Product Code: ETC13309521 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Bhawna Singh | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Electronic Power Steering Market was valued at USD 24.3 Billion in 2024 and is expected to reach USD 41.7 Billion by 2031, growing at a compound annual growth rate of 6.57% during the forecast period (2025-2031).
The Global Electronic Power Steering Market is experiencing significant growth driven by the increasing demand for fuel-efficient vehicles and the rising trend towards electric vehicles. Electronic power steering systems offer better fuel efficiency, improved vehicle performance, and enhanced driver comfort compared to traditional hydraulic power steering systems. The market is also benefiting from technological advancements such as the integration of sensors and control units for more precise steering control. Additionally, stringent regulations regarding vehicle emissions and safety standards are encouraging automotive manufacturers to adopt electronic power steering systems. Key players in the market include Bosch, JTEKT Corporation, ZF Friedrichshafen AG, NSK Ltd., and Nexteer Automotive, who are constantly innovating to offer advanced electronic power steering solutions to meet the evolving demands of the automotive industry.
The Global Electronic Power Steering Market is experiencing significant growth driven by the increasing demand for fuel-efficient vehicles, advancements in technology, and the shift towards electric vehicles. Key trends include the integration of advanced driver assistance systems (ADAS) with electronic power steering for enhanced safety features, the development of steer-by-wire technology for autonomous vehicles, and the rising adoption of electric power steering systems over hydraulic systems due to their efficiency and eco-friendliness. Opportunities in the market lie in the growing automotive industry, particularly in emerging economies, the increasing focus on vehicle electrification, and the potential for innovative solutions such as torque overlay systems and haptic feedback steering. Overall, the market is poised for continued expansion and innovation in the coming years.
The Global Electronic Power Steering Market faces several challenges, including the high initial investment required for implementing electronic power steering systems, which can deter manufacturers from adopting the technology. Additionally, the complexity of electronic power steering systems compared to traditional hydraulic systems can lead to higher maintenance and repair costs. Another challenge is the potential for cybersecurity threats as electronic power steering systems become more integrated with other vehicle systems and connected to external networks. Moreover, the need for skilled technicians to diagnose and repair electronic power steering systems poses a challenge in terms of training and workforce development. Overall, addressing these challenges will be crucial for the continued growth and advancement of the Global Electronic Power Steering Market.
The Global Electronic Power Steering Market is primarily driven by the increasing demand for fuel-efficient vehicles due to stringent government regulations on emissions and fuel economy. Electronic power steering systems offer improved fuel efficiency compared to traditional hydraulic systems, leading to their widespread adoption by automakers. Additionally, the growing trend towards advanced driver assistance systems (ADAS) and autonomous vehicles is fueling the demand for electronic power steering technology, as it integrates seamlessly with these advanced technologies. Furthermore, the benefits of electronic power steering such as enhanced vehicle control, better responsiveness, and reduced maintenance requirements are also contributing to the market growth. Overall, the shift towards electronic power steering systems is driven by the need for more efficient, advanced, and reliable steering solutions in the automotive industry.
Government policies related to the Global Electronic Power Steering Market focus on promoting the adoption of energy-efficient and environmentally friendly technologies to reduce carbon emissions and improve fuel efficiency in vehicles. Many countries have implemented regulations and standards that mandate the use of electronic power steering systems to replace traditional hydraulic systems, leading to increased demand for electronic power steering components and systems. Additionally, government incentives and subsidies are provided to encourage automakers to incorporate advanced electronic power steering technologies in their vehicles, driving the growth of the market. Overall, government policies play a crucial role in shaping the development and expansion of the Global Electronic Power Steering Market towards more sustainable and efficient solutions.
The Global Electronic Power Steering Market is expected to witness significant growth in the coming years due to the increasing demand for advanced safety features and improved driving experience in vehicles. The market is anticipated to be driven by factors such as the rising adoption of electric vehicles, stringent government regulations related to vehicle safety and emissions, and the growing trend of autonomous driving technology. Additionally, advancements in electronic power steering systems, including the integration of sensors and control modules for better performance and efficiency, are expected to further propel market growth. Key players in the industry are likely to focus on innovation and strategic partnerships to stay competitive in the evolving market landscape.
The global electronic power steering market is witnessing significant growth across regions. In Asia, particularly in countries like China and Japan, the market is driven by the growing automotive industry and increasing demand for fuel-efficient vehicles. North America is experiencing a surge in the adoption of electronic power steering systems due to the stringent regulations aimed at reducing emissions. Europe is a key market for electronic power steering technology, with countries like Germany leading the way in innovation and implementation. In the Middle East and Africa region, the market is poised for growth as the automotive sector continues to expand. Latin America is also showing promising growth opportunities, driven by the increasing sales of passenger and commercial vehicles equipped with electronic power steering systems.
