Electric Power Steering Market Outlook 2024–2030: What’s Driving 6.6% CAGR?
The global electric power steering (EPS) market is witnessing strong growth as automakers transition from hydraulic steering systems to energy-efficient, electronically controlled alternatives. Increasing demand for fuel-efficient vehicles, electric vehicles (EVs), and advanced driver-assistance systems (ADAS) is accelerating EPS adoption across passenger and commercial vehicles worldwide.
According to recent market insights, the electric power steering market was valued at USD 25.32 billion in 2023 and is projected to reach USD 39.27 billion by 2030, expanding at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030.
EPS systems are becoming a standard feature in modern vehicles due to their ability to improve fuel economy, reduce emissions, enhance steering precision, and support automated driving technologies.
What is Electric Power Steering (EPS)?
Electric Power Steering replaces traditional hydraulic systems with an electric motor and electronic controls to assist steering. Unlike hydraulic systems that constantly draw engine power, EPS only consumes energy when steering input is required.
Key advantages include:
- Improved fuel efficiency
- Reduced maintenance
- Lower system weight
- Better vehicle control
- Integration with ADAS and autonomous driving features
These benefits make EPS especially critical in electric and hybrid vehicles, where energy efficiency is a top priority.
Access Research Report of Electric Power Steering Market @ https://www.grandviewresearch.com/industry-analysis/electric-power-steering-market-report
Market Size & Growth Outlook
The market’s growth trajectory reflects rising automotive production and increasing electrification.
Market snapshot:
- 2023 Market Size: USD 25.32 Billion
- 2030 Projected Size: USD 39.27 Billion
- CAGR (2024–2030): 6.6%
The steady CAGR highlights the industry’s long-term potential, supported by both regulatory pressures and consumer demand for smarter, safer vehicles.
Key Market Trends Driving Growth
- Electrification of Vehicles
The global shift toward EVs and hybrids is a major catalyst for EPS adoption. Electric vehicles rely entirely on electric components, making EPS a natural fit compared to hydraulic alternatives.
- ADAS & Autonomous Driving Integration
Modern safety features such as:
- Lane keep assist
- Park assist
- Automatic steering correction
- Self-parking systems
depend heavily on EPS systems. As ADAS becomes standard, EPS demand will continue rising.
- Fuel Efficiency & Emission Regulations
Governments worldwide are tightening fuel economy and carbon emission norms. EPS reduces engine load and improves mileage, helping automakers comply with regulations.
- Lightweight Vehicle Design
Automakers increasingly focus on lightweight materials to improve efficiency. EPS systems weigh less than hydraulic counterparts, contributing to overall vehicle weight reduction.
About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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