Featuring market attractiveness scoring, total addressable market sizing, company benchmarking matrices, interactive Excel dashboards, deeper supply chain intelligence, emerging startup tracking, and granular product-level insights, The Business Research Company’s 2026 market reports are built to deliver research that is both more actionable and more strategically valuable.
Electric Power Steering Market Expansion Outlook: What Revenue Opportunities Are Ahead?
The electric power steering market size has grown strongly in recent years. It will grow from $30.33 billion in 2025 to $32.37 billion in 2026 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to fuel efficiency regulations, passenger vehicle production growth, adoption of power-assisted steering, reduction of hydraulic systems, demand for better maneuverability.
The electric power steering market size is expected to see strong growth in the next few years. It will grow to $42.29 billion in 2030 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to steer-by-wire development, electric vehicle adoption, autonomous driving integration, demand for energy-efficient components, software-defined steering systems. Major trends in the forecast period include shift from hydraulic to electric steering, integration of advanced steering sensors, adoption of brushless motors, demand for lightweight steering systems, increased use in compact vehicles.
Get A Free Sample Report With In-Depth Market Insights:
Electric Power Steering Market Growth Catalysts And Demand Drivers
The increasing demand for electric vehicles across the world is expected to propel the growth of the electric power steering market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EVs and hybrid vehicles are suddenly adopted. With electric power steering being the primary component in electric vehicles, an increase in electric vehicles necessitates more electric power steering, which raises demand for the electric power steering market. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, the increasing demand for electric vehicles is driving the growth of the electric power steering market.
Electric Power Steering Market Segment Analysis And Revenue Potential
The electric power steering market covered in this report is segmented –
1) By Type: R-EPS, P-EPS, C-EPS
2) By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack And Pinion, Electronic Control Unit, Electric Motor
3) By Electric Motor: Brush Motor, Brushless Motor
4) By Application: Passenger Cars (PC), Commercial Vehicles (CV)
Subsegments:
1) By R-EPS (Rack Electric Power Steering): Integrated R-EPS Systems, Standalone R-EPS Systems
2) By P-EPS (Column Electric Power Steering): Electric Column Assist Systems, Electric Power-Assisted Column Systems
3) By C-EPS (Combo Electric Power Steering): Hybrid Systems, Advanced Control Systems
Electric Power Steering Market Trends Shaping Long-Term Demand
Major companies operating in the electric power steering market are focused on developing innovative electric power steering motor power pack (EPS-PP) products, such as the Column-Type EPS-PP, to meet larger customer bases and increase revenue. A Column-Type Electric Power Steering Motor Power Pack (EPS-PP) refers to an advanced system that specifically addresses the steering requirements of electric power steering units, ensuring smooth steering performance while emphasizing cost efficiency and reducing friction and torque ripple, particularly in the context of Advanced Driver Assistance Systems (ADAS). For instance, in June 2023, Nidec Corporation, a Japan-based automotive product manufacturing company, introduced column-type EPS units to deliver smooth steering equivalent to rack-type units, all while meeting market expectations for cost reduction. Nidec’s EPS-PP not only detects but also corrects motor and EPS unit friction and torque ripple in real-time, effectively resolving concerns related to artificial steering sensations. This achievement allows Nidec to optimize cost-efficiency in addressing these issues and reduce costs while maintaining the power pack’s high performance. Additionally, the new product facilitates cost savings on motor materials by utilizing lower-grade alternatives, such as replacing traditional electromagnetic steel sheets to mitigate friction-induced loss torque.
Electric Power Steering Market Key Players Shaping Industry Direction
Major companies operating in the electric power steering market report include Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG, NSK Steering Systems Pvt. Ltd., Mando Corporation, Hyundai Mobis Co Ltd., Showa Corporation, Hitachi Astemo Ltd., Denso Corporation, China Automotive System, KYB Corporation, Thyssenkrupp AG, Delphi Technologies, Tenneco Inc., GKN Driveline Service GmbH, Zhejiang Shibao Company Limited, Jilin Dongfeng Power Co. Ltd., Chongqing Jianshe Automobile Electric Co. Ltd., Hella GmbH & Co. KGaA, Valeo Group, Magna International Inc., Huayu Automotive Systems Co. Ltd., Jiangsu Dajiang Automotive Electric Motor Co. Ltd.
View The Full Electric Power Steering Market Report:
Electric Power Steering Market Largest Region: Which Geography Holds The Biggest Share?
Asia-Pacific was the largest region in the electric power steering market share in 2025 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power steering market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Reach Out To Our Team:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas: +1 310-496-7795
Asia: +44 7882 955267 & +91 8897263534
Europe: +44 7882 955267
Email us at: marketing@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
