Automotive Electric Power Steering Market to Grow with a CAGR of 6.21% Globally Through to 2029

The increasing demand for fuel-efficient vehicles and the growing trend toward advanced driver assistance systems (ADAS), including electronic steering solutions, enhancing vehicle safety and driving experience are the factors driving the market in the forecast period 2025-2029

According to TechSci Research report, “Automotive Electric Power Steering Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Automotive Electric Power Steering Market stood at USD 22.75 Billion in 2023 and is anticipated to grow with a CAGR of 6.21% in the forecast period, 2025-2029. The global automotive electric power steering market is poised for significant growth, driven by several key factors shaping the automotive industry landscape. One of the primary growth drivers is the relentless pursuit of vehicle electrification and efficiency improvements. Electric power steering systems offer superior energy efficiency compared to traditional hydraulic systems, aligning with the industry's push towards greener and more sustainable transportation solutions. As automakers strive to meet stringent emission regulations and address consumer demand for fuel-efficient vehicles, the adoption of electric power steering systems is expected to accelerate.

Moreover, the ongoing trend towards advanced driver assistance systems (ADAS) and autonomous driving technologies presents ample opportunities for the expansion of the automotive electric power steering market. Electric power steering systems play a crucial role in enabling various ADAS functionalities such as lane-keeping assist, adaptive cruise control, and automated parking. These systems provide precise steering control and feedback necessary for the seamless integration of advanced safety and convenience features. As the automotive industry inches closer to widespread adoption of autonomous vehicles, the demand for electric power steering systems equipped with enhanced sensor fusion and control algorithms is likely to surge.

However, amidst the promising growth prospects, the automotive electric power steering market also faces several challenges and constraints. One such challenge is the complexity of integrating electric power steering systems into existing vehicle architectures, especially in the case of retrofitting older vehicles or transitioning from hydraulic systems. Automakers must invest in research and development to overcome integration challenges and ensure seamless compatibility with diverse vehicle platforms. Additionally, concerns regarding the reliability and durability of electric power steering systems, particularly in harsh operating environments and extreme weather conditions, pose technical hurdles that need to be addressed through robust engineering and testing processes.

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Steering rack/column forms a fundamental part of electric power steering systems, facilitating the transmission of steering input from the driver to the wheels. Sensors play a crucial role in detecting the position and movement of the steering wheel, enabling the system to provide appropriate assistance to the driver. Steering motors are essential components responsible for generating the necessary torque to assist steering maneuvers, contributing to smoother and more responsive vehicle handling.

The steering rack/column segment comprises a significant portion of the automotive electric power steering market, as it represents the core mechanism through which steering input is translated into wheel movement. Sensors, another integral component, serve as the sensory interface between the driver and the electric power steering system, ensuring accurate detection and interpretation of steering commands. Additionally, sensors play a vital role in enhancing safety features such as lane-keeping assist and autonomous driving functionalities.

Steering motors form a critical component of electric power steering systems, providing the necessary assistive torque to facilitate steering maneuvers. These motors are designed to deliver precise and variable levels of assistance based on driving conditions, vehicle speed, and driver input. Moreover, advancements in motor technology, including the adoption of brushless designs and integrated control systems, have led to improvements in efficiency, reliability, and overall performance of electric power steering systems.

Other components in the automotive electric power steering market encompass a diverse range of auxiliary elements that contribute to the overall functionality and performance of the system. These may include electronic control units (ECUs), power supply modules, wiring harnesses, and hydraulic actuators, among others. While steering rack/columns, sensors, and steering motors form the primary components of electric power steering systems, the role of other components should not be overlooked, as they play a crucial role in ensuring the seamless operation and integration of the system within the vehicle architecture.

In North America, stringent emission regulations and a mature automotive industry drive the adoption of advanced steering technologies. This region showcases a strong emphasis on innovation and sustainability, fostering the demand for electric power steering systems that offer superior energy efficiency and integration with advanced driver assistance systems (ADAS). Europe & CIS, on the other hand, benefit from a robust manufacturing base and regulatory framework promoting vehicle electrification and emission reduction. The region's focus on sustainability and environmental consciousness further fuels the adoption of electric power steering systems, aligning with Europe's vision for safer and greener mobility solutions. In the Asia Pacific, rapid urbanization, increasing disposable income, and a burgeoning automotive sector contribute to significant market growth. Here, consumers seek fuel-efficient vehicles equipped with advanced features, driving demand for electric power steering systems integrated with ADAS and autonomous driving technologies. South America presents untapped potential for market expansion, driven by rising consumer awareness of fuel efficiency and environmental concerns. Economic development and improving infrastructure further bolster market prospects in the region. Finally, the Middle East & Africa exhibit growing opportunities fueled by infrastructure development, economic growth, and increasing automotive sales. While each region faces unique challenges such as regulatory complexities, integration hurdles, and varying consumer preferences, the global automotive electric power steering market is poised for expansion driven by technological innovation, regulatory support, and evolving consumer demands across diverse geographical regions.

Major companies operating in Global Automotive Electric Power Steering Market are:

• Denso Corporation
• GKN Automotive Limited
• Hitachi Astemo, Ltd.
• Hyundai Mobis Co., Ltd. 
• JTEKT Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive Corporation
• NSK Ltd.
• Robert Bosch GmbH

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“The Global Automotive Electric Power Steering (EPS) Market is at the forefront of automotive innovation, witnessing a transformative shift towards advanced steering technologies. As vehicles increasingly adopt steer-by-wire systems, integrate with driver monitoring for enhanced safety, prioritize energy efficiency, and offer personalized haptic feedback, the EPS market is shaping the future of driving experiences. With the application of Artificial Intelligence, the industry is creating smart EPS systems that adapt to individual driving styles, contributing to the evolution of autonomous driving. Despite challenges related to cybersecurity and repair complexity, the Automotive EPS Market is propelling the automotive industry towards a more connected, efficient, and engaging driving future.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.   

“Automotive Electric Power Steering Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Column Type, Pinion Type, and Dual Pinion Type), By Component Type (Steering Rack/Column, Sensor, Steering Motor, and Other), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Region, Competition, 2019-2029F”, has evaluated the future growth potential of Global Automotive Electric Power Steering Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Electric Power Steering Market.                

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