Electric Steering System Market Size, Share, and Growth Analysis, By Components (Steering column, Sensors), By Electric Motor, By Type, By Vehicle Type, By Gear Type, By Mechanism, By Application, By Region - Industry Forecast 2026-2033

Global Electric Steering System Market size was valued at USD 29.28 Billion in 2024 and is poised to grow from USD 30.95 Billion in 2025 to USD 48.22 Billion by 2033, growing at a CAGR of 5.7% during the forecast period (2026-2033).

The global electric power steering (EPS) market is witnessing robust growth attributed to the automotive industry's transition towards advanced driver assistance systems and a rising emphasis on environmentally friendly technologies. The compatibility of EPS with autonomous driving features enhances its appeal, aligning with the demand for sustainable mobility solutions. As modern vehicles increasingly adopt EPS, this technology is becoming a standard, significantly bolstering the market. The push for enhanced driving experiences, improved fuel efficiency, and commitment to safety are further propelling EPS adoption, especially in the context of hybrid electric vehicles. By utilizing electric motors, EPS offers a simplified, comfortable driving experience, characterized by reduced mechanical complexities and enhanced steering precision, thereby aligning with evolving consumer preferences for sophisticated automotive solutions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Steering System market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric Steering System Market Segments Analysis

Global Electric Steering System Market is segmented by Components, Electric Motor, Type, Vehicle Type, Gear Type, Mechanism, Application and region. Based on Components, the market is segmented into Steering column, Sensors, Steering gear, Mechanical rack and pinion, Electronic control unit, Electric motor and Bearing. Based on Electric Motor, the market is segmented into Brush motor and Brushless motor. Based on Type, the market is segmented into Column Assist Type (CEPS), Pinion Assist Type (PEPS) and Rack Assist Type (REPS). Based on Vehicle Type, the market is segmented into Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles and Buses & Coaches. Based on Gear Type, the market is segmented into Worm Gear and Ball Screw. Based on Mechanism, the market is segmented into Rigid and Collapsible. Based on Application, the market is segmented into Passenger Cars (PC) and Commercial Vehicles (CV). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Electric Steering System Market

The Global Electric Steering System market is being propelled by the increasing integration of Advanced Driver Assistance Systems (ADAS) with Electric Power Steering (EPS), which enhances both vehicle safety and functionality for parking assistance and road maintenance. This evolution is marked by a transition to cable-based systems within the steering wheel, moving away from traditional touch interfaces connecting the wheel to the wheels. This shift is driven by the greater flexibility and customization options that cable systems offer, enabling manufacturers to create tailored solutions that enhance the overall driving experience while also improving safety standards in modern vehicles.

Restraints in the Global Electric Steering System Market

One of the key challenges facing the Global Electric Steering System market is the elevated upfront costs linked to the adoption of Electric Power Steering (EPS) compared to conventional hydraulic steering systems. This significant expense can deter price-sensitive consumers, particularly in fluctuating economic conditions. Additionally, the complexity involved in the development and maintenance of EPS technologies presents another hurdle, as these systems incorporate intricate electronic interfaces that often necessitate specialized skills and advanced processing capabilities for effective operation and repair. As such, both financial and technical barriers may impede broader market acceptance and growth.

Market Trends of the Global Electric Steering System Market

The Global Electric Steering System market is witnessing a significant upward trend driven by advancements in electrification and a growing preference for energy-efficient solutions. Electric Power Steering (EPS) systems have emerged as a preferred choice due to their ability to enhance driving control, safety, and responsiveness while minimizing maintenance costs for consumers. Particularly in rapidly developing regions such as Japan, China, and India, there is an increasing demand for affordable, fuel-efficient vehicles which bolsters the EPS market. Additionally, the rise of Steer-by-Wire (SBW) technology is reshaping the landscape by providing greater flexibility, simplifying design, reducing vehicle weight, and integrating sophisticated safety features that appeal to modern automotive consumers.