According to the market research report Electric Power Steering Market by Component, Type (CEPS, PEPS, REPS), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region - Global Forecast to 2025, published by MarketsandMarkets™, Increased demand for high-end vehicles and growing stringency of emission regulations have changed the market dynamics for electric power steering manufacturers. In addition, the leading OEMs are also collaborating with numerous other players to expand their product portfolio and customer base.

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

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Asia Pacific: dominating the market for Electric Power Steering Market from 2017 to 2025
Asia Pacific is estimated to account for the largest share of the electric power steering market in 2017. The market growth in the Asia Pacific region can be attributed to the boom in vehicle production and sales in countries such as China and India. In recent years, the Asia Pacific region has become the largest producer of vehicles in the world. It is thus the largest consumer of electric power steering across the globe. The continuous growth of domestic players along with Tier I companies, newer innovations and developments such as ADAS integration, and increasing mandates for a reduction in emission levels and increase in fuel economy are fostering the growth of the electric power steering market in the Asia Pacific region.

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North America and Europe: modest growth Electric Power Steering Market
The North American and European automotive markets are known for their highly sophisticated technology and safety regulations. The major Tier I suppliers of electric power steering in these regions are Robert Bosch (Germany), Delphi (UK), Nexteer (US), ZF TRW (Germany), and Federal-Mogul (US). These companies have already planned to expand their manufacturing facilities in the electric power steering segment. As the North American and European markets are set to attain maturity in the near future, they would grow at a modest rate in the next five years.

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Global measures by OEM to reduce complexity and weight of vehicles
The rising demand for modernization and electrification of vehicles is driving the growth of the electric power steering market. The vehicle designers are focusing on developing high-end electric power steering with technologically advanced features that are compact and lightweight. The EPS system does not drag on the engine from either a power steering pump or alternator because it will not provide assist until required by driver input. Also, the absence of a hydraulic pump or piston, hoses, and driving belt reduces the complexity of the system. The configuration of an EPS system can allow the entire power assist system to be packaged on the rack and pinion steering gear or in the steering column.

The global electric power steering market is dominated by a few players such as JTEKT (Japan), Nexteer (US), NSK (Japan), and Bosch (Germany) along with tier I and tier II suppliers.

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