Product Code: ETC13290076 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Ravi Bhandari | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Automotive Electric Power Steering Systems Market was valued at USD 15.5 Billion in 2024 and is expected to reach USD 25.9 Billion by 2031, growing at a compound annual growth rate of 7.20% during the forecast period (2025-2031).
The Global Automotive Electric Power Steering Systems Market is witnessing significant growth driven by the increasing demand for fuel-efficient vehicles and advanced driver assistance systems. The market is characterized by the rising adoption of electric power steering systems due to their benefits such as improved fuel efficiency, enhanced vehicle handling, and reduced maintenance costs. Technological advancements, such as the integration of sensors and electronic control units, are further propelling market growth. Additionally, stringent regulations regarding vehicle emissions and safety standards are driving automakers to incorporate electric power steering systems in their vehicles. Key players in the market are focusing on research and development activities to introduce innovative products and gain a competitive edge. The Asia-Pacific region is expected to witness substantial growth in the market due to the increasing automotive production and rising disposable income levels.
The Global Automotive Electric Power Steering Systems Market is experiencing significant growth due to the rising demand for fuel-efficient vehicles and the increasing focus on driver assistance systems. The shift towards electric power steering systems from traditional hydraulic systems is a major trend driving market growth, as electric systems offer better fuel efficiency, enhanced vehicle performance, and easier integration with advanced driver assistance features. Additionally, the growing popularity of autonomous vehicles and the increasing adoption of electric vehicles present lucrative opportunities for market expansion. Key players in the market are focusing on technological advancements such as steer-by-wire systems and torque sensors to cater to the evolving automotive industry requirements, further driving the market growth.
The Global Automotive Electric Power Steering Systems Market faces several challenges, including the high initial investment required for the development and implementation of electric power steering systems, which may deter some automotive manufacturers from adopting this technology. Additionally, concerns related to cybersecurity and potential vulnerabilities in electronic systems pose a challenge for the widespread adoption of electric power steering systems. There is also the issue of consumer acceptance and awareness, as some drivers may have reservations about transitioning from traditional hydraulic power steering to electric systems. Moreover, the complexity of electric power steering systems and the need for skilled technicians to install and maintain them can be a barrier for smaller automotive companies. Overall, addressing these challenges will be crucial for the continued growth and evolution of the Global Automotive Electric Power Steering Systems Market.
The Global Automotive Electric Power Steering Systems Market is primarily driven by the increasing demand for fuel-efficient vehicles due to stringent emissions regulations and the growing trend towards electric vehicles. Electric power steering systems offer better fuel efficiency compared to traditional hydraulic systems, driving their adoption in the automotive industry. Additionally, the rising focus on vehicle safety and driver assistance systems is boosting the demand for advanced electric power steering technology that enhances steering control and stability. The integration of advanced technologies such as steer-by-wire systems and autonomous driving features is also propelling the market growth as automakers strive to offer innovative and efficient steering solutions to meet consumer preferences for enhanced driving experiences and safety.
Government policies related to the Global Automotive Electric Power Steering Systems Market primarily focus on promoting vehicle safety, fuel efficiency, and environmental sustainability. Many governments worldwide are implementing regulations that require the integration of advanced safety features, including electronic stability control (ESC) and lane-keeping assist systems, which are often included in electric power steering systems. Additionally, regulations aimed at reducing vehicle emissions and improving fuel efficiency are driving the adoption of electric power steering systems over traditional hydraulic systems due to their energy-efficient operation. Governments are also providing incentives and subsidies to manufacturers and consumers to encourage the adoption of electric vehicles, which further supports the growth of the automotive electric power steering systems market.
The Global Automotive Electric Power Steering Systems Market is expected to experience significant growth in the coming years due to the increasing demand for fuel-efficient vehicles, advancements in electric vehicle technology, and the growing trend towards autonomous driving. The shift towards electric power steering systems, which offer improved fuel efficiency, enhanced driving experience, and easier integration with emerging technologies, is anticipated to drive market growth. Additionally, stringent regulations aimed at reducing vehicle emissions and improving safety standards are likely to further propel the adoption of electric power steering systems across the automotive industry. With key players investing in research and development to innovate and enhance these systems, the market is poised for steady expansion and technological advancements in the foreseeable future.
In the Global Automotive Electric Power Steering Systems Market, Asia is a dominant region with a strong presence of key automotive manufacturers and a growing demand for fuel-efficient vehicles. North America boasts a mature automotive industry, with a focus on technological advancements in electric power steering systems. Europe is known for its stringent regulations on vehicle emissions, driving the adoption of electric power steering systems for improved efficiency. The Middle East and Africa region is witnessing a gradual shift towards electric vehicles, leading to increased interest in electric power steering systems. Latin America is experiencing a rise in disposable income and urbanization, driving the demand for automobiles equipped with advanced steering technology. Overall, the market is dynamic and evolving differently in each region based on local factors and market conditions.
