Power Assisted Steering Market Size, Share, and Growth Analysis, By Propulsion Type (EV, ICE), By Vehicle (Passenger Cars, LCV), By Power, By Type, By Sales Channel, By Region - Industry Forecast 2026-2033

Power Assisted Steering Market size was valued at USD 23.27 Billion in 2024 and is poised to grow from USD 24.38 Billion in 2025 to USD 35.48 Billion by 2033, growing at a CAGR of 4.8% during the forecast period (2026-2033).

The power-assisted steering market is experiencing significant growth driven by the increasing demand for vehicles equipped with advanced driver assistance systems (ADAS) and the ongoing pursuit of fuel efficiency. These systems enhance driver comfort by significantly reducing the effort needed for steering, particularly during low-speed maneuvers, improving overall accessibility and driving experience. With a steering effort reduction of 25-30%, power-assisted systems can decrease energy consumption by up to 90%, translating to fuel savings and supporting environmental objectives through reduced carbon emissions. Moreover, the integration of features such as lane-departure warnings and traffic jam assistance within ADAS emphasizes the need for more sophisticated power-assisted steering solutions. The market is also poised for rapid technological advancements, particularly with Electric Power-Assisted Steering (EPAS) leading the way.

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

Power Assisted Steering Market Segments Analysis

Global Power Assisted Steering Market is segmented by Propulsion Type, Vehicle, Power, Type, Sales Channel and region. Based on Propulsion Type, the market is segmented into EV and ICE. Based on Vehicle, the market is segmented into Passenger Cars, LCV and HCV. Based on Power, the market is segmented into Electric and Hydraulic. Based on Type, the market is segmented into Rack Type EPS, Column Type EPS, Pinion Type EPS, H-EPS and HPS. Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Power Assisted Steering Market

The expansion of the global automotive industry significantly fuels the demand for power assisted steering systems. As automobile production and sales increase worldwide, the requirement for enhanced steering solutions becomes more pronounced. Consumers are increasingly seeking vehicles that offer improved handling, comfort, and driving ease, which directly elevates the need for advanced steering technologies. Additionally, manufacturers are investing in innovative features to meet market expectations, further driving the adoption of power assisted steering systems. This ongoing growth in the automotive sector highlights a vital trend that supports the overall proliferation of power assisted steering in modern vehicles.

Restraints in the Power Assisted Steering Market

The Power Assisted Steering market faces certain limitations primarily due to the higher initial costs associated with electric power steering systems when compared to traditional hydraulic systems. This increase in expenses can deter budget-minded manufacturers and consumers, as the inclusion of additional electrical components and sensors often leads to elevated production and purchasing prices. Consequently, the financial burden associated with these advanced technologies may restrict wider adoption and limit market growth within this segment, as stakeholders weigh the benefits against the potential economic impact of transitioning to more innovative steering solutions.

Market Trends of the Power Assisted Steering Market

The Power Assisted Steering market is currently experiencing a significant shift toward electrification, with Electric Power Steering (EPS) systems increasingly replacing traditional hydraulic systems. This trend is driven by a growing demand for enhanced fuel efficiency and superior driving control, making EPS an attractive option for automakers. Furthermore, evolving regulatory standards focused on reducing emissions and bolstering fuel economy are propelling the adoption of EPS technology. The integration of advanced electronics in steering systems is also facilitating improved responsiveness and user experience, positioning EPS as a key component in the future of automotive design and sustainability.