Press Release

Increasing Electric Vehicle Sales Driving Global Electric Power Steering (EPS) Market at a CAGR of Around 6.2%

The Global Electric Power Steering (EPS) Market size was valued at around USD26.96 billion in 2024 and is projected to reach USD38.78 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.2% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. This rise in the market is observed due to growth in urbanization, an increase in the demand for electric and hybrid vehicles, the economic stability of the population, and others. A significant rise in the demand for electric vehicles is observed worldwide due to the incentives and implications of low taxes on the purchase of low-emission vehicles.

Numerous government authorities are offering grants and investing in developing the electric vehicle ecosystem in the nation. For instance, the government of Spain has reduced the road tax for BEVs in the main cities such as Barcelona, Madrid, etc., to nearly 75% since 2021. Similarly, the other countries' governments are undertaking initiatives to promote electric vehicles. In electric vehicles, an electric motor aids in the operation of the cars; thus, they are equipped with electric power steering. Hence, the support of the government has indirectly raised the demand for electric power steering.

Moreover, ADAS provides a safe driving experience to the drivers as it alerts the drivers about the threat and can automate the vehicle while following the traffic regulations. Additionally, the electric power steering has sensors that detect the motion and apply force, thus reducing the mechanical force of the driver.  The lightweight mechanism of the electric power steering and the compact size of the electric motor enhance the fuel efficiency and provide more space. Hence, the technological advancements and premium driving experience are boosting the growth of the market, further states the research report, “Global Electric Power Steering (EPS) Market Analysis, 2025.”

Global Electric Power Steering (EPS) Market Segmentation Analysis

Passenger Cars & SUVs Generating Maximum Demand

Based on the vehicle type, the market is further bifurcated into passenger cars & SUVs, and commercial vehicles. Here, passenger cars and SUVs are the fastest-growing segment with around 75% market share. This is due to the requirements of the vehicles depending on their functionality. As passenger cars and SUVs run in urban and suburban regions, where there is a greater requirement for the force to manage a vehicle. However, in the case of commercial vehicles that run on the longer route on highways, they require less of an electric power system. Additionally, electric power steering makes the vehicle lightweight, which is not beneficial for commercial vehicles as they have to carry a lot of load. This results in passenger cars and SUVs having the largest market size.

Asia-Pacific Heads the Global Electric Power Steering (EPS) Industry

Asia-Pacific leads the electric power steering market globally (with a 43% share) due to the availability of low-cost manpower and advanced manufacturing infrastructure. China is the largest manufacturer and exporter of the automobile industry across the globe, followed by Japan and India, which are located in this region. China was the leading manufacturer of electric vehicles, with more than 36% of the sales of auto parts in 2024. Moreover, several policies and government schemes for the support of electric vehicles due to their low emission of pollutants generate the demand for electric vehicles.  This has resulted in a rise in the middle economy for individuals in the region to have ownership of electric vehicles. Thus, raising the consumption of electric power steering in the region.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Bosch, Denso Corporation, Hyundai Mobis, JTEKT Corporation, HL Mando, Hitachi Astemo, LTD., Mitsubishi Electric Corporation, Nexteer, NSK Corporate, Sensata Technologies, Inc., ZF Friedrichshafen AG, Zhuzhou Elite Electro-Mechanical Co. Ltd., GKN Automotive Limited, Thyssenkrupp Presta AG, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?