Electric Power Steering Market Segmentation:
Component Segment Analysis
Steering rack/column segment is anticipated to capture over 34.6% electric power steering market share by 2030, due to the expansion of EPS in the newer models of vehicles. The steering rack is a critical component in EPS systems because it is responsible for the conversion of force produced by the motor into the required vehicular movement. In January 2025, Nexteer Automotive launched a new production line for EPS in China, which reflects the global trend towards the advanced steering mechanisms. Due to this expansion, Nexteer will be able to provide a large market of customers who require highly accurate steering systems that enhance vehicle stability.
Vehicle Type Segment Analysis
By the end of 2030, passenger cars segment is predicted to hold over 67.7% electric power steering market share owing to the growing demand for comfortable and efficient mobility. This segment includes sedans, SUVs, and electric models, all of which can take advantage of the fuel-saving attributes and improved ride quality of EPS systems. In November 2023, Mahindra & Mahindra announced that it had entered into a strategic partnership with Valeo for electric drivetrains and EPS solutions in its Born Electric passenger vehicles. These collaborations demonstrate the increasing focus on the overall vehicle system that coordinates power demands and driver comfort.
Our in-depth analysis of the global electric power steering market includes the following segments:
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