The global Electronic Power Steering Market size was USD 18.0 billion in 2022, and is expected to reach a value of USD 35.98 billion in 2032, and register a revenue CAGR of 8% during the forecast period.
Globally, there is a growing demand for fuel-efficient vehicles as people’s concerns about environmental deterioration and the depletion of natural resources grow. Because of this, automakers are consistently creating cutting-edge power steering systems to lower fuel usage and pollutants. Compared to conventional hydraulic power steering systems, electronic power steering systems use less engine power, improving fuel efficiency. Additionally, compared to hydraulic power steering systems, electric power steering systems offer improved precision and response times, giving drivers more control and safety on the road.
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The rising demand for electric vehicles drives the Electronic Power Steering industry. (EVs). Due to its compatibility with electric powertrains, electronic power steering systems are projected to see a rise in demand as the EV market expands. Electronic power steering systems are perfect for electric vehicles because they weigh less and take up less room than hydraulic power steering systems. EV producers also favor electronic power steering systems due to their improved energy economy and ability to combine cutting-edge safety features.
The rising awareness of car safety features is a crucial factor for the growth of the Electronic Power Steering market. To decrease traffic accidents, governments worldwide require the installation of cutting-edge safety technologies like lane departure warnings, automatic parking, and collision avoidance systems in automobiles. Electronic power steering systems play a significant role in offering these safety features by enabling the integration of sensors and other cutting-edge electronics.
Due to the presence of significant automakers there and the rising demand for EVs, the Asia Pacific region is anticipated to dominate the global market for Electronic Power Steering over the forecast period. Furthermore, governments in nations like China, India, and Japan encourage using electric vehicles (EVs) and cutting-edge safety features, fueling the need for electronic power steering systems.
- JTEKT Corporation
- Bosch Automotive Steering GmbH
- ZF Friedrichshafen AG
- Delphi Technologies
- Mitsubishi Electric Corporation
- Denso Corporation
- Nexteer Automotive
- Hyundai Mobis Co., Ltd.
- Mobis Parts Europe NV.
- Showa Corporation
- Hitachi Automotive Systems, Ltd.
The global market is further segmented into type and application:
|By Type Outlook||
|By Component Outlook||
|By Vehicle Type Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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