Electric Power Steering Market

Electric Power Steering Market

Electric Power Steering Market Forecasts to 2028 - Global Analysis By Type (Column Type, Pinion Type and Dual Pinion Type), Sensor Type (Steering Torque Sensors, Steering Angle Sensor, Combination Sensor and Other Sensor Types), Component, Mechanism, Vehicle, Technology and By Geography

4.8 (23 reviews)
4.8 (23 reviews)
Published: 2023 ID: SMRC23168

This report covers the impact of COVID-19 on this global market

Years Covered


Estimated Year Value (2022)

US $25.61 BN

Projected Year Value (2028)

US $35.11 BN

CAGR (2022 - 2028)


Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Asia Pacific

According to Stratistics MRC, the Global Electric Power Steering Market is accounted for $25.61 billion in 2022 and is expected to reach $35.11 billion by 2028 growing at a CAGR of 5.4% during the forecast period. Electric power steering (EPS) system helps a driver to effortlessly steer the vehicle. The technique makes use of an electric motor that is installed on the steering column or rack. Sensors mounted to the motor monitor the amount of torque, or rotational effort, the driver provides to the steering wheel. The sensors utilize the data they have gathered to calculate how much assistance the driver needs to spin the front wheels. The key element in deciding the output offered by EPS is the vehicle's speed. By adjusting the steering torque to the vehicle speed and delivering active torque in risky driving situations, electric power steering (EPS) increases vehicle safety while boosting handling and steering control.

According to the U.S. Department of Energy (DOE), in absolute condition, EPS systems can improve fuel productivity by 2% to 4%, minimize fuel consumption by up to 6%, and lessen CO2 emissions by 8g/km.

Market Dynamics:


Raising shift toward electrically powered vehicles

Automobile manufacturers are introducing electric systems and components into their designs in order to improve the quality and driving experience of automobiles. In order to increase the effectiveness of cars and track the operation of all key components so that defects can be monitored effectively, manufacturers are installing a number of electronic devices and systems. Due to various advantages over hydraulic power steering, including lower maintenance costs and better fuel economy, the penetration of electric power steering systems is expected to rise throughout the projection period.


Maintaining market against steer-by-wire technology

With the shifting dynamics of the automobile industry, the steering market is always changing. OEMs are modernizing the traditional steering mechanism in response to the rise of autonomous cars. One such breakthrough that will take the place of the complete steering system in an autonomous car is steer-by-wire technology. The steering linkage of a conventional electric power steering system will be eliminated by this kind of steering system.


Technological advancements

The electric motor only draws power when needed. Any advanced driving assistance system (ADAS) that includes steering without the driver's input is enabled by EPS. The electric power steering system has undergone significant new developments, including improved steering control, pleasant driving, and power efficiency. The capacity of EPS to steer itself when necessary is used in features like lane-keep assist, automatic parking and lane changes, and the ability to lead the car around obstacles. As a result, the market growth is expanding exponentially.


EPS are quite expensive

The equipment of electric power steering makes it quite pricey. The drawback of electric power steering is that, unlike a hydraulic system, it is more difficult to repair with common components and labor. Only a major dealer is qualified to recalibrate it. EPS systems may need specific tools and expertise to identify and fix electrical problems that might be brought on by a malfunctioning onboard computer or a number of sensors. This makes it more costly and dampens the market demand.

Covid-19 Impact

The COVID-19 pandemic had a severe impact on the entire automotive industry. Several major economies of the world were forced into lockdown and economic activities were halted during this period. All the manufacturing units and OEM plants stopped their production to adhere to the social distancing norms. The demand for passenger vehicles also fell drastically during this period. Yet with the gradual opening up of economies, the demand returned to the market, and markets like China and India witnessed huge demand for passenger cars as the consumer preference changed from public transport to personal vehicles.

The steering torque sensors segment is expected to be the largest during the forecast period

The steering torque sensors segment is estimated to have a lucrative growth. The steering torque sensor records the torsion bar angle required for the steering movement. Torque sensors need less package space and have simpler mechanical designs. They are able to monitor shear, bending, and torque at the component level or contactless within machines. Since the torque sensors don't require any maintenance, they can deliver the necessary measurement data right away.

