Electric Power Steering Market Updates

Electric Power Steering Market size was valued at USD 27.1 Billion in 2023 and is poised to grow from USD 28.62 Billion in 2024 to USD 44.25 Billion by 2032, growing at a CAGR of 5.60% during the forecast period (2025-2032).

Electric power steering companies should focus on improving the steering feedback to make it feel more like conventional steering that people are used to. Collaborating and partnering with automotive companies will be a key strategy for all electric power steering companies. Launching new electric power steering systems with advanced features will also help market players stand out in the competitive landscape in the future.  'Robert Bosch GmbH (Germany)', 'JTEKT Corporation (Japan)', 'Nexteer Automotive (US)', 'ZF Friedrichshafen AG (Germany)', 'NSK Ltd. (Japan)', 'Denso Corporation (Japan)', 'Valeo S.A. (France)', 'Continental AG (Germany)', 'Infineon Technologies AG (Germany)', 'Honeywell International Inc. (US)', 'HELLA GmbH & Co. KGaA (Germany)', 'Sensata Technologies, Inc. (US)', 'TT Electronics Plc (UK)', 'NXP Semiconductors N.V. (Netherlands)', 'Mando Corp. (South Korea)', 'Hyundai Mobis (South Korea)', 'Magna International Inc. (Canada)', 'Aisin Seiki Co., Ltd. (Japan)', 'Thyssenkrupp AG (Germany)', 'TRW Automotive (US)'

Consumers around the world are demanding a comfortable driving experience and this is why automotive companies are promoting the use of electric power steering systems. Smoother and more responsive steering characteristics of electric power steering systems are helping them become a popular choice among vehicle owners thereby driving market development potential as well.  

Steer-by-Wire Technology: Electric power steering companies should focus on expanding their business scope by investing in the popular steer-by-wire technology. Steer-by-wire operates completely through electronic controls, allowing for more flexible and customizable steering responses. Steer-by-wire is expected to enhance vehicle design, reduce weight, and improve driving dynamics especially for autonomous and electric vehicles.  

The presence of key automotive giants and a robust automotive manufacturing industry in the Asia Pacific region makes it the leading market for all electric power steering companies. The imposition of strict vehicle emission control mandates, rising sales of electric vehicles, growing disposable income of people, and evolving consumer preferences are all expected to drive up the demand for electric power steering in this region. China is slated to be the largest market for electric power steering companies in the Asia Pacific region owing to high sales of electric vehicles. India, South Korea, and Japan are other opportune markets for market players looking to make a mark in this region.