Electric Steering System Market Size

Electric Steering System Market Insights

Global Electric Steering System Market size was valued at USD 27.7 billion in 2023 and is poised to grow from USD 29.28 billion in 2024 to USD 45.62 billion by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).

The global electric power steering system (EPS) market is experiencing high growth driven by several key factors. The automotive industry’s shift towards advanced driver empowerment systems and increasing calls for greener fuel technologies are key factors in the adoption of EPS.

Moreover, increasing sustainability of autonomous and semi-autonomous devices is fueling the market growth further as EPS matches the requirements using these advanced technologies. As a result, EPS in modern vehicles is becoming a well-known trend, contributing to the growth of the global electric steering system market significantly.

Growing consumer demand for better driver assistance systems (ADAS) and gasoline vehicles. EPS systems play an important role in vehicle safety and gas economy by bringing car buyers in line with changing options. The broader shift by the automotive industry to hybrid electric vehicles continues to drive EPS recognition for its compatibility with that emerging technology.

Electric power steering (EPS) uses electric motors to assist drivers. Electric steering is increasingly replacing hydraulic steering in the automotive industry. An electric steering system is an integrated set of linkages that do not rotate the vehicle within a minimum radius. It uses an electric motor and increases steering power with minimal effort from the driver. It has no hoses, fluids, drive belts, pulleys or pumps, so the driving experience is simple and comfortable. EPS improves fuel efficiency & driving experience, contributes to energy savings, and improves turning accuracy. Furthermore, increased demand for safety and luxury is expected to fuel the growth of the electric steering wheel market during the forecast period.

FAQs

The competitive environment of the Global Electric Steering System Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'Nexteer Automotive (United States) ', 'ZF Friedrichshafen (Germany) ', 'Aptiv (Ireland) ', 'JTEKT Corporation (Japan) ', 'NSK Ltd. (Japan) ', 'Robert Bosch GmbH (Germany) ', 'Hyundai Mobis (South Korea) ', 'Mando Corporation (South Korea) ', 'Thyssenkrupp Presta AG (Liechtenstein) ', 'Showa Corporation (Japan) ', 'Hitachi Automotive Systems (Japan) ', 'Denso Corporation (Japan) ', 'Continental AG (Germany) ', 'Mitsubishi Electric Corporation (Japan) ', 'Sona Koyo Steering Systems Ltd. (India) ', 'China Automotive Systems Inc. (China) ', 'Zhejiang Shibao Company Limited (China) ', 'Pailton Engineering Ltd. (United Kingdom) ', 'Maval Industries LLC (United States)'

The integration of Advanced Driver Force Assistance Structures (ADAS) with EPS, enforces the safety function of road maintenance and parking assistance strengthen their own establishment. The company is witnessing a shift towards using cables through the steering wheel, moving away from touch devices between the steering wheel and wheels, largely due to the flexibility and customizability of the vehicle system.

Improvements in Power-power Steering: Improvement in electrification is driving the market CAGR for electric steering. EPS systems are more energy efficient, provide better information to drivers, and are more efficient, improving control and safety. In addition, EPS systems require less maintenance, reducing customer costs over the life of the vehicle. As a result, the demand for EPS systems is expected to increase, especially in emerging markets such as Japan, China and India where demand for affordable and fuel-efficient vehicles is on the rise. In addition, Steer-by-wire (SBW) systems, which are gaining widespread adoption, are electric steering that eliminate the connection between the steering wheel and the wheels of the vehicle and instead the SBW system uses electronic signals to control the steering so, and is more automotive gains flexibility, reduces weight and complexity. The SBW system also offers advanced safety features such as automatic collision avoidance and mechanically adjustable left- and right-hand control.

Asia Pacific has every potential to dominate the global electric steering system market. The region is a major global hub for automobile manufacturing, with major players from countries such as China, Japan and South Korea. The massive expansion of automotive production contributes to the high demand for EPS systems. The Asia Pacific region in the market is expected to dominate the market from 2024 to 2031. Increasing disposable income, rapid urbanization and growing purchasing power drive the demand for electric steering systems of this region in addition to vehicle weight reduction, Focusing on increasing fuel efficiency and complying with stringent emissions regulations for carmakers with Asia has increasingly adopted electric steering system Furthermore, China had the largest market share in the electric steering market and Indian electric steering was an important growing market in Asia Pacific.