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Global Automotive Electric Power Steering Market Analysis, Drivers, Restraints, Threats & Growth Forecast to 2032

The global automotive electric power steering market size was evaluated at $26.36 Billion in 2023 and is slated to hit $42.57 Billion by the end of 2032 with a CAGR of nearly 5.47% between 2024 and 2032.

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The automotive electric power steering market is expected to experience sustained growth over the coming years. Fuel price increases and consumer demand for technologically advanced vehicles are expected to contribute to market demand growth. Automobile consumers worldwide seek affordability, enhanced safety features, and premium appearances. The realization of environmentally friendly automobiles with reduced carbon emissions is feasible through the implementation of this system.

Furthermore, the purchaser desires a driving experience that is more tranquil and comfortable, and an electric power steering system can provide that. Additionally, an increase in governmental policies and regulations pertaining to carbon emissions is expected to support expansion. It is expected that rising petroleum prices and the incorporation of new and enhanced features into forthcoming automobiles will sustain long-term market expansion.

Increasing vehicle production, rising consumer demand for advanced safety and convenience features, and rising global disposable incomes are all regarded as factors driving market expansion. EPS is a fuel-efficient mechanism that reduces gasoline consumption by directing the engine load in response to the driver’s steering wheel movement. Nonetheless, an increase in vehicle recalls due to faulty sensors or other components could impede the market’s expansion.

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The Global Automotive Electric Power Steering Market is segmented based on product, application and region

Global Automotive Electric Power Steering Market: Product Segment Analysis

● Pinion Assist Type
● Rack Assist Type
● Column Assist Type

Global Automotive Electric Power Steering Market: Application Segment Analysis

● Passenger Vehicle
● Light Commercial Vehicle (LCV)
● Heavy Commercial Vehicle (HCV)

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The global Automotive Electric Power Steering market profiles key players such as:

● Mando Corporation
● Delphi Automotive
● KSR International Company
● Robert Bosch GmbH
● Showa Corporation
● Mitsubishi Electric Corporation
● Hitachi Automotive Systems Ltd
● JTEKT Corporation
● Nexteer Automotive
● Sona Koyo Steering Systems Ltd

The automotive electric power steering market is segmented into the following regions: Africa, North America, Asia Pacific, Europe, and Latin America and the Middle East. A substantial portion of the market is anticipated to be based in North America throughout the forecast period, due to the development and adoption of autonomous vehicles. The electric power steering mechanism facilitates the maneuverability of autonomous vehicles, thereby bolstering market expansion prospects. In addition, Asia-Pacific is projected to become the subsequent global automotive center and hold a substantial market share as a result of the increasing purchasing power and income of consumers in the region.

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