Europe Electric Power Steering Market Report and Forecast 2025-2034
Description
The Europe electric power steering market size reached USD 5.36 Billion in 2024. The market is expected to grow at a CAGR of 4.30% between 2025 and 2034, reaching almost USD 8.17 Billion by 2034.
The Europe electric power steering market is expected to witness growth, driven by the increasing integration of steering-mounted electronics that enhance functionality and intuitiveness. Over the past two decades, steering wheels have evolved into multifunctional hubs, managing a range of dashboard features including radio, cruise control, climate settings, and call functions. Advancements in steering-assist safety technologies are further refining steering responsiveness and balance across various driving conditions by minimising lateral and yaw movements.
Technological progress, digital steering innovations, and the use of high-quality materials are anticipated to propel the automotive steering wheel market forward. The burgeoning demand for fuel-efficient vehicles and effective steering systems, coupled with continuous advancements in the European automotive sector, will fuel market expansion. The trend towards electric power steering (EPS) is reshaping steering systems, leveraging sensors to replace traditional components and enhance precision and performance. These sensors play a critical role in electric and hybrid vehicles, aligning with the push towards fuel efficiency.
The electric power steering market in Europe is also influenced by safety considerations, with automakers increasingly integrating driver assistance systems and steering assistance technologies into their vehicles. Regulatory mandates emphasizing fuel efficiency and de-carbonization are further bolstering demand for advanced steering solutions. Despite the setbacks, the automotive sector remains pivotal to the European economy, employing millions and serving as a linchpin for commercial transportation and e-commerce logistics.
Key players like BMW Group, VW Group, and Daimler Group, based in Germany, are at the forefront of automotive innovation, contributing to the region's automotive prowess and expanding market dynamics. The growth of the automotive industry is intertwined with economic development and modern distribution demands driven by expanding e-commerce activities across Europe, influencing the Europe electric power steering market development.
Market Segmentation
Europe Electric Power Steering Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
Rack Assist Type (REPS)
Column Assist Type (CEPS)
Pinion Assist Type (PEPS)
Market Breakup by Component
Steering Rack/Column
Sensors
Electric Motor
Others
Market Breakup by Vehicle Type
Passenger Car
Commercial Vehicle
Market Breakup by Sales Channel
Original Equipment Manufacturer (OEM)
Aftermarket
Market Breakup by Country
Germany
United Kingdom
France
Italy
Others
Competitive Landscape
The companies are introducing new EPS systems with enhanced technology with the aim of broadening their clientele and product offerings.
Mitsubishi Electric Corporation
Robert Bosch GmbH
Denso Corporation
JTEKT Corporation
NSK Ltd.
thyssenkrupp AG
ZF Friedrichshafen AG
Knorr-Bremse AG
Dowlais Group Plc (GKN Automotive Ltd.)
Nexteer Automotive Corporation
GENERAL RICAMBI S.P.A
Others
The Europe electric power steering market is expected to witness growth, driven by the increasing integration of steering-mounted electronics that enhance functionality and intuitiveness. Over the past two decades, steering wheels have evolved into multifunctional hubs, managing a range of dashboard features including radio, cruise control, climate settings, and call functions. Advancements in steering-assist safety technologies are further refining steering responsiveness and balance across various driving conditions by minimising lateral and yaw movements.
Technological progress, digital steering innovations, and the use of high-quality materials are anticipated to propel the automotive steering wheel market forward. The burgeoning demand for fuel-efficient vehicles and effective steering systems, coupled with continuous advancements in the European automotive sector, will fuel market expansion. The trend towards electric power steering (EPS) is reshaping steering systems, leveraging sensors to replace traditional components and enhance precision and performance. These sensors play a critical role in electric and hybrid vehicles, aligning with the push towards fuel efficiency.
The electric power steering market in Europe is also influenced by safety considerations, with automakers increasingly integrating driver assistance systems and steering assistance technologies into their vehicles. Regulatory mandates emphasizing fuel efficiency and de-carbonization are further bolstering demand for advanced steering solutions. Despite the setbacks, the automotive sector remains pivotal to the European economy, employing millions and serving as a linchpin for commercial transportation and e-commerce logistics.
Key players like BMW Group, VW Group, and Daimler Group, based in Germany, are at the forefront of automotive innovation, contributing to the region's automotive prowess and expanding market dynamics. The growth of the automotive industry is intertwined with economic development and modern distribution demands driven by expanding e-commerce activities across Europe, influencing the Europe electric power steering market development.
Market Segmentation
Europe Electric Power Steering Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
Rack Assist Type (REPS)
Column Assist Type (CEPS)
Pinion Assist Type (PEPS)
Market Breakup by Component
Steering Rack/Column
Sensors
Electric Motor
Others
Market Breakup by Vehicle Type
Passenger Car
Commercial Vehicle
Market Breakup by Sales Channel
Original Equipment Manufacturer (OEM)
Aftermarket
Market Breakup by Country
Germany
United Kingdom
France
Italy
Others
Competitive Landscape
The companies are introducing new EPS systems with enhanced technology with the aim of broadening their clientele and product offerings.
Mitsubishi Electric Corporation
Robert Bosch GmbH
Denso Corporation
JTEKT Corporation
NSK Ltd.
thyssenkrupp AG
ZF Friedrichshafen AG
Knorr-Bremse AG
Dowlais Group Plc (GKN Automotive Ltd.)
