Global Electric Power Steering
Market Report
2025
The global Electric Power Steering Market size is USD 30 billion in 2024. The Electric Power Steering Market will show the strongest growth with a compound annual growth rate (CAGR) of 6% from 2024 to 2031. This growth can be attributed to increasing dependence on automated technology.
The base year for the calculation is 2024. The historical will be 2021 to 2024. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Electric Power Steering Market size will be USD 30 billion in 2024 and will expand at a compound annual growth rate (CAGR) of 6% from 2024 to 2031.
2021 | 2025 | 2033 | CAGR | |
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Global Electric Power Steering Market Sales Revenue | $ 22395.2 Million | $ 28777.1 Million | $ 47515.2 Million | 6.469% |
North America Electric Power Steering Market Sales Revenue | $ 8890.88 Million | $ 11364.1 Million | $ 18117.5 Million | 6.004% |
United States Electric Power Steering Market Sales Revenue | $ 7207.84 Million | $ 8795.79 Million | $ 13809.2 Million | 5.8% |
Canada Electric Power Steering Market Sales Revenue | $ 930.875 Million | $ 1196.64 Million | $ 2130.62 Million | 7.478% |
Mexico Electric Power Steering Market Sales Revenue | $ 752.169 Million | $ 1371.64 Million | $ 2177.73 Million | 5.949% |
Europe Electric Power Steering Market Sales Revenue | $ 6472.2 Million | $ 8256.15 Million | $ 13271 Million | 6.112% |
United Kingdom Electric Power Steering Market Sales Revenue | $ 826.5 Million | $ 968.446 Million | $ 1482.37 Million | 5.465% |
Germany Electric Power Steering Market Sales Revenue | $ 1376.64 Million | $ 1752.78 Million | $ 2678.09 Million | 5.442% |
France Electric Power Steering Market Sales Revenue | $ 852.389 Million | $ 1090.64 Million | $ 1892.44 Million | 7.132% |
Italy Electric Power Steering Market Sales Revenue | $ 567.612 Million | $ 727.367 Million | $ 1308.52 Million | 7.616% |
Russia Electric Power Steering Market Sales Revenue | $ 412.279 Million | $ 492.892 Million | $ 686.11 Million | 4.221% |
Spain Electric Power Steering Market Sales Revenue | $ 432.99 Million | $ 523.44 Million | $ 885.175 Million | 6.787% |
Sweden Electric Power Steering Market Sales Revenue | $ 263.419 Million | $ 303.001 Million | $ 380.877 Million | 2.901% |
Denmark Electric Power Steering Market Sales Revenue | $ 228.469 Million | $ 247.684 Million | $ 309.214 Million | 2.812% |
Switzerland Electric Power Steering Market Sales Revenue | $ 209.052 Million | $ 233.649 Million | $ 269.401 Million | 1.796% |
Luxembourg Electric Power Steering Market Sales Revenue | $ 89.964 Million | $ 111.21 Million | $ 161.508 Million | 4.775% |
Rest of Europe Electric Power Steering Market Sales Revenue | $ 1212.89 Million | $ 1805.04 Million | $ 3217.29 Million | 7.492% |
Asia Pacific Electric Power Steering Market Sales Revenue | $ 4255.08 Million | $ 5528.08 Million | $ 10011.5 Million | 7.706% |
China Electric Power Steering Market Sales Revenue | $ 1306.31 Million | $ 1652.9 Million | $ 2983.41 Million | 7.661% |
Japan Electric Power Steering Market Sales Revenue | $ 689.323 Million | $ 851.324 Million | $ 1411.61 Million | 6.525% |
India Electric Power Steering Market Sales Revenue | $ 606.349 Million | $ 782.223 Million | $ 1506.72 Million | 8.54% |
South Korea Electric Power Steering Market Sales Revenue | $ 506.355 Million | $ 679.954 Million | $ 1281.47 Million | 8.244% |
Australia Electric Power Steering Market Sales Revenue | $ 210.627 Million | $ 234.943 Million | $ 315.361 Million | 3.748% |
Singapore Electric Power Steering Market Sales Revenue | $ 142.545 Million | $ 190.719 Million | $ 391.448 Million | 9.404% |
South East Asia Electric Power Steering Market Sales Revenue | $ 268.07 Million | $ 356.561 Million | $ 725.33 Million | 9.282% |
Taiwan Electric Power Steering Market Sales Revenue | $ 89.357 Million | $ 111.667 Million | $ 168.192 Million | 5.253% |
Rest of APAC Electric Power Steering Market Sales Revenue | $ 436.146 Million | $ 667.792 Million | $ 1227.9 Million | 7.911% |
