The Electric Power Steering Market is estimated to grow at a CAGR of 6.27% during the forecast period, to reach USD 42.01 billion by 2025. Increasing government norms related to air emission standards and fuel efficiency of vehicles are expected to drive the electric power steering market. The rising vehicle production, growing demand for advanced safety and convenience, and increased disposable incomes worldwide are some of the other factors driving the growth of the electric power steering market.
- Penetration in commercial vehicles
- Enabling ADAS features in EPS
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Column assist EPS (CEPS) holds the largest market share
The column assist EPS (CEPS), which incorporates the steering assist mechanism on the column, holds the largest share of the electric power steering market. The growth of this EPS type can be attributed to the higher production of passenger cars as compared to commercial vehicles. CEPS can support the steering function of the driver on low torques and low frontal axle loads, which is suitable for low-end and mid-range passenger cars. As these vehicle segments account for the largest share of the overall vehicle production, CEPS has the highest market share amongst all the EPS types.
HEV market of electric power steering is estimated to experience the highest growth rate during the forecast period
The electric power steering market for hybrid electric vehicles (HEV) is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the engine structure of the vehicle, which combines a conventional internal combustion engine (ICE) system with an electric propulsion system. Due to the presence of IC engine, which has the maximum installation rate of electric power steering systems, this segment of electric vehicles is estimated to experience the highest growth rate during the forecast period. Also, the increasing sales of HEVs in the Asia Pacific region are driving the growth of electric power steering systems in these vehicles.
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Collapsible steering column– the Largest share of electric power steering market
The collapsible steering column is a mechanism of an upper column and a lower shaft in which the lower shaft enters into a housing in the event of an accident. This column is installed in passenger cars and light commercial vehicles. The growing production of passenger cars and light commercial vehicles, as well as increasing government mandates on road safety, are the primary factors driving the growth of collapsible steering columns in EPS systems.
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