Global Automotive Electric Power Steering Systems 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 Automotive Electric Power Steering Systems Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Automotive Electric Power Steering Systems Market Revenues & Volume, 2021 & 2031F |
3.3 Global Automotive Electric Power Steering Systems Market - Industry Life Cycle |
3.4 Global Automotive Electric Power Steering Systems Market - Porter's Five Forces |
3.5 Global Automotive Electric Power Steering Systems Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Automotive Electric Power Steering Systems Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.7 Global Automotive Electric Power Steering Systems Market Revenues & Volume Share, By Component, 2021 & 2031F |
3.8 Global Automotive Electric Power Steering Systems Market Revenues & Volume Share, By Vehicle Type, 2021 & 2031F |
4 Global Automotive Electric Power Steering Systems Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Automotive Electric Power Steering Systems Market Trends |
6 Global Automotive Electric Power Steering Systems Market, 2021 - 2031 |
6.1 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Column EPS (C-EPS), 2021 - 2031 |
6.1.3 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Pinion EPS (P-EPS), 2021 - 2031 |
6.1.4 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Rack EPS (R-EPS), 2021 - 2031 |
6.1.5 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Integrated EPS, 2021 - 2031 |
6.2 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Component, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Steering Column, 2021 - 2031 |
6.2.3 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Electronic Control Unit, 2021 - 2031 |
6.2.4 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Electric Motor, 2021 - 2031 |
6.2.5 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Sensors, 2021 - 2031 |
6.3 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Passenger Cars, 2021 - 2031 |
6.3.3 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Commercial Vehicles, 2021 - 2031 |
6.3.4 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Electric Vehicles, 2021 - 2031 |
6.3.5 Global Automotive Electric Power Steering Systems Market, Revenues & Volume, By Luxury Vehicles, 2021 - 2031 |
7 North America Automotive Electric Power Steering Systems Market, Overview & Analysis |
7.1 North America Automotive Electric Power Steering Systems Market Revenues & Volume, 2021 - 2031 |
7.2 North America Automotive Electric Power Steering Systems Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Automotive Electric Power Steering Systems Market, Revenues & Volume, By Type, 2021 - 2031 |
7.4 North America Automotive Electric Power Steering Systems Market, Revenues & Volume, By Component, 2021 - 2031 |
7.5 North America Automotive Electric Power Steering Systems Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
8 Latin America (LATAM) Automotive Electric Power Steering Systems Market, Overview & Analysis |
8.1 Latin America (LATAM) Automotive Electric Power Steering Systems Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Automotive Electric Power Steering Systems Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Automotive Electric Power Steering Systems Market, Revenues & Volume, By Type, 2021 - 2031 |
8.4 Latin America (LATAM) Automotive Electric Power Steering Systems Market, Revenues & Volume, By Component, 2021 - 2031 |
8.5 Latin America (LATAM) Automotive Electric Power Steering Systems Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
9 Asia Automotive Electric Power Steering Systems Market, Overview & Analysis |
9.1 Asia Automotive Electric Power Steering Systems Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Automotive Electric Power Steering Systems Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Automotive Electric Power Steering Systems Market, Revenues & Volume, By Type, 2021 - 2031 |
9.4 Asia Automotive Electric Power Steering Systems Market, Revenues & Volume, By Component, 2021 - 2031 |
9.5 Asia Automotive Electric Power Steering Systems Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
10 Africa Automotive Electric Power Steering Systems Market, Overview & Analysis |
10.1 Africa Automotive Electric Power Steering Systems Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Automotive Electric Power Steering Systems Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Automotive Electric Power Steering Systems Market, Revenues & Volume, By Type, 2021 - 2031 |
10.4 Africa Automotive Electric Power Steering Systems Market, Revenues & Volume, By Component, 2021 - 2031 |
10.5 Africa Automotive Electric Power Steering Systems Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
11 Europe Automotive Electric Power Steering Systems Market, Overview & Analysis |
11.1 Europe Automotive Electric Power Steering Systems Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Automotive Electric Power Steering Systems Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Automotive Electric Power Steering Systems Market, Revenues & Volume, By Type, 2021 - 2031 |
11.4 Europe Automotive Electric Power Steering Systems Market, Revenues & Volume, By Component, 2021 - 2031 |
11.5 Europe Automotive Electric Power Steering Systems Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
12 Middle East Automotive Electric Power Steering Systems Market, Overview & Analysis |
12.1 Middle East Automotive Electric Power Steering Systems Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Automotive Electric Power Steering Systems Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Automotive Electric Power Steering Systems Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Automotive Electric Power Steering Systems Market, Revenues & Volume, By Type, 2021 - 2031 |
12.4 Middle East Automotive Electric Power Steering Systems Market, Revenues & Volume, By Component, 2021 - 2031 |
12.5 Middle East Automotive Electric Power Steering Systems Market, Revenues & Volume, By Vehicle Type, 2021 - 2031 |
13 Global Automotive Electric Power Steering Systems Market Key Performance Indicators |
14 Global Automotive Electric Power Steering Systems Market - Export/Import By Countries Assessment |
15 Global Automotive Electric Power Steering Systems Market - Opportunity Assessment |
15.1 Global Automotive Electric Power Steering Systems Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Automotive Electric Power Steering Systems Market Opportunity Assessment, By Type, 2021 & 2031F |
15.3 Global Automotive Electric Power Steering Systems Market Opportunity Assessment, By Component, 2021 & 2031F |
15.4 Global Automotive Electric Power Steering Systems Market Opportunity Assessment, By Vehicle Type, 2021 & 2031F |
16 Global Automotive Electric Power Steering Systems Market - Competitive Landscape |
16.1 Global Automotive Electric Power Steering Systems Market Revenue Share, By Companies, 2024 |
16.2 Global Automotive Electric Power Steering Systems Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |