle segments. Latin America is expected to experience steady growth due to the rising demand for passenger cars and commercial vehicles equipped with electric power steering technology.
Global Electric Power Steering Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Electric Power Steering Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Electric Power Steering Market Revenues & Volume, 2021 & 2031F |
3.3 Global Electric Power Steering Market - Industry Life Cycle |
3.4 Global Electric Power Steering Market - Porter's Five Forces |
3.5 Global Electric Power Steering Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Electric Power Steering Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.7 Global Electric Power Steering Market Revenues & Volume Share, By Mechanism, 2021 & 2031F |
3.8 Global Electric Power Steering Market Revenues & Volume Share, By Off-Highway, 2021 & 2031F |
3.9 Global Electric Power Steering Market Revenues & Volume Share, By Components, 2021 & 2031F |
3.10 Global Electric Power Steering Market Revenues & Volume Share, By Electric Motor , 2021 & 2031F |
3.11 Global Electric Power Steering Market Revenues & Volume Share, By Application, 2021 & 2031F |
4 Global Electric Power Steering Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Electric Power Steering Market Trends |
6 Global Electric Power Steering Market, 2021 - 2031 |
6.1 Global Electric Power Steering Market, Revenues & Volume, By Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Electric Power Steering Market, Revenues & Volume, By CEPS, 2021 - 2031 |
6.1.3 Global Electric Power Steering Market, Revenues & Volume, By PEPS, 2021 - 2031 |
6.1.4 Global Electric Power Steering Market, Revenues & Volume, By REPS, 2021 - 2031 |
6.2 Global Electric Power Steering Market, Revenues & Volume, By Mechanism, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Electric Power Steering Market, Revenues & Volume, By Collapsible, 2021 - 2031 |
6.2.3 Global Electric Power Steering Market, Revenues & Volume, By Rigid, 2021 - 2031 |
6.3 Global Electric Power Steering Market, Revenues & Volume, By Off-Highway, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Electric Power Steering Market, Revenues & Volume, By Construction, 2021 - 2031 |
6.3.3 Global Electric Power Steering Market, Revenues & Volume, By Agricultural, 2021 - 2031 |
6.4 Global Electric Power Steering Market, Revenues & Volume, By Components, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Electric Power Steering Market, Revenues & Volume, By Steering column, 2021 - 2031 |
6.4.3 Global Electric Power Steering Market, Revenues & Volume, By Sensors, 2021 - 2031 |
6.4.4 Global Electric Power Steering Market, Revenues & Volume, By Steering gear, 2021 - 2031 |
6.4.5 Global Electric Power Steering Market, Revenues & Volume, By Mechanical rack and pinion, 2021 - 2031 |
6.4.6 Global Electric Power Steering Market, Revenues & Volume, By Electronic control unit, 2021 - 2031 |
6.4.7 Global Electric Power Steering Market, Revenues & Volume, By Electric motor, 2021 - 2031 |
6.4.8 Global Electric Power Steering Market, Revenues & Volume, By Bearing, 2021 - 2031 |
6.5 Global Electric Power Steering Market, Revenues & Volume, By Electric Motor , 2021 - 2031 |
6.5.1 Overview & Analysis |
6.5.2 Global Electric Power Steering Market, Revenues & Volume, By Brush motor, 2021 - 2031 |
6.5.3 Global Electric Power Steering Market, Revenues & Volume, By Brushless motor, 2021 - 2031 |
6.6 Global Electric Power Steering Market, Revenues & Volume, By Application, 2021 - 2031 |
6.6.1 Overview & Analysis |
6.6.2 Global Electric Power Steering Market, Revenues & Volume, By Passenger Cars (PC), 2021 - 2031 |
6.6.3 Global Electric Power Steering Market, Revenues & Volume, By Commercial Vehicles (CV), 2021 - 2031 |
7 North America Electric Power Steering Market, Overview & Analysis |
7.1 North America Electric Power Steering Market Revenues & Volume, 2021 - 2031 |
7.2 North America Electric Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Electric Power Steering Market, Revenues & Volume, By Type, 2021 - 2031 |
7.4 North America Electric Power Steering Market, Revenues & Volume, By Mechanism, 2021 - 2031 |
7.5 North America Electric Power Steering Market, Revenues & Volume, By Off-Highway, 2021 - 2031 |
7.6 North America Electric Power Steering Market, Revenues & Volume, By Components, 2021 - 2031 |
7.7 North America Electric Power Steering Market, Revenues & Volume, By Electric Motor , 2021 - 2031 |
7.8 North America Electric Power Steering Market, Revenues & Volume, By Application, 2021 - 2031 |
8 Latin America (LATAM) Electric Power Steering Market, Overview & Analysis |
8.1 Latin America (LATAM) Electric Power Steering Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Electric Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Electric Power Steering Market, Revenues & Volume, By Type, 2021 - 2031 |
8.4 Latin America (LATAM) Electric Power Steering Market, Revenues & Volume, By Mechanism, 2021 - 2031 |
8.5 Latin America (LATAM) Electric Power Steering Market, Revenues & Volume, By Off-Highway, 2021 - 2031 |
8.6 Latin America (LATAM) Electric Power Steering Market, Revenues & Volume, By Components, 2021 - 2031 |
8.7 Latin America (LATAM) Electric Power Steering Market, Revenues & Volume, By Electric Motor , 2021 - 2031 |
8.8 Latin America (LATAM) Electric Power Steering Market, Revenues & Volume, By Application, 2021 - 2031 |
9 Asia Electric Power Steering Market, Overview & Analysis |
9.1 Asia Electric Power Steering Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Electric Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Electric Power Steering Market, Revenues & Volume, By Type, 2021 - 2031 |
9.4 Asia Electric Power Steering Market, Revenues & Volume, By Mechanism, 2021 - 2031 |
9.5 Asia Electric Power Steering Market, Revenues & Volume, By Off-Highway, 2021 - 2031 |
9.6 Asia Electric Power Steering Market, Revenues & Volume, By Components, 2021 - 2031 |
9.7 Asia Electric Power Steering Market, Revenues & Volume, By Electric Motor , 2021 - 2031 |
9.8 Asia Electric Power Steering Market, Revenues & Volume, By Application, 2021 - 2031 |
10 Africa Electric Power Steering Market, Overview & Analysis |
10.1 Africa Electric Power Steering Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Electric Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Electric Power Steering Market, Revenues & Volume, By Type, 2021 - 2031 |
10.4 Africa Electric Power Steering Market, Revenues & Volume, By Mechanism, 2021 - 2031 |
10.5 Africa Electric Power Steering Market, Revenues & Volume, By Off-Highway, 2021 - 2031 |
10.6 Africa Electric Power Steering Market, Revenues & Volume, By Components, 2021 - 2031 |
10.7 Africa Electric Power Steering Market, Revenues & Volume, By Electric Motor , 2021 - 2031 |
10.8 Africa Electric Power Steering Market, Revenues & Volume, By Application, 2021 - 2031 |
11 Europe Electric Power Steering Market, Overview & Analysis |
11.1 Europe Electric Power Steering Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Electric Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Electric Power Steering Market, Revenues & Volume, By Type, 2021 - 2031 |
11.4 Europe Electric Power Steering Market, Revenues & Volume, By Mechanism, 2021 - 2031 |
11.5 Europe Electric Power Steering Market, Revenues & Volume, By Off-Highway, 2021 - 2031 |
11.6 Europe Electric Power Steering Market, Revenues & Volume, By Components, 2021 - 2031 |
11.7 Europe Electric Power Steering Market, Revenues & Volume, By Electric Motor , 2021 - 2031 |
11.8 Europe Electric Power Steering Market, Revenues & Volume, By Application, 2021 - 2031 |
12 Middle East Electric Power Steering Market, Overview & Analysis |
12.1 Middle East Electric Power Steering Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Electric Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Electric Power Steering Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Electric Power Steering Market, Revenues & Volume, By Type, 2021 - 2031 |
12.4 Middle East Electric Power Steering Market, Revenues & Volume, By Mechanism, 2021 - 2031 |
12.5 Middle East Electric Power Steering Market, Revenues & Volume, By Off-Highway, 2021 - 2031 |
12.6 Middle East Electric Power Steering Market, Revenues & Volume, By Components, 2021 - 2031 |
12.7 Middle East Electric Power Steering Market, Revenues & Volume, By Electric Motor , 2021 - 2031 |
12.8 Middle East Electric Power Steering Market, Revenues & Volume, By Application, 2021 - 2031 |
13 Global Electric Power Steering Market Key Performance Indicators |
14 Global Electric Power Steering Market - Export/Import By Countries Assessment |
15 Global Electric Power Steering Market - Opportunity Assessment |
15.1 Global Electric Power Steering Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Electric Power Steering Market Opportunity Assessment, By Type, 2021 & 2031F |
15.3 Global Electric Power Steering Market Opportunity Assessment, By Mechanism, 2021 & 2031F |
15.4 Global Electric Power Steering Market Opportunity Assessment, By Off-Highway, 2021 & 2031F |
15.5 Global Electric Power Steering Market Opportunity Assessment, By Components, 2021 & 2031F |
15.6 Global Electric Power Steering Market Opportunity Assessment, By Electric Motor , 2021 & 2031F |
15.7 Global Electric Power Steering Market Opportunity Assessment, By Application, 2021 & 2031F |
16 Global Electric Power Steering Market - Competitive Landscape |
16.1 Global Electric Power Steering Market Revenue Share, By Companies, 2024 |
16.2 Global Electric Power Steering Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |