Electric Power Steering Market Analysis

Type (C-EPS, P-EPS, R-EPS)

Electric power steering market from the collapsible EPS segment is estimated to gain significant revenue share of about 59% by the year 2037. The growth of the segment can be attributed to the growing demand for fuel -efficient vehicles, which requires C- EPS to reduce the amount of fuel consumed. Additionally, the increasing emphasis on safety features and the increasing number of stringent regulations for vehicle safety are also driving the demand C EPS . For instance, in order to administer the government's Bharat New Car Assessment Program: the BharatNCAP Authority was founded by of India as a separate organization. Bharat NCAP plans to assign stars ratings for the security of vehicles sold in the country. This provided multiply oppurtunies for the market development of electric power steering.

Component (Steering Column, Sensors, Steering Gear, Mechanical Rack & Pinion, Electronic Control Unit, Electric Motor)

The sensor segment in the electric power steering market is anticipated to attain the largest revenue share by the end of the forecast period, i.e. 2024-2037. The rising demand for advanced driver assistance system (ADAS) such as lane -keeping assistance, automated parking, and adaptive cruise control are majorly responsible for the segments growth. More -over, the increasing demand for high-end vehicles with estimated sales of 210k vehicles by 2027 and the growing focus on safety is projected to drive the segments growth

Our in-depth analysis of the global electric power steering market includes the following segments:

Type	C-EPS P-EPS R-EPS
Component	Steering Column Sensors Steering Gear Mechanical Rack & Pinion Electronic Control Unit Electric Motor
Vehicle Type	Commercial Vehicles Passenger Vehicles

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of electric power steering is estimated at USD 27.72 billion.

The electric power steering market size was over USD 26.47 billion in 2024 and is poised to cross USD 55.77 billion by the end of 2037, witnessing more than 5.9% CAGR during the forecast period i.e., between 2025-2037. Increasing demand in fuel efficient cars, penetration in commercial vehicles, increasing investments in product development will boost the market growth.

Asia Pacific industry is likely to hold largest revenue share 37% by 2037, backed by increased vehicle production in developing countries like China, India, Japan and South Korea.

The major players in the market are Mitsubishi Electric Corporation, ZF Friedrichshafen AG, Nexteer Automotive Corporation ,HELLA GmbH & Co. KGaA, Volkswagen AG, thyssenkrupp AG, Sensata Technologies, Inc., NXP Semiconductors, Honeywell International Inc., JTEKT Corporation and others.

Electric Power Steering Market Analysis