Power Assisted Steering Market Size, Share, Growth Analysis, By Type(Hydraulic, Electric, and Electro-hydraulic power steering systems), By Vehicle(Passenger cars, Commercial vehicles, and Electric vehicles), By Region - Industry Forecast 2024-2031

Global Power Assisted Steering Market size was valued at USD 16.29 billion in 2022 and is poised to grow from USD 17.04 billion in 2023 to USD 24.42 billion by 2031, at a CAGR of 4.6% during the forecast period (2024-2031).

The global power assisted steering market is witnessing substantial growth on account of a variety of factors including the rising demand for vehicles that are equipped with advanced driver assistance systems and the quest of continued fuel efficiency.

Power-assisted steering systems are integral to modern vehicles, especially during low-speed maneuvering as they greatly reduce the effort which drivers put in to turn the vehicle. Among key reasons for growth in power assisted steering market is growing focus on driver comfort and convenience. These systems, either hydraulic or electrically assisted, take away much of the physical work that goes with steering, especially when one is trying to turn the car round a corner or maneuver in a tight space.

Through a steering effort reduction of about 25 to 30% with power steering systems, the overall driving experience and the accessibility of vehicles to a larger group of people is improved. Additionally, the integration of power-assisted steering systems has led to the improvement of fuel efficiency in a variety of vehicle models. Research says that power-assisted steering can decrease energy consumption by up to 90%, so real fuel savings of up to 0.8 liters per 100 kilometers can be reached.

This efficiency gain not only allows individual drivers to save on fuel but also helps to achieve broader environmental goals by decreasing the total amount of carbon emissions from the transport sector. 

However, along with the climate control and fuel saving benefits, power assisted steering is also the basis for advanced driver assistance systems (ADAS). They are using technologies (that consist of features such as lane-departure warning systems, automatic evasion in hazardous situations, and traffic jam assist) for the purpose of making the vehicles safer and more maneuverable. Along with increasing integration of ADAS into vehicle models, it will additionally result in requiring more refined PA steering solutions.

The power-assisted steering market is rather contiguous in the terms of the rapid technological advancements, where the electronics are one of the key elements that change the original hydraulic system. EPAS provides the benefits of increased energy efficiency, precision control, and smooth integration into the whole range of electronic systems of an EV.

Hence, EPAS is well-placed to lead the market in the following years, especially as automotive producers strive to comply with the tightening regulatory requirements and customers’ preferences that are shifting favorably to eco-friendly and technologically highly advanced vehicles.