South America Electric Power Steering Market Sales Revenue | $ 1545.27 Million | $ 2046.05 Million | $ 3630.16 Million | 7.43% |
Brazil Electric Power Steering Market Sales Revenue | $ 649.012 Million | $ 864.457 Million | $ 1495.63 Million | 7.093% |
Argentina Electric Power Steering Market Sales Revenue | $ 154.527 Million | $ 199.49 Million | $ 337.605 Million | 6.797% |
Colombia Electric Power Steering Market Sales Revenue | $ 135.52 Million | $ 184.554 Million | $ 323.81 Million | 7.281% |
Peru Electric Power Steering Market Sales Revenue | $ 62.274 Million | $ 72.226 Million | $ 85.49 Million | 2.13% |
Chile Electric Power Steering Market Sales Revenue | $ 48.521 Million | $ 55.039 Million | $ 92.206 Million | 6.662% |
Rest of South America Electric Power Steering Market Sales Revenue | $ 495.412 Million | $ 670.287 Million | $ 1295.42 Million | 8.585% |
Middle East Electric Power Steering Market Sales Revenue | $ 806.226 Million | $ 975.544 Million | $ 1453.96 Million | 5.115% |
Saudi Arabia Electric Power Steering Market Sales Revenue | $ 281.857 Million | $ 345.44 Million | $ 525.754 Million | 5.39% |
Turkey Electric Power Steering Market Sales Revenue | $ 95.699 Million | $ 109.066 Million | $ 151.649 Million | 4.206% |
UAE Electric Power Steering Market Sales Revenue | $ 75.705 Million | $ 110.627 Million | $ 162.262 Million | 4.905% |
Egypt Electric Power Steering Market Sales Revenue | $ 88.201 Million | $ 109.163 Million | $ 128.53 Million | 2.062% |
Qatar Electric Power Steering Market Sales Revenue | $ 64.901 Million | $ 77.361 Million | $ 110.938 Million | 4.609% |
Rest of Middle East Electric Power Steering Market Sales Revenue | $ 199.863 Million | $ 223.887 Million | $ 374.832 Million | 6.654% |
Africa Electric Power Steering Market Sales Revenue | $ 425.508 Million | $ 607.197 Million | $ 1031.08 Million | 6.843% |
Nigeria Electric Power Steering Market Sales Revenue | $ 43.359 Million | $ 63.877 Million | $ 115.378 Million | 7.671% |
South Africa Electric Power Steering Market Sales Revenue | $ 182.075 Million | $ 255.387 Million | $ 416.453 Million | 6.303% |
Rest of Africa Electric Power Steering Market Sales Revenue | $ 200.074 Million | $ 287.933 Million | $ 499.249 Million | 7.122% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
Market Split by Components |
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Market Split by Electric Motor |
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Market Split by Application |
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Market Split by Off-Highway Application |
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Market Split by Electric Vehicle |
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Market Split by EV Gear Type |
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Market Split by Type |
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Market Split by Mechanism |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Report scope is customizable as we have a huge database of Electric Power Steering industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Electric Power Steering Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The Electric Power Steering (EPS) market encompasses the design, manufacturing, and sales of steering systems that utilize electric motors rather than hydraulic systems. EPS systems improve fuel efficiency by reducing engine load, enhancing safety with precise control, and offering flexible design integration for various vehicles, including passenger cars, commercial vehicles, and electric vehicles. Key components include sensors, electric motors, electronic control units, and steering gear. The market is driven by the automotive industry's push towards fuel efficiency, reduced emissions, and advanced driver-assistance systems (ADAS). It benefits from rising vehicle production, stringent environmental regulations, and consumer demand for better driving experience.
