Detailed and insightful market overview for the Electric Power Steering Market focusing on the market size, growth trends, significant drivers and challenges, emerging opportunities, and key players:

The Electric Power Steering Market report provides insights into a certain market segment by combining data from primary and secondary research. It covers the years 2024–2030 and combines quantitative and qualitative analysis to provide a thorough understanding of the sector. Market segmentation makes it possible to thoroughly analyze the Electric Power Steering sector from a variety of angles. The Electric Power Steering market research paper provides stakeholders with important insights into the market landscape and prospects through the careful consideration of detailed forecasts, advancements, and revenue forecasts.

The Explosive Growth Trajectory of the Electric Power Steering Market:

Global Electric Power Steering Market on a Growth Trajectory The Global Electric Power Steering (EPS) Market is experiencing significant expansion, with a projected market size of USD 40.35 billion by 2030, growing at a CAGR of 5.7% during the forecast period. The increasing demand for fuel-efficient vehicles, advancements in automotive technology, and stringent government regulations on emissions are driving the adoption of EPS systems worldwide.

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In-depth analysis of the market scope and research methodology for the emerging sector of  Electric Power Steering Market:

A vibrant and expanding segment of the food and cosmetics industries is the Electric Power Steering market. The evaluation of the Electric Power Steering Market was conducted using a diverse research methodology. Electric Power Steering Market research specialists collect information from both primary and secondary sources. To learn more about market trends, customer preferences, and product demand, primary research involves speaking with manufacturers, suppliers, consumers, and industry experts directly. Interviews, focus groups, and surveys are typical primary research methods. Analyzing data that has already been collected from reliable sources, like government organizations, industry publications, market studies, and scholarly journals, is known as secondary research. This aids in comprehending competitive analysis, regulatory frameworks, and past Electric Power Steering market patterns. The collected data is interpreted using statistical modeling and other data analysis techniques.

Electric Power Steering Geographical segmentation is also taken into account by the market research approach, which looks at regional differences in customer preferences and market dynamics. It considers variables that affect Electric Power Steering consumption, including the climate, cultural influences, and economic circumstances. By integrating primary and secondary research, data analysis, and geographical evaluation, a maximized market research methodology guarantees a thorough and trustworthy understanding of the Electric Power Steering Market and offers useful insights for companies, stakeholders, and decision-makers in these sectors.

Competitive Landscape and Regional Demand

The electric power steering market is highly competitive, with key players such as Bosch, Nexteer Automotive, ZF Friedrichshafen, JTEKT Corporation, and NSK Ltd. leading the industry. The Asia-Pacific region is experiencing the highest demand for EPS, owing to the rapid growth of the automotive industry in China, India, and Japan. Meanwhile, the North American and European markets are witnessing strong adoption due to increasing demand for electric and hybrid vehicles.

 

United States: Growth and Opportunity in Electric Power Steering

The United States is witnessing robust growth in the EPS market, fueled by the adoption of electric and autonomous vehicles. Companies such as Delphi Technologies and Nexteer Automotive are heavily investing in research and development to enhance EPS technology. Moreover, the U.S. government’s push toward sustainable transportation is accelerating the shift from hydraulic to electric power steering systems.

Recent Developments & Mergers:

  • General Motors and Bosch are collaborating to integrate AI-driven EPS systems for autonomous vehicles.

  • Nexteer Automotive announced a strategic investment in Steer-by-Wire technology, paving the way for improved vehicle control and fuel efficiency.

 

Asia-Pacific: Market Expansion and Technological Advancements

The Asia-Pacific region is the fastest-growing market for EPS, driven by the rise in automotive production and increasing consumer demand for electric vehicles. Countries like China, Japan, and India are leading in EPS adoption due to government incentives for electric mobility and infrastructure developments.

Key Trends and Investments:

  • China’s BYD and Geely have launched new EV models integrated with advanced EPS systems to improve steering efficiency.

  • Suzuki and Honda are investing in EPS-equipped compact cars, targeting the rising demand for fuel-efficient vehicles in India.

 

Middle East & Africa: Adoption and Market Trends

While still in its nascent stage, the Middle East and African (MEA) market is seeing increased interest in electric power steering due to the growing focus on sustainable transportation. Luxury car manufacturers in the UAE and Saudi Arabia are integrating EPS to enhance vehicle performance and efficiency.

Market Consolidation & Partnerships:

  • Saudi Arabia’s Public Investment Fund (PIF) is backing electric vehicle manufacturers to integrate EPS into their future models.

  • Hyundai and Kia Motors have expanded their presence in the MEA region, offering EPS-equipped vehicles to meet consumer preferences.

 

Europe: Innovations and Industry Consolidation

Europe remains a key market for electric power steering, driven by stringent emission regulations and high EV adoption rates. Germany, France, and the UK are at the forefront, with automakers investing heavily in EPS research.

Key Industry Developments:

  • ZF Friedrichshafen has introduced a new electric power steering system with enhanced energy efficiency.

  • Volkswagen and BMW have announced collaborations to integrate next-generation EPS into their upcoming EV models.

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Unlocking Growth: Exploring the Dynamic Segmentation of the Electric Power Steering Market:

by Type

Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)

The Rack Assist Type (REPS) segment of the Electric Power Steering Market had the most market shear in 2023. A rack and pinion gear combination connected to both front wheels is called a "steering rack." When we turn the steering wheel, the rack and pinion gears engage, moving the car's wheels to the left or right and giving us control. Power-assisted is shortened to power. It offers more support that enables us to turn the steering rack, which facilitates easier car handling. The word "electric" refers to the steering rack's use of electronics to provide more power.

by Mechanism

Rigid
Collapsible

The market for electric power steering is divided into two segments: rigid and collapsible. In 2023, the Collapsible market had the most market share. Due to the rapid technological advancements in the automotive sector, the market for automobile collapsible steering columns has recently undergone significant change. The invention of power steering has introduced steering technology to the public. This technology is not only more responsive and fuel-efficient than traditional manual steering systems, but it is also more technologically sophisticated.

by Application

Passenger Cars (PC)
Commercial Vehicles (CV)

In 2023, the largest proportion of the electric power steering market was accounted for by commercial vehicles. The application sector includes both passenger cars (PC) and commercial vehicles (CV). Over the course of the projection period, the commercial vehicle category is anticipated to grow at the quickest rate. The primary driver of this segment's growth is the expansion of construction and e-commerce activities worldwide. Strict regulations governing vehicle weight and length restrictions, together with careless investments in rural development and infrastructure, have all contributed to the need for electric power steering for commercial vehicles and the market's expansion.

by Components

Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing

by Electric Motor

Brush motor
Brushless motor

Table of Content: Electric Power Steering Market

Part 01: Executive Summary

Part 02: Scope of the Electric Power Steering Market Report

Part 03: Global Electric Power Steering Market Landscape

Part 04: Global Electric Power Steering Market Sizing

Part 05: Global Electric Power Steering Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Industry Leaders in Focus:

1. JTEKT Corporation (Japan)
2. DENSO Corporation (Japan)
3. Mitsubishi Electric Corporation (Japan)
4. NSK Ltd. (Japan)
5. Nissan Motor Corporation (Japan)
6. Hitachi Automotive Systems (Japan)
7. Renesas Electronics (Japan)
8. ZF Friedrichshafen AG (Germany)
9. Thyssenkrupp (Germany)
10. Robert Bosch GmbH (Germany)

 

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Your Ultimate Guide: Key Questions Answered in the Latest Market Report:

What is Electric Power Steering?
What is the Electric Power Steering Market's forecast period?
How is the Electric Power Steering market's competitive situation?
What are the main forces behind the Electric Power Steering market's expansion?
What is the largest market share in the Electric Power Steering region?
In the Electric Power Steering market, which segment became the dominant one?
During the forecast period, which major trends are most likely to emerge in the Electric Power Steering market?
What prospects does the Electric Power Steering Market have?
Which companies dominate the Electric Power Steering market?
Which are the Electric Power Steering industry players' primary growth strategies?

Discover the Game-Changers: 

  • Market Share, Size & Forecast by Revenue | 2024−2030
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • PESTLE Analysis and PORTER’s Five Forces Analysis 
  • Market Segmentation – A detailed analysis of segments and sub-segments
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors
  • Key Findings and Analyst Recommendations

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