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

Electric Power Steering Market size was valued at USD 28.62 Billion in 2024 and is poised to grow from USD 30.22 Billion in 2025 to USD 46.73 Billion by 2033, growing at a CAGR of 5.6% during the forecast period (2026-2033).

Market insights into electric power steering reveal that the increasing focus on sustainability and the demand for fuel-efficient vehicles are significant drivers of market growth. The surge in electric and hybrid vehicle sales further contributes to this trend. Additionally, heightened vehicle safety concerns and stringent regulatory standards present new opportunities for electric power steering manufacturers. Consumer preferences for enhanced driving experiences and comfort continue to promote the adoption of these systems. The integration of steer-by-wire technology in various electric and hybrid models is anticipated to foster further market advancement. However, challenges such as limited steering feedback, difficulties in aftermarket and retrofit installations, along with high development costs and complexity, pose significant hurdles to widespread electric power steering adoption.

Top-down and bottom-up approaches were used to estimate and validate the size of the Electric Power Steering 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.

Electric Power Steering Market Segments Analysis

Global Electric Power Steering Market is segmented by Components, Electric Motor, Electric Vehicle, EV Gear Type, Type, Mechanism, Vehicle Type 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 Electric Vehicle, the market is segmented into BEV, PHEV and FCEV. Based on EV Gear Type, the market is segmented into Worm Gear and Ball Screw. Based on Type, the market is segmented into Rack assist type (REPS), Colum assist type (CEPS) and Pinion assist type (PEPS). Based on Mechanism, the market is segmented into Rigid and Collapsible. Based on Vehicle Type, the market is segmented into Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles and Buses & Coaches. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Electric Power Steering Market

The growing demand for a comfortable driving experience from consumers globally is a significant factor driving the adoption of electric power steering systems in the automotive industry. Manufacturers are increasingly promoting these systems due to their ability to provide enhanced steering responsiveness and smoother handling. As vehicle owners recognize the benefits of electric power steering, such as improved maneuverability and reduced driver fatigue, these systems are becoming a favored option. This shift towards electric power steering not only enhances overall vehicle performance but also contributes to the expansion and development potential of the market in the automotive sector.

Restraints in the Electric Power Steering Market

Despite the advanced comfort and convenience provided by electric power steering systems, they tend to fall short in delivering the tactile feedback that traditional steering systems provide. This deficiency can lead to a diminished sense of vehicle control and connection to the road, particularly detrimental in high-performance driving scenarios. As a result, the insufficient steering feedback may hinder the appeal of electric power steering systems, potentially impacting their market growth and adoption rates. The desire for a more engaging driving experience may drive consumers to prefer conventional systems, highlighting a significant constraint on the future demand for electric power steering technologies.

Market Trends of the Electric Power Steering Market

The Electric Power Steering market is witnessing a notable trend towards the integration of steer-by-wire technology, which is revolutionizing vehicle control systems. This innovation enables complete electronic steering management, facilitating enhanced flexibility and customization of steering responses. As manufacturers increasingly prioritize weight reduction and improved driving dynamics, especially in the realms of autonomous and electric vehicles, steer-by-wire is becoming an essential component of modern automotive design. Companies in the electric power steering sector are focusing on investments in this technology to remain competitive, aiming to meet the rising consumer demand for advanced, responsive, and energy-efficient steering solutions.