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In October 2020, BorgWarner acquired Delphi Technologies in a USD 3.3 billion stock deal. The deal is expected to strengthen BorgWarner's electronics and power electronics product portfolio, capabilities, and scale, creating a leader in electrified propulsion. (Source: https://www.borgwarner.com/newsroom/press-releases/2020/10/02/borgwarner-completes-acquisition-of-delphi-technologies)
Top Companies Market Share in Electric Power Steering Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerged as the dominant region in the Electric Power Steering Market due to increasingly adopting EPS due to its benefits such as improved fuel economy, reduced maintenance costs, and enhanced vehicle handling. The United States and Canada lead the market due to their strong automotive manufacturing base and consumer preference for technologically advanced vehicles. Moreover, the shift towards electric and hybrid vehicles further accelerates EPS adoption, as these vehicles require efficient and responsive steering systems. Key players in the North American EPS market include automotive OEMs and EPS component suppliers, focusing on innovation and technological advancements to meet the growing demand for environmentally friendly and energy-efficient vehicles.
Asia-Pacific stands out as the fastest-growing region in the Electric Power Steering Market due to the Rising automotive production, particularly in countries like China, Japan, South Korea, and India, which is a major contributor. These nations are witnessing a surge in demand for vehicles equipped with advanced safety and comfort features, including EPS systems known for their efficiency and improved handling. Additionally, stringent government regulations aimed at reducing vehicle emissions and enhancing fuel efficiency are pushing automakers towards adopting EPS technology. Moreover, increasing consumer preference for vehicles offering smoother steering control and reduced maintenance costs further boosts market expansion.
The current report Scope analyzes Electric Power Steering Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Electric Power Steering Market Report 2025 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Electric Power Steering Industry growth. Electric Power Steering market has been segmented with the help of its Components, Electric Motor Application, and others. Electric Power Steering market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to cognitive market research, Process automation is the dominant category. Steering columns encompass various technological advancements and design considerations. EPS systems integrate electronic control units and sensors into the steering column to provide precise steering assistance. Key trends include the shift towards steer-by-wire systems, which eliminate the mechanical link between the steering wheel and wheels, enhancing flexibility in vehicle design and improving fuel efficiency. Additionally, developments in sensor technology ensure accurate feedback and safety features such as lane-keeping assistance and automated parking. Manufacturers are also prioritizing lightweight materials and compact designs to meet stringent vehicle weight reduction goals while maintaining robust performance.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electric Power Steering Industry. Request a Free Sample PDF!
This report provides a comprehensive forecast of revenue growth for the Electric Power Steering industry at the global, regional, and country levels, from 2019 to 2031. It includes a detailed analysis of the latest industry trends and identifies key opportunities for each Electric Motor segment of machinery and equipment. The analysis covers demand across various end-use industries, such as automotive, HVAC, construction, energy, and others. By examining these application segments, the report helps stakeholders understand the factors driving growth in specific sectors and identify high-potential areas for investment and innovation. To perform a thorough Electric Motor segment analysis, the report considers several key factors. These include industry-specific demand patterns, technological advancements in machinery, and regional growth trends that influence specific applications. Additional factors such as regulatory requirements, supply chain dynamics, end-user preferences, and market competition are also examined to assess how they impact the adoption and performance of machinery in different sectors. The analysis further includes confidential insights like value chain evaluation, patent trends, and company performance metrics (through a Company Evaluation Quadrant), providing a complete view of each application’s evolution within the machinery and equipment market. (Report will provide you with customized data, and detailed insight on purchase of paid version of the report)
Some of the key Electric Motor of Electric Power Steering are:
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Research Associate at Cognitive Market Research
I am Aarti Bagekari, worked as a research associate with strong passion for transforming complex information into strategic insights. My strong analytical skills, coupled with a deep understanding of market dynamics and consumer behavior, empower me to identify hidden opportunities and proactively mitigate risks for clients. As a part of team, I possess a skills in data analysis, segmentation, competitive landscape.