Global Electronic 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 Electronic Power Steering Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Electronic Power Steering Market Revenues & Volume, 2021 & 2031F |
3.3 Global Electronic Power Steering Market - Industry Life Cycle |
3.4 Global Electronic Power Steering Market - Porter's Five Forces |
3.5 Global Electronic Power Steering Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Electronic Power Steering Market Revenues & Volume Share, By Payment method, 2021 & 2031F |
3.7 Global Electronic Power Steering Market Revenues & Volume Share, By Deployment Mode, 2021 & 2031F |
3.8 Global Electronic Power Steering Market Revenues & Volume Share, By Industry Verticals, 2021 & 2031F |
4 Global Electronic Power Steering Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Electronic Power Steering Market Trends |
6 Global Electronic Power Steering Market, 2021 - 2031 |
6.1 Global Electronic Power Steering Market, Revenues & Volume, By Payment method, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Electronic Power Steering Market, Revenues & Volume, By Debit Card, 2021 - 2031 |
6.1.3 Global Electronic Power Steering Market, Revenues & Volume, By Credit Card, 2021 - 2031 |
6.1.4 Global Electronic Power Steering Market, Revenues & Volume, By E-Wallet, 2021 - 2031 |
6.1.5 Global Electronic Power Steering Market, Revenues & Volume, By ACH, 2021 - 2031 |
6.1.6 Global Electronic Power Steering Market, Revenues & Volume, By Others, 2021 - 2031 |
6.2 Global Electronic Power Steering Market, Revenues & Volume, By Deployment Mode, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Electronic Power Steering Market, Revenues & Volume, By On-Premise, 2021 - 2031 |
6.2.3 Global Electronic Power Steering Market, Revenues & Volume, By Cloud, 2021 - 2031 |
6.3 Global Electronic Power Steering Market, Revenues & Volume, By Industry Verticals, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Electronic Power Steering Market, Revenues & Volume, By BFSI, 2021 - 2031 |
6.3.3 Global Electronic Power Steering Market, Revenues & Volume, By Retail & E-Commerce, 2021 - 2031 |
6.3.4 Global Electronic Power Steering Market, Revenues & Volume, By Healthcare, 2021 - 2031 |
6.3.5 Global Electronic Power Steering Market, Revenues & Volume, By Travel & Hospitality, 2021 - 2031 |
6.3.6 Global Electronic Power Steering Market, Revenues & Volume, By Transportation & Logistics, 2021 - 2031 |
6.3.7 Global Electronic Power Steering Market, Revenues & Volume, By Media & Entertainment, 2021 - 2031 |
6.3.8 Global Electronic Power Steering Market, Revenues & Volume, By Others, 2021 - 2031 |
7 North America Electronic Power Steering Market, Overview & Analysis |
7.1 North America Electronic Power Steering Market Revenues & Volume, 2021 - 2031 |
7.2 North America Electronic Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Electronic Power Steering Market, Revenues & Volume, By Payment method, 2021 - 2031 |
7.4 North America Electronic Power Steering Market, Revenues & Volume, By Deployment Mode, 2021 - 2031 |
7.5 North America Electronic Power Steering Market, Revenues & Volume, By Industry Verticals, 2021 - 2031 |
8 Latin America (LATAM) Electronic Power Steering Market, Overview & Analysis |
8.1 Latin America (LATAM) Electronic Power Steering Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Electronic Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Electronic Power Steering Market, Revenues & Volume, By Payment method, 2021 - 2031 |
8.4 Latin America (LATAM) Electronic Power Steering Market, Revenues & Volume, By Deployment Mode, 2021 - 2031 |
8.5 Latin America (LATAM) Electronic Power Steering Market, Revenues & Volume, By Industry Verticals, 2021 - 2031 |
9 Asia Electronic Power Steering Market, Overview & Analysis |
9.1 Asia Electronic Power Steering Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Electronic Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Electronic Power Steering Market, Revenues & Volume, By Payment method, 2021 - 2031 |
9.4 Asia Electronic Power Steering Market, Revenues & Volume, By Deployment Mode, 2021 - 2031 |
9.5 Asia Electronic Power Steering Market, Revenues & Volume, By Industry Verticals, 2021 - 2031 |
10 Africa Electronic Power Steering Market, Overview & Analysis |
10.1 Africa Electronic Power Steering Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Electronic Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Electronic Power Steering Market, Revenues & Volume, By Payment method, 2021 - 2031 |
10.4 Africa Electronic Power Steering Market, Revenues & Volume, By Deployment Mode, 2021 - 2031 |
10.5 Africa Electronic Power Steering Market, Revenues & Volume, By Industry Verticals, 2021 - 2031 |
11 Europe Electronic Power Steering Market, Overview & Analysis |
11.1 Europe Electronic Power Steering Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Electronic Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Electronic Power Steering Market, Revenues & Volume, By Payment method, 2021 - 2031 |
11.4 Europe Electronic Power Steering Market, Revenues & Volume, By Deployment Mode, 2021 - 2031 |
11.5 Europe Electronic Power Steering Market, Revenues & Volume, By Industry Verticals, 2021 - 2031 |
12 Middle East Electronic Power Steering Market, Overview & Analysis |
12.1 Middle East Electronic Power Steering Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Electronic Power Steering Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Electronic Power Steering Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Electronic Power Steering Market, Revenues & Volume, By Payment method, 2021 - 2031 |
12.4 Middle East Electronic Power Steering Market, Revenues & Volume, By Deployment Mode, 2021 - 2031 |
12.5 Middle East Electronic Power Steering Market, Revenues & Volume, By Industry Verticals, 2021 - 2031 |
13 Global Electronic Power Steering Market Key Performance Indicators |
14 Global Electronic Power Steering Market - Export/Import By Countries Assessment |
15 Global Electronic Power Steering Market - Opportunity Assessment |
15.1 Global Electronic Power Steering Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Electronic Power Steering Market Opportunity Assessment, By Payment method, 2021 & 2031F |
15.3 Global Electronic Power Steering Market Opportunity Assessment, By Deployment Mode, 2021 & 2031F |
15.4 Global Electronic Power Steering Market Opportunity Assessment, By Industry Verticals, 2021 & 2031F |
16 Global Electronic Power Steering Market - Competitive Landscape |
16.1 Global Electronic Power Steering Market Revenue Share, By Companies, 2024 |
16.2 Global Electronic Power Steering Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |