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Electric Power Steering (EPS) Market Scope & Volume Analysis with Executive Summary 2030

  • Writer: Amit Kumar
    Amit Kumar
  • Sep 18
  • 4 min read
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Future Electric Power Steering (EPS) Market: Key Dynamics, Size & Share Analysis

The Global Electric Power Steering (EPS) Market size was valued at around USD 26.96 billion in 2024 and is projected to reach USD 38.78 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. This market growth is observed due to the increase in the demand for electronic and hybrid vehicles, advancements in technology, rise in foreign direct investments (FDI) inflow, stringent regulations, and others.

Top Market Challenges Impacting the Electric Power Steering (EPS) Market Growth

Increase in Electric Vehicle Sales – A rise in the demand for electric vehicles is observed due to urbanization, economic stability, an increase in the white-collar population, and others. These factors have resulted in a rise in disposable income, thus raising the ownership of vehicles. Along with this, the rise in consumer awareness has inclined the consumer towards environmentally friendly alternatives such as electric vehicles. The reduced maintenance cost and low emissions have further encouraged the global population to adopt electric vehicles. As per the International Energy Agency (IEA) 2024, sales of more than 3 million electric vehicles were observed in the first quarter of 2024, which is nearly 25% more than the sales in 2023. The dynamics of electric vehicles work on electricity; thus they use electric motors to empower steering.

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Understanding the Core Segments in the Electric Power Steering (EPS) Market

Electric Power Steering (EPS) Market Size, Share & Industry Trends Analysis- By Components (Steering Column, Steering Gear, Sensor, Mechanical Pinion & Rack, Electronic Control Unit {ECU}, Electric Motor, Bearing, Others), By Type (Column Assist Type {C-EPS}, Pinion Assist Type {P-EPS}, Rack Assist Type {R-EPS}), By Mechanism (Collapsible, Rigid), By Fuel (Petrol, Diesel, Natural Gas, Electric, Others), By Vehicle Type (Passenger Cars & SUVs, Commercial Vehicles [Light Commercial Vehicles, Heavy Commercial Vehicles]) and others.

Geographical Analysis of the Electric Power Steering (EPS) Market

By Region

  • North America

  • South America

  • Europe

  • The Middle East & Africa

  • Asia-Pacific.

Who Dominates the Electric Power Steering (EPS) Market Insights on Key Industry Players?

Companies are strengthening their presence in the Electric Power Steering (EPS) market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

  • 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


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