The passenger vehicle segment is expected to have the highest CAGR during the forecast period

The passenger vehicle segment is estimated to have a lucrative growth owing to the advancements of technology that have been growing at an unprecedented rate. Passenger vehicles have incorporated some sort of advanced power handling, as it provides better fuel efficiency, and therefore no assistance is needed to operate the power handling manually. As a result, advanced product technology continues to play a prominent role in the automated development of the automotive sector, leading to creating substantial growth prospects for the electric power steering market in such applications.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. The region’s automotive market remains to grow at a steady pace in the overall economy. The economic development of the region has posed a significant impact on the production and sale of passenger and power-driven vehicles. Furthermore, the implementation of vehicle safety norms and regulations by the U.S. government is further aiding the electric power steering industry growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to high penetration from emerging economies such as India, China, Japan, and South Korea. Japan, holds the largest market share of steering systems in the world. Also, Japan is home to many other leading manufacturers of steering systems, such as Mitsubishi Electric, NSK. The presence of leading manufacturers is a key factor driving the penetration of EPS systems in Japan. The EPS installation is directly proportional to the growth of vehicle production in the Asia Pacific region.

Key players in the market

Some of the key players profiled in the Electric Power Steering Market include Robert Bosch Gmbh, Sensata Technologies, Inc., NXP Semiconductors N.V., Hyundai Mobis, Thyssenkrupp Presta AG, Mitsubishi Electric Corporation, NSK Ltd, Mando Corporation, ZF Friedrichshafen AG, Hubei Henglong Auto System Group, Denso Corporation, Nexteer Automotive, GKN PLC, Continental AG, Hitachi Automotive Systems Ltd, Honeywell Inc, HELLA GmbH & Co. Kga, Valeo SA, Infineon Technology and TT Electronics PLC.

Key Developments:

In March 2023, Honeywell and Lufthansa Technik are enhancing their collaboration on Lufthansa Technik’s digital platform AVIATAR to improve the customer experience in aviation analytics. Honeywell Connected Maintenance analytics are now being fully integrated into AVIATAR’s Predictive Health Analytics (PHA) suite, which will grow to more than 100 Predictors for multiple Airbus and Boeing aircraft types.

In January 2023, Bosch Power Tools launched the New Powerful, Compact, Made-in-India GWS 800 Professional. This is all rounder tool works great at construction sites for wall chasing and wood sandling applications.

In October 2022, Hitachi announced that it has developed a prototype of a new steer-by-wire steering device that eliminates the conventional steering wheel and expands the cabin space. Steer-by-wire is a feature that steers the vehicles electrically–an essential technology for self-driving and other next-generation vehicles.

Types Covered:
• Column Type
• Pinion Type
• Dual Pinion Type

Sensor Types Covered:
• Steering Torque Sensors
• Steering Angle Sensor
• Combination Sensor
• Other Sensor Types

Components Covered:
• Steering column
• Steering Gear
• Bearing
• Electronic Control Unit
• Electric Motor
• Mechanical Rack & Pinion
• Other Components

Mechanism Covered:
• Rigid EPS
• Collapsible EPS

Vehicles Covered:
• Commercial Vehicle
• Passenger Vehicle
• Electric Vehicle
• Agricultural Tractors
• Construction Equipment
• Heavy Duty Trucks
• Buses & Coaches
• Utility Vehicle

Technologies Covered:
• EPS with ADAS
• Conventional EPS

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Electric Power Steering Market, By Type
5.1 Introduction
5.2 Column Type
5.3 Pinion Type
5.4 Dual Pinion Type

6 Global Electric Power Steering Market, By Sensor Type
6.1 Introduction
6.2 Steering Torque Sensors
6.3 Steering Angle Sensor
6.4 Combination Sensor
6.5 Other Sensor Types

7 Global Electric Power Steering Market, By Component
7.1 Introduction
7.2 Steering column
7.3 Steering Gear
7.4 Bearing
7.5 Electronic Control Unit
7.6 Electric Motor
7.7 Mechanical Rack & Pinion
7.8 Other Components

8 Global Electric Power Steering Market, By Mechanism
8.1 Introduction
8.2 Rigid EPS
8.3 Collapsible EPS

9 Global Electric Power Steering Market, By Vehicle
9.1 Introduction
9.2 Commercial Vehicle
9.3 Passenger Vehicle
9.4 Electric Vehicle
9.5 Agricultural Tractors
9.6 Construction Equipment
9.7 Heavy Duty Trucks
9.8 Buses & Coaches
9.9 Utility Vehicle

