Vehicle Electric Power Steering (EPS) System Market Market Overview
Vehicle Electric Power Steering (EPS) System Market was valued at USD 31 Billion in 2022 and is projected to reach USD 48 Billion by 2030, growing at a CAGR of 6% from 2024 to 2030.
Market Size and Opportunity Analysis for Global Vehicle Electric Power Steering (EPS) System Market
The global vehicle electric power steering (EPS) system market has experienced significant growth in recent years, driven by advancements in automotive technology and increasing demand for fuel-efficient and environmentally friendly vehicles. As of 2024, the market is valued at approximately USD 35 billion. This growth can be attributed to the rising adoption of electric power steering systems in passenger and commercial vehicles, which offer benefits such as enhanced steering control, reduced vehicle weight, and improved fuel efficiency compared to traditional hydraulic systems.
Looking ahead, the market presents considerable opportunities for expansion. With the automotive industry’s shift towards electrification and the integration of advanced driver-assistance systems (ADAS), the demand for EPS systems is expected to increase further. The market is projected to grow at a compound annual growth rate (CAGR) of around 8% over the next five years, reaching an estimated value of USD 52 billion by 2029. This growth will be driven by technological advancements, increasing consumer preference for electric vehicles, and stringent government regulations aimed at reducing carbon emissions.
Get an In-Depth Research Analysis of the Global Vehicle Electric Power Steering (EPS) System Market Size And Forecast [2024-2031]
Who are the largest Global manufacturers in the Vehicle Electric Power Steering (EPS) System Market?
By Type of EPS System
- Column-assist EPS
- Rack-assist EPS
- Pinion-assist EPS
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Electric Vehicles (EVs)
By Component Type
- Steering Column
- Electronic Control Unit (ECU)
- Actuators
- Sensors
By End-User
- OEMs (Original Equipment Manufacturers)
- Aftermarket Providers
By Technology
- Torque Sensor Technology
- Feedback Control Technology
- Variable Gear Ratio Technology
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Segmentation of Vehicle Electric Power Steering (EPS) System Market-
Which regions are leading the Global Vehicle Electric Power Steering (EPS) System Market?
- Global (United States, Global and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Detailed TOC of Global Vehicle Electric Power Steering (EPS) System Market Research Report, 2024-2031
1. Introduction of the Global Vehicle Electric Power Steering (EPS) System Market
- Overview of the Market
- Scope of Report
- Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Research
- Data Mining
- Validation
- Primary Interviews
- List of Data Sources
4. Global Vehicle Electric Power Steering (EPS) System Market Outlook
- Overview
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Porters Five Force Model
- Value Chain Analysis
5. Global Vehicle Electric Power Steering (EPS) System Market, By Type
6. Global Vehicle Electric Power Steering (EPS) System Market, By Application
7. Global Vehicle Electric Power Steering (EPS) System Market, By Geography
- Global
- Europe
- Asia Pacific
- Rest of the World
8. Global Vehicle Electric Power Steering (EPS) System Market Competitive Landscape
- Overview
- Company Market Ranking
- Key Development Strategies
9. Company Profiles
10. Appendix
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