Electric Power Steering Market Size

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

The growth of the market is primarily attributed to Increased demands for commercial applications, such as Infineon Technologies AG linear hall sensors specially designed to be used by companies in the automotive sector. With a global sales unit at 67.2 million units, as of 2022, the market for electric power steering is set to have a significant market share. Compared with a traditional mechanical hydraulic steering system, the electric power steering motor has good steering flexibility, control stability, low-temperature resistance, and low energy consumption. In addition, a more rapid integration of second development is facilitated by this approach. This implies that the engine power steering systems of vehicles show a strong vitality, and this will progressively replace the conventional driving system.

Furthermore, the adoption of better safety systems by end users has been encouraged by a significant increase in accidents. The death and injury rates in all of the world's First World countries have been gradually decreasing due to improvements in road design and motor vehicle technologies. Nevertheless, accident rates continue to be high in a number of emerging economies and governments have been focusing on the implementation of stringent security standards as well as encouraging the adoption of different vehicle subsystems increasing the growth of the market.