Vertical: AutoBase Year: 2018
Market Size (2018)
$24.36B
Projected (2025)
$31.74B
CAGR (2017–2025)
3.7%
Key Players
10+
Rising road accident deaths and the increase in the sale of EVs and luxury vehicles will boost the market growth. The global electric power steering system market has been segmented based on type, mechanism and vehicle type.
Based on type, the global market has been segmented into C-EPS, R-EPS, and P-EPS. In 2019, the C-EPS segment accounted for the largest market share of 46.82%, with a market value of USD 10,910.9 million. It is projected to register 5.20% CAGR during the projected timeframe.
Based on vehicle type, the global market has been segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. In 2019, the passenger vehicle segment accounted for a considerable market share of 55.61%, with a market value of USD 12,958.6 million. It is projected to register a 4.86% CAGR over the forecast period.
Based on mechanism, the global market has been segmented into collapsible EPS and rigid EPS. In 2019, the collapsible EPS segment accounted for a considerable market share of 69.01%, with a market value of USD 16,082.0 million. It is projected to register a 6.06% CAGR over the forecast period.
On the basis of region, in 2019, Asia Pacific accounted for the largest market share of 48.29% with a market value of USD 11,253.7 million. It is projected to register a 6.16% CAGR over the projected period.
The Electric Power Steering System Market market is projected to grow at a CAGR of 3.7% from 2017 to 2025.
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View Subscription PlansAn electric power steering (EPS) uses a motor to assist the driver of the vehicle. Electric steering systems are increasingly replacing hydraulic steering in the automotive industry. It is a power steering system that directly relies on the motor to provide auxiliary torque. These steering systems use electric motor instead and provide increased steering capabilities with less effort, as it removes hose, fluid, drive belt, pulley, and pump.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2025
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global electric power steering system market is characterized by the presence of many local, regional, and global vendors. The global market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Showa Corporation (Japan), JTEKT Corporation (Japan), Nexteer Automotive (US), Hyundai Mobis (South Korea), Thyssenkrupp AG (Germany), ZF Friedrichshafen AG (Germany), and Robert Bosch GmbH, are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development as their key strategy in the global electric power steering system market. Although the international players are dominating the global market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.
Market estimates by geography (2025)
InsightAsia Pacific leads with $16.11B by 2025.
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View Subscription Plans| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $11.27B | $11.90B | $16.11B | 4.6% | 51% |
| Rest of the World | $1.26B | $1.29B | $1.68B | 3.6% | 5% |
| Europe | $6.37B | $6.21B | $7.77B | 2.5% | 24% |
| North America | $4.83B | $4.83B | $6.18B | 3.1% | 19% |
| Total | $23.73B | $24.23B | $31.74B | 3.7% | 100% |
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View Subscription PlansTotal Market Size
$31.74B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| C-EPS | $14.79B | 5.2% | 47% |
| R-EPS | $10.00B | 1.5% | 32% |
| P-EPS | $6.95B | 4.3% | 22% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Electric Power Steering System Market covering market dynamics, competitive landscape, and strategic outlook.
The Electric Power Steering System Market market is projected to reach $31.74B by 2025, growing at 3.7% CAGR. The C-EPS segment holds the largest share.
The electric power steering system market is driven by factors such as road accident deaths and increase in sale of EV and luxury vehicles. However, high cost is expected to restrain market growth. Rising adoption in developed countries is expected to create opportunities for the market players.
The rise in the number of road accidents and deaths are a major global concern. According to the World Health Organization (WHO), in 2017, more than 1 million people were killed, and more than 50 million people are estimated to be injured on roads. Every year, due to bad road conditions, 90% of the road traffic deaths occur, primarily in the developing countries, rear-end collisions being one of the most prominent types of accidents. According to the World Road Statistics 2018, India ranks 1st in the number of road accident deaths across 199 countries reported in the World Road Statistics followed by China and the US. As per the WHO Global Report on Road Safety 2018, India accounts for almost 11% of the accident-related deaths in the World. The US National Highway Traffic Safety Administration (NHTSA) reported almost 2.4 million rear-end collisions on the US roads in 2016, including almost 700,000 crashes, resulting in injury and about 2,300 fatal rear-end crashes.
A road accident may cause a loss of life/lives or grievous injury and minor injury to road users. The accident usually causes the neck to snap, quickly. Other kinds of injuries due to the collisions include mild neck strain and dislocation of vertebrae bones of the spine. Such scenarios related to the road accidents and neck injuries in vehicles raise concerns regarding the driver’s safety, worldwide.
