AutomotiveDec 2, 2022

Electric Power Steering System Market

By Segment, By Region, And Segment Forecasts, 2017 – 2025

Vertical: AutoBase Year: 20189 Sections

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Executive Summary

Electric Power Steering System Market — Snapshot

Market Size (2017)
2017
$23.73B
Projected (2025)
2025
$31.74B
CAGR (2017–2025)
3.7%
3.7%
Key Players
101+

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.

Key Insight

The Electric Power Steering System Market market is projected to grow at a CAGR of 3.7% from 2017 to 2025.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

Geographic Coverage: This analysis covers 4 regions: Asia Pacific, Rest of the World, Europe, North America.
Market Segmentation: The market is analyzed across 3 segments: C-EPS, R-EPS, P-EPS. Forecasts are provided for each segment from 2017 to 2025.
Competitive Landscape: 101 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Electric Power Steering System Market — Growth Trajectory

An 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.

Electric Power Steering System Market — Growth Trajectory

C-EPS

R-EPS

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

Type is broken down into: R-EPS, P-EPS, C-EPS.
Vehicle Type is broken down into: Passenger Car, LCV, HCV.
Mechanism is broken down into: Collapsible EPS, Rigid EPS.

Geographic Analysis

Regional market breakdown

Asia Pacific Asia Pacific market size reached $11.27B in 2017 and is projected to reach $16.11B by 2025, growing at a CAGR of 4.6%.
Rest of the World Rest of the World market size reached $1.26B in 2017 and is projected to reach $1.68B by 2025, growing at a CAGR of 3.6%.

Europe Europe market size reached $6.37B in 2017 and is projected to reach $7.77B by 2025, growing at a CAGR of 2.5%.
North America North America market size reached $4.83B in 2017 and is projected to reach $6.18B by 2025, growing at a CAGR of 3.1%.

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Research Methodology

Electric Power Steering System Market — How We Researched This Market

This 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 – 2018
Forecast Period
2018 – 2025
Primary Interviews
150+

Research Process

Historical data (2017–2018) and forecast period (2018–2025)

Problem Definition

Market scoping
Objective setting
Framework design

Secondary Research

Literature review
Data mining
Trend analysis

Primary Research

Expert interviews
Field visits
Surveys

Data Analysis

Quantitative modeling
Statistical testing
Validation

Insights & Reporting

Synthesis
Recommendations
Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)

Forecast (modelled)

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Quantitative Analysis

Regional Breakdown

Regional market breakdown for Electric Power Steering System Market.

Regional Market Size (USD Mn)

Market estimates by geography (2025)

USD Mn

InsightAsia Pacific leads with $16.11B by 2025.

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Regional Market Data

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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Segment Revenue (2025)

C-EPS

R-EPS

P-EPS

0406781341220116268

C-EPS47%
R-EPS32%
P-EPS22%

Total Market Size

$31.74B

Market by Segment (2025)

APPLICATION	REVENUE ($B)	GROWTH RATE	MARKET PENETRATION
C-EPS	$14.79B	3.7%	87%
R-EPS	$10.00B	3.7%	87%
P-EPS	$6.95B	3.7%	87%

* 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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Analytics

Electric Power Steering System Market — Key Findings

Analytical insights on Electric Power Steering System Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

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.

Market Dynamics

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.

Market Drivers

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.

Market Opportunities

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.

Market Restraints

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.

Strategic Outlook and Future Directions

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Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Market Value by Segment (2025)

Value (USD Mn)

C-EPS

R-EPS

P-EPS

Companies

Key companies profiled in Electric Power Steering System Market

Profiles of 101 companies operating in the Electric Power Steering System Market market, including revenue, employee count, and market positioning where available.

Region

Industry

Founded Year

Showing 101 of 101 companies

SHOWA CORP

SHOWA CORPORATION

Automotive

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.

THYSSENKRUPP AG

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.

NEXTEER AUTOMOTIVE

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.

Continental AG

Equipment & Machinery

United States, North America

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About the Author

Motor Vehicles Research Team

Automotive · Motor Vehicles

This report reflects the work of Wantstats' automotive research team, who spend their time following supply chains and regional demand patterns rather than just industry headlines. Findings are grounded in proprietary data and validated through direct conversations with people in the industry. This report specifically covers the Motor Vehicles space within that portfolio.

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Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

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We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Electric Power Steering System Market

By Segment, By Region, And Segment Forecasts, 2017 – 2025

Starting from

$4,950

Electric Power Steering System Market

By Segment, By Region, And Segment Forecasts, 2017 – 2025

Key Insight

Market Performance Trend

Market Scope & Coverage

What this report covers

Electric Power Steering System Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Regional Market Data

Segment Revenue (2025)

Segment Market Share

Market by Segment (2025)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2025)

About the Author

Motor Vehicles Research Team

Market Performance Trend

Electric Power Steering System Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Regional Market Data

Segment Revenue (2025)

Segment Market Share

Market by Segment (2025)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2025)

About the Author

Motor Vehicles Research Team

Save over 20% on
Annual Subscription

Save over 20% on
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