10 Global Electric Power Steering Market, By Technology
10.1 Introduction
10.2 EPS with ADAS
10.3 Conventional EPS

11 Global Electric Power Steering Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa

12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies

13 Company Profiling
13.1 Robert Bosch Gmbh
13.2 Sensata Technologies, Inc.
13.3 NXP Semiconductors N.V.
13.4 Hyundai Mobis
13.5 Thyssenkrupp Presta AG
13.6 Mitsubishi Electric Corporation
13.7 NSK Ltd
13.8 Mando Corporation
13.9 ZF Friedrichshafen AG
13.10 Hubei Henglong Auto System Group
13.11 Denso Corporation
13.12 Nexteer Automotive
13.13 GKN PLC
13.14 Continental AG
13.15 Hitachi Automotive Systems Ltd
13.16 Honeywell Inc
13.17 HELLA GmbH & Co. Kga
13.18 Valeo SA
13.19 Infineon Technology
13.20 TT Electronics PLC

List of Tables
1 Global Electric Power Steering Market Outlook, By Region (2020-2028) ($MN)
2 Global Electric Power Steering Market Outlook, By Type (2020-2028) ($MN)
3 Global Electric Power Steering Market Outlook, By Column Type (2020-2028) ($MN)
4 Global Electric Power Steering Market Outlook, By Pinion Type (2020-2028) ($MN)
5 Global Electric Power Steering Market Outlook, By Dual Pinion Type (2020-2028) ($MN)
6 Global Electric Power Steering Market Outlook, By Sensor Type (2020-2028) ($MN)
7 Global Electric Power Steering Market Outlook, By Steering Torque Sensors (2020-2028) ($MN)
8 Global Electric Power Steering Market Outlook, By Steering Angle Sensor (2020-2028) ($MN)
9 Global Electric Power Steering Market Outlook, By Combination Sensor (2020-2028) ($MN)
10 Global Electric Power Steering Market Outlook, By Other Sensor Types (2020-2028) ($MN)
11 Global Electric Power Steering Market Outlook, By Component (2020-2028) ($MN)
12 Global Electric Power Steering Market Outlook, By Steering column (2020-2028) ($MN)
13 Global Electric Power Steering Market Outlook, By Steering Gear (2020-2028) ($MN)
14 Global Electric Power Steering Market Outlook, By Bearing (2020-2028) ($MN)
15 Global Electric Power Steering Market Outlook, By Electronic Control Unit (2020-2028) ($MN)
16 Global Electric Power Steering Market Outlook, By Electric Motor (2020-2028) ($MN)
17 Global Electric Power Steering Market Outlook, By Mechanical Rack & Pinion (2020-2028) ($MN)
18 Global Electric Power Steering Market Outlook, By Other Components (2020-2028) ($MN)
19 Global Electric Power Steering Market Outlook, By Mechanism (2020-2028) ($MN)
20 Global Electric Power Steering Market Outlook, By Rigid EPS (2020-2028) ($MN)
21 Global Electric Power Steering Market Outlook, By Collapsible EPS (2020-2028) ($MN)
22 Global Electric Power Steering Market Outlook, By Vehicle (2020-2028) ($MN)
23 Global Electric Power Steering Market Outlook, By Commercial Vehicle (2020-2028) ($MN)
24 Global Electric Power Steering Market Outlook, By Passenger Vehicle (2020-2028) ($MN)
25 Global Electric Power Steering Market Outlook, By Electric Vehicle (2020-2028) ($MN)
26 Global Electric Power Steering Market Outlook, By Agricultural Tractors (2020-2028) ($MN)
27 Global Electric Power Steering Market Outlook, By Construction Equipment (2020-2028) ($MN)
28 Global Electric Power Steering Market Outlook, By Heavy Duty Trucks (2020-2028) ($MN)
29 Global Electric Power Steering Market Outlook, By Buses & Coaches (2020-2028) ($MN)
30 Global Electric Power Steering Market Outlook, By Utility Vehicle (2020-2028) ($MN)
31 Global Electric Power Steering Market Outlook, By Technology (2020-2028) ($MN)
32 Global Electric Power Steering Market Outlook, By EPS with ADAS (2020-2028) ($MN)
33 Global Electric Power Steering Market Outlook, By Conventional EPS (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at info@strategymrc.com

Frequently Asked Questions

In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.

Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.

All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

We have 3 different licensing options available in electronic format.

  • Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
  • 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
  • Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.

All our reports are typically be emailed to you as an attachment.

To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.

We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.

Request Customization

We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.


Assured Quality

Assured Quality

Best in class reports with high standard of research integrity

24X7 Research Support

24X7 Research Support

Continuous support to ensure the best customer experience.

Free Customization

Free Customization

Adding more values to your product of interest.

Safe and Secure Access

Safe & Secure Access

Providing a secured environment for all online transactions.

Trusted by 600+ Brands

Trusted by 600+ Brands

Serving the most reputed brands across the world.