The car without power steering is more tends towards road incident, the electric power steering is becoming key important system is for modern driving. Electric power steering assist in easier operation of steer than other types of steering system, also lowers the risk of steering failure hence reducing road accidents. Electric power steering plays a significant role when it comes to the safety and agility of passenger vehicle, which has further increased their application in most of the passenger vehicle. This makes the electric power steering system, a critical aspect in ensuring safety and comfort, which is expected to result in the growth of the global electric power steering system market during the forecast period.
The demand for the electric power steering system is limited in certain regions where the cost of the vehicle is still a more prominent factor than the safety of driver and safety of the vehicle. However, the scenario is changing with a rise in the number of road accidents and awareness regarding vehicle safety. Such a change is expected to shift the impact of road accident deaths on the global electric power steering system market from moderate to high over the forecast period.
The growth of the automotive industry and rise in technological advancements in the automotive industry are the major factors expected to promote electric power steering system in developed countries. According to an automotive consumer study conducted by Deloitte, 68% of consumers in the US feel that increasing accident numbers of autonomous vehicles without electric power steering system has made them more cautious of this technology. internet of things (IoT) and artificial intelligence (AI) technologies will continue to revolutionize the automotive sector in the US. Device connectivity, autonomous driving, electric powertrains, and shared mobility are also the latest trends which will lead to the demand of electric power steering system in the near future. As per the automotive consumer survey done by Deloitte, around 71% of consumers in Germany give preference to vehicle safety than the other features of the vehicle. This would attract more customers to adopt electric power steering system for their vehicles.
Moreover, the key electric steering system technology providing companies in developed countries, such as Robert Bosch GmbH, Continental AG, Magna International Inc., and Denso Corporation are investing in the development of autonomous and connected vehicles. For instance, Robert Bosch GmbH signed an agreement with Mercedes in 2017 to develop level 4 (high automation) and level 5 (full automation) cars. This would increase the adoption of electric power steering system for autonomous and connected vehicles. Automotive electric power steering system manufacturers are focusing on high-end engineering and designing to develop next-generation automotive steering components for the vehicles. Furthermore, vehicle electrification leading to the use of advanced automotive electric power steering systems and government policies to curb vehicle safety encourage the manufacturers to develop newer and advanced sensors in electric power steering system.
Furthermore, the increase in awareness and adoption of advanced electrics in autonomous vehicles results in the need for advanced steering systems, which drives the use of electric power steering system in the global market. Thus, the rising adoption in developed countries is expected to create opportunities for the global electric power steering system market during the forecast period.
An electric power steering comprises multiple components and subsystems, such as the motor, reduction gear, torque sensor, and a module that collects and sends out information, among others. The operational cost of electric power steering system depends on various factors such as advanced technology and vehicle type. The working operations of electric power steering system are expensive owing to the high investment and repair & maintenance costs involved in the generation of advanced technology. The costs associated with the design, development, and manufacturing of such components is higher than alternatives such as steering by wire system, rear wheel steering and hydraulic steering system. Additionally, the sensors used in steering, also adds cost to overall steering system which is not affordable for financially average people. Furthermore, the components and materials used in the driver assistance technology systems must be selected as per international standards such as the American Society of Mechanical Engineers (ASME) and Society of Automotive Engineers (SAE). This leads to an increase in the cost of high-quality raw materials and components used in the manufacturing of electric power steering systems. All these factors are expected to add to the cost of the electric power steering system.
Therefore, the high cost forms a restraint to the growth of the global electric power steering system market during the forecast period. Additionally, the complex product design and higher manufacturing cost of electric power steering system systems than the alternative systems are acting as a barrier for new market players. This results in increased prices due to low supplier concentration in the end market. electric power steering system require periodic service and maintenance, and the availability of skilled workforce needed for servicing and maintaining the systems in developing countries, is limited. The cost of electric power steering system increases the overall vehicle cost, which is expected to hamper the growth of the global electric power steering market during the forecast period. However, key electric power steering system manufacturing companies strategize to low down the production cost and invest in the improvement of electric power steering system aftermarket services
The high cost of the electric power steering system currently has high impact on the demand for electric power steering system in many price sensitive countries from Asia-Pacific, and the Middle-East & Africa regions. However, the increasing spending capacity and the increasing product development activities are expected to decrease the impact of high cost of the system on the adoption of electric power steering system in automobile towards the end of forecast period.