I am Aarti Bagekari, worked as a research associate with strong passion for transforming complex information into strategic insights. My strong analytical skills, coupled with a deep understanding of market dynamics and consumer behavior, empower me to identify hidden opportunities and proactively mitigate risks for clients. As a part of team, I possess a skills in data analysis, segmentation, competitive landscape.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Electric Power Steering Market is witnessing significant growth in the near future.
In 2023, the Steering column segment accounted for noticeable share of global Electric Power Steering Market and is projected to experience significant growth in the near future.
The Brush motor segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies JTEKT corporation (Japan) , ZF Friedrichshafen AG (Germany) and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Components | Steering column, Sensors, Steering gear, Mechanical rack and pinion, Electronic control unit, Electric motor, Bearing |
Electric Motor | Brush motor, Brushless motor |
Application | Passenger Cars (PC), Commercial Vehicles (CV) |
Off-Highway Application | Construction Equipment, Agricultural equipment |
Electric Vehicle | BEV, PHEV, FCEV |
EV Gear Type | Worm Gear, Ball Screw |
Type | Rack assist type (REPS), Colum assist type (CEPS), Pinion assist type (PEPS) |
Mechanism | Rigid, Collapsible |
List of Competitors | JTEKT corporation (Japan), Nexteer (US), ZF Friedrichshafen AG (Germany), Robert Bosch (Germany), Others |
This chapter will help you gain GLOBAL Market Analysis of Electric Power Steering. Further deep in this chapter, you will be able to review Global Electric Power Steering Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Electric Power Steering. Further deep in this chapter, you will be able to review North America Electric Power Steering Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Electric Power Steering. Further deep in this chapter, you will be able to review Europe Electric Power Steering Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Electric Power Steering. Further deep in this chapter, you will be able to review Asia Pacific Electric Power Steering Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Electric Power Steering. Further deep in this chapter, you will be able to review South America Electric Power Steering Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East Market Analysis of Electric Power Steering. Further deep in this chapter, you will be able to review Middle East Electric Power Steering Market Split by various segments and Country Split.
Chapter 6 Middle East Market Analysis
This chapter will help you gain Middle East Market Analysis of Electric Power Steering. Further deep in this chapter, you will be able to review Middle East Electric Power Steering Market Split by various segments and Country Split.
Chapter 7 Africa Market Analysis
This chapter provides an in-depth analysis of the market share among key competitors of Electric Power Steering. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Components Analysis 2019 -2031, will provide market size split by Components. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Components Analysis 2021 - 2033
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Chapter 11 Market Split by Electric Motor Analysis 2021 - 2033
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Chapter 12 Market Split by Application Analysis 2021 - 2033
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Chapter 13 Market Split by Off-Highway Application Analysis 2021 - 2033
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Chapter 14 Market Split by Electric Vehicle Analysis 2021 - 2033
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Chapter 15 Market Split by EV Gear Type Analysis 2021 - 2033
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Chapter 16 Market Split by Type Analysis 2021 - 2033
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Chapter 17 Market Split by Mechanism Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Electric Power Steering market
Chapter 18 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Chapter 19 Research Methodology and Sources
Why Steering column have a significant impact on Electric Power Steering market? |
What are the key factors affecting the Steering column and Sensors of Electric Power Steering Market? |
What is the CAGR/Growth Rate of Brush motor during the forecast period? |
By type, which segment accounted for largest share of the global Electric Power Steering Market? |
Which region is expected to dominate the global Electric Power Steering Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Additional Data Analysis |
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Additional Qualitative Data |
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