Nexteer Automotive Corporation
GENERAL RICAMBI S.P.A
Others
Table of Contents
103 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Countries
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Electric Power Steering Market Overview
- 5.1 Key Industry Highlights
- 5.2 Global Electric Power Steering Historical Market (2018-2024)
- 5.3 Global Electric Power Steering Market Forecast (2025-2034)
- 5.4 Global Electric Power Steering Market Share by Region
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia Pacific
- 5.4.4 Latin America
- 5.4.5 Middle East and Africa
- 6 Europe Electric Power Steering Market Overview
- 6.1 Key Industry Highlights
- 6.2 Europe Electric Power Steering Historical Market (2018-2024)
- 6.3 Europe Electric Power Steering Market Forecast (2025-2034)
- 7 Europe Electric Power Steering Market by Product Type
- 7.1 Rack Assist Type (REPS)
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Column Assist Type (CEPS)
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Pinion Assist Type (PEPS)
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 8 Europe Electric Power Steering Market by Component
- 8.1 Steering Rack/Column
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Sensors
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Electric Motor
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Others
- 9 Europe Electric Power Steering Market by Vehicle Type
- 9.1 Passenger Car
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Commercial Vehicle
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 10 Europe Electric Power Steering Market by Sales Channel
- 10.1 Original Equipment Manufacturer (OEM)
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Aftermarket
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 11 Europe Electric Power Steering Market by Country
- 11.1 Germany
- 11.1.1 Historical Trend (2018-2024)
- 11.1.2 Forecast Trend (2025-2034)
- 11.2 United Kingdom
- 11.2.1 Historical Trend (2018-2024)
- 11.2.2 Forecast Trend (2025-2034)
- 11.3 France
- 11.3.1 Historical Trend (2018-2024)
- 11.3.2 Forecast Trend (2025-2034)
- 11.4 Italy
- 11.4.1 Historical Trend (2018-2024)
- 11.4.2 Forecast Trend (2025-2034)
- 11.5 Others
- 12 Market Dynamics
- 12.1 SWOT Analysis
- 12.1.1 Strengths
- 12.1.2 Weaknesses
- 12.1.3 Opportunities
- 12.1.4 Threats
- 12.2 Porter’s Five Forces Analysis
- 12.2.1 Supplier’s Power
- 12.2.2 Buyer’s Power
- 12.2.3 Threat of New Entrants
- 12.2.4 Degree of Rivalry
- 12.2.5 Threat of Substitutes
- 12.3 Key Indicators of Demand
- 12.4 Key Indicators of Price
- 13 Competitive Landscape
- 13.1 Supplier Selection
- 13.2 Key Global Players
- 13.3 Key Regional Players
- 13.4 Key Player Strategies
- 13.5 Company Profiles
- 13.5.1 Mitsubishi Electric Corporation
- 13.5.1.1 Company Overview
- 13.5.1.2 Product Portfolio
- 13.5.1.3 Demographic Reach and Achievements
- 13.5.1.4 Certifications
- 13.5.2 Robert Bosch GmbH
- 13.5.2.1 Company Overview
- 13.5.2.2 Product Portfolio
- 13.5.2.3 Demographic Reach and Achievements
- 13.5.2.4 Certifications
- 13.5.3 Denso Corporation
- 13.5.3.1 Company Overview
- 13.5.3.2 Product Portfolio
- 13.5.3.3 Demographic Reach and Achievements
- 13.5.3.4 Certifications
- 13.5.4 JTEKT Corporation
- 13.5.4.1 Company Overview
- 13.5.4.2 Product Portfolio
- 13.5.4.3 Demographic Reach and Achievements
- 13.5.4.4 Certifications
- 13.5.5 NSK Ltd.
- 13.5.5.1 Company Overview
- 13.5.5.2 Product Portfolio
- 13.5.5.3 Demographic Reach and Achievements
- 13.5.5.4 Certifications
- 13.5.6 thyssenkrupp AG
- 13.5.6.1 Company Overview
- 13.5.6.2 Product Portfolio
- 13.5.6.3 Demographic Reach and Achievements
- 13.5.6.4 Certifications
- 13.5.7 ZF Friedrichshafen AG
- 13.5.7.1 Company Overview
- 13.5.7.2 Product Portfolio
- 13.5.7.3 Demographic Reach and Achievements
- 13.5.7.4 Certifications
- 13.5.8 Knorr-Bremse AG
- 13.5.8.1 Company Overview
- 13.5.8.2 Product Portfolio
- 13.5.8.3 Demographic Reach and Achievements
- 13.5.8.4 Certifications
- 13.5.9 Dowlais Group Plc (GKN Automotive Ltd.)
- 13.5.9.1 Company Overview
- 13.5.9.2 Product Portfolio
- 13.5.9.3 Demographic Reach and Achievements
- 13.5.9.4 Certifications
- 13.5.10 Nexteer Automotive Corporation
- 13.5.10.1 Company Overview
- 13.5.10.2 Product Portfolio
- 13.5.10.3 Demographic Reach and Achievements
- 13.5.10.4 Certifications
- 13.5.11 GENERAL RICAMBI S.P.A
- 13.5.11.1 Company Overview
- 13.5.11.2 Product Portfolio
- 13.5.11.3 Demographic Reach and Achievements
- 13.5.11.4 Certifications
- 13.5.12 Others
Pricing
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