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Profiles of 100 companies operating in the Electric Power Steering System Market market, including revenue, employee count, and market positioning where available.
Showing 100 of 100 companies
Company Headquarters: Gyoda, Japan Founded: 1938 Workforce: ~12,761 Company Working: SHOWA Corporation manufactures and sells automotive products, motorcycle products, and outboard products worldwide. Its products comprise shock absorbers, steering systems, differential gears, propeller shafts, gas springs, and CVT pumps. The company also offers motorcycle components such as front forks, rear cushions, and drivetrain systems and outboard marine engine components such as power tilt and trim units.
Company Headquarters: Germany Founded: 1999 Workforce: ~161,000 Company Working: Thyssenkrupp AG, a multinational conglomerate, which primarily operates in business areas such as components technology, elevator technology, industrial solutions, material services, steel Europe, steel Americas, and the corporate sector. Thyssenkrupp AG has six regional headquarters, with an operational presence in more than 2,000 locations in around 78 countries worldwide. The company has a major operational presence in Germany, Italy, Russia, the US, and China. ThyssenKrupp Uhde Engineering Services GmbH, ThyssenKrupp Industrial Solutions Australia Pty. Ltd, ThyssenKrupp Industrial Solutions India Private Limited, and ThyssenKrupp Industrial Solutions Canada Inc. are a few of its subsidiaries.
Company Headquarters: Michigan, US Founded: 2009 Workforce: ~13,000 Company Working: Nexteer Automotive, a subsidiary of Pacific Century Motors, is engaged in the manufacture and supply of steering systems to automotive, light trucks, and heavy-duty vehicle manufacturers. The company has a global steering and driveline business for delivering steering columns, electric and hydraulic steering systems, and driveline systems, as well as ADAS and automated driving technologies for OEMs around the world. In January 2018, Nexteer Automotive announced its production milestone of 50 million electric power steering (EPS) systems, which offer significant fuel savings. Nexteer EPS systems offer reliable steering control in all driving conditions while reducing fuel consumption. Nexteer Automotive operates 20 manufacturing plants, 14 local customer support centers, and five regional engineering centers and test centers. It caters to several global customers, including BMW, General Motors, Ford, Chrysler, Fiat, Toyota, and PSA Peugeot Citroen. The company was formerly known as Steering Solutions Services Corporation.
Company Headquarters: Osaka, Japan Founded: 1921 Workforce: ~40,756 Company Working: JTEKT, a subsidiary of Toyota Motors, is engaged in manufacturing and selling steering systems, driveline components, bearings, machine tools, electric control devices, and home accessory equipment. The company offers steering systems, such as electric power steering, hydraulic power steering, and unit components, driveline components, engine and peripheral parts, transmission, and wheels. It also offers sensor systems and pressure transducers for welding guns and indicators as well as for medical equipment. The company also offers bearings, oil seals, driveshafts, and other products for applications in automobiles, construction/transportation/agricultural machinery, steel production equipment, machine tools, renewable energy, medical equipment, aircraft, and railroad vehicles. It also offers products for office, home, and leisure applications. Furthermore, it provides machine tools such as grinders and machining centers and mechatronic products. The company operates in Japan, India, China, and several countries across Asia, North America, South America, and Europe.
Company Headquarters: South Korea Founded: 1962 Workforce: ~13,000 Company Working: Mando Corp. is engaged in the production and sale of automotive components. It operates through four business segments, which are brake system, steering system, suspension system, and driver assistance system. The brake system segment comprises caliper brakes, master cylinder & booster, drum brake, electric parking brake, ABS, TCS, ESC, integrated dynamic brake, and premium stylish caliper. The suspension system segment includes damper spring modules, shock absorbers, suspension struts, self-levelers, and semi-active suspensions. Since 1997, the company has partnered with the Anand Group for the distribution of its ABS. Its steering systems comprise steering gear systems, steering columns, electric power steering systems, and intermediate shafts, among others. Mando Corp. has 20 manufacturing plants, seven sales offices, and seven vehicle test centers. Additionally, it has 16 R&D centers across China, India, the US, Sweden, Germany, South Korea, and New Zealand. Some of its major customers are General Motors, Ford Motor Corporation, Fiat Chrysler Corporation, Nissan Motors Company, Volkswagen AG, BMW AG, Suzuki Motor Corporation, and Hyundai Motor Group. The company has a brake manufacturing facility in South Korea.
