Electric Power Steering Market worth $33.4 billion by 2027 – Exclusive Report by MarketsandMarkets™

MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

Chicago, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Electric Power Steering Market is projected to grow at a CAGR of 5.4% from 2021 to 2027, to reach a market size of USD 33.4 billion by 2027 from USD 24.3 billion in 2021, according to a new report by MarketsandMarkets™. 

Browse and in-depth TOC on "Electric Power Steering Market"   
309 – Tables
61 – Figures      
260 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 58413446

Report Attributes


Market size value in 2021:

USD 24.3 billion

Projected to reach 2027:

USD 33.4 billion



Base Year Considered:


Forecast Period:


Largest Market:

Asia Pacific

Region Covered:

Asia Pacific, North America, Europe, and RoW

Segments Covered:

By component, By type, By Mechanism, By electric motor type, By application, By off-highway vehicle, By Electric Vehicle, By region, EV Gear type (Worm Gear and Ball Screw) for BEV and PHEV Vehicles

Companies Covered:

JTEKT corporation (Japan), Nexteer (US), ZF Friedrichshafen AG (Germany), Robert Bosch (Germany), and Others

The major factors driving the growth of the Electric Power Steering Market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.

Column assist EPS (CEPS) holds the largest market share in 2021

The column assist EPS (CEPS), which incorporates the steering assist mechanism on the column, is estimated to hold the largest share of the Electric Power Steering Market in 2021. The growth of this EPS type can be attributed to the higher production of passenger cars as compared to commercial vehicles. CEPS can support the steering function of the driver on low torques and low frontal axle loads, which is suitable for low-end and mid-range passenger cars. As these vehicle segments account for the largest share of the overall vehicle production, CEPS has the highest market share amongst all the EPS types.

Collapsible steering column– The largest share of Electric Power Steering Market in 2021

The collapsible steering column is estimated to hold the largest share of the Electric Power Steering Market in 2021. It is a mechanism of an upper column and a lower shaft in which the lower shaft enters into a housing in the event of an accident. This column is installed in passenger cars and light commercial vehicles. The growing production of passenger cars and light commercial vehicles, as well as increasing government mandates on road safety, are the primary factors driving the growth of collapsible steering columns in EPS systems.

Request Free Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id= 58413446

Asia Pacific: Rapid vehicle electrification in China is propelling the growth of Asia Pacific market

The growth of the Electric Power Steering Market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.

Key Market Players:

The report profiles the most promising players in the Electric Power Steering Market. The market presents an interesting picture of a large number of big and small players that have become a force to reckon. The key players in this market are Robert Bosch (Germany),  Mitsubishi Electric (Japan), JTEKT (Japan), Nexteer (US), ZF (Germany), ThyssenKrupp (Germany), NSK (Japan), Hyundai Mobis (South Korea), GKN (UK), and Federal-Mogul (US).

Make an Inquiry:  https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id= 58413446

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Browse Related Reports:

Motor Lamination Market - Global Forecast to 2027

Automotive Power Electronics Market - Global Forecast to 2025

Thermal Systems Market - Global Forecast to 2027

Vehicle Electrification Market - Global Forecast to 2025

CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com