Parker-Hannifin is the world's largest pure-play motion-and-control technology company, combining eight interconnected core technologies — hydraulics, pneumatics, electromechanical, filtration, fluid and gas handling, process control, engineered materials and climate control — across two reportable segments: Diversified Industrial (67% of FY2026 sales) and Aerospace Systems (33%). The company sells hundreds of thousands of part numbers, none above 1% of sales, through OEM channels and a global distributor network serving several hundred thousand customer locations. Its decentralized operating model is run through "The Win Strategy™ 3.0", a business system credited with lifting adjusted segment operating margin from 22.3% (FY2022) to a record 27.3% (FY2026). Portfolio transformation — CLARCOR (2017), LORD and Exotic Metals (2019), Meggitt (2022), Curtis (2025), Filtration Group (2026) and the pending CIRCOR Aerospace deal — has shifted the mix toward aerospace, aftermarket and longer-cycle, higher-margin revenue. Management targets 30% adjusted segment margins by FY2031. --- ### What the company does — company description In its FY2026 Form 10-K, Parker describes itself as a global leader in motion and control technologies that uses a combination of interconnected technologies to design, manufacture and provide aftermarket support for highly engineered solutions, principally for aerospace and defense, in-plant and industrial equipment, transportation, off-highway, energy, and HVAC and refrigeration markets. The company emphasizes a decentralized operating structure intended to deepen customer relationships and team-member engagement, governed by The Win Strategy (goals: Engaged People, Customer Experience, Profitable Growth, Financial Performance) and anchored by the purpose statement "Enabling Engineering Breakthroughs that Lead to a Better Tomorrow". [Filing: FY2026 10-K, Item 1] ### Reportable segments and market verticals [Filing: FY2026 10-K] ### Business and revenue model **Product vs. service vs. subscription vs. licensing mix.** Parker's revenue is overwhelmingly product revenue, recognized mostly at a point in time on shipment; a portion (largely aerospace development and long-production contracts) is recognized over time using cost-to-cost, efforts-expended or units-of-delivery methods [Filing: FY2026 10-K, Critical Accounting Policies]. The company does not disclose a numeric product/service/subscription/licensing split — not publicly disclosed. Repair, overhaul and spares in Aerospace Systems function as a service-like aftermarket annuity, and distributor-channel replacement parts in Diversified Industrial play the same role, but the aggregate aftermarket percentage for Parker as a whole is not disclosed in the filings reviewed. Disclosed indicators of aftermarket intensity include: Filtration Group derives ~85% of its sales from aftermarket replacement, and the deal lifts Parker Filtration's aftermarket share by ~500 bps [Filing: FGC press release, 11 Nov 2025]; Aerospace FY2026 Q3 aftermarket sales grew 14% with commercial OEM up 22% [Filing: Q3 FY2026 release]. **Value-chain position.** Parker is a Tier-1/Tier-2 component and subsystem supplier. In aerospace, it holds sole-source positions on airframe and engine programs (flight control, fuel, hydraulic, braking, thermal, inerting and fire-protection systems) from which it earns decades of follow-on spares and repair revenue. In industrial markets, it supplies engineered components (fittings, hose, valves, pumps, seals, filters, actuators, controls) into OEM equipment and services the installed base through distributors. **Customer types.** OEMs (aircraft and engine makers, machinery, truck, agricultural, construction, semiconductor-equipment, HVAC/R and energy-equipment builders), airlines and MRO providers, defense agencies and primes (including the U.S. government, which brings ITAR, EAR and CMMC obligations), and independent distributors. No single product exceeds 1% of sales [Filing]. **Pricing.** Management describes value-based pricing ("priced by the value they deliver") as a strategic objective [Filing: FY2026 10-K MD&A]. List-price or contract-pricing models are not publicly disclosed. ### Independent characterization Parker is best understood as a compounder of engineered-component franchises that uses a common operating system (Win Strategy, lean, Simple-by-Design, high-performance teams, "local-for-local" supply) to raise margins of acquired businesses. Since FY2022, three structural shifts are visible in the numbers: (1) aerospace mix has risen from 15.9% of sales (FY2022) to 32.8% (FY2026), with Aerospace now the highest-margin segment (26.0% reported, 29.9% adjusted); (2) margin step-change — total adjusted segment operating margin up 500 bps in four years; and (3) cash generation — FCF margin up from 13.9% to 18.2%. The FY2027 portfolio (with Filtration Group, Curtis and, if closed, CIRCOR Aerospace) will be more aftermarket-weighted and less exposed to the short-cycle North American industrial base that drove three years of flat-to-negative organic growth in FY2024–FY2025.
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