Vietnam Electric Power Steering Market, By Type (C-EPS, P-EPS and R-EPS), By Component (Steering Column, Steering Wheel, Sensors, Electronic Control Unit, Electric Motor and Bearings), By Vehicle Type (Passenger Cars, Medium & Heavy Commercial Vehicles, Light Commercial Vehicles and Off-the-Road Vehicles), By Mechanism (Collapsible EPS and Rigid EPS), By Company and By Region, Forecast & Opportuni
Published Date: May - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
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Vietnam Electric Power Steering market was valued at USD 90.53 Million in 2024 and is expected to reach USD 125.90 Million by 2030 with a CAGR of 5.65% during the forecast period.
Vietnam Electric Power Steering Market is expected to grow at a robust CAGR over the next five years. The major factors contributing in the growth of the market are growing demand improved safety, comfort and environment performance of vehicles. Based on type, the market is segmented into C-EPS, P-EPS and R-EPS. Rack EPS is projected to be the fastest growing segment of the market due to increasing installation rate of electric power steering in commercial vehicles since R-EPS is mostly used in heavy commercial vehicles. Moreover, measures by manufacturers to reduce complexity & weight of vehicles and growing advancements in technologies further boost the demand for electric power steering market in Vietnam.
Key Market Trends
Integration with Autonomous Driving Systems
EPS is becoming an integral component of autonomous and semi-autonomous vehicles due to its ability to provide precise and adaptive steering inputs. Advanced driver-assistance systems (ADAS) rely on EPS for functions like lane-keeping assist, collision avoidance, and automatic parking. These systems require a high degree of steering accuracy, which EPS can deliver through its software-driven control. As the industry moves closer to fully autonomous vehicles, the integration of EPS with sensors and AI systems is expected to deepen.
Adoption of Steer-by-Wire Technology
Steer-by-wire (SbW) systems represent the next evolution in steering technology, replacing mechanical linkages with electronic controls. By removing the physical connection between the steering wheel and tires, SbW systems reduce vehicle weight, improve fuel efficiency, and allow for more innovative interior designs. SbW also enables advanced features like customizable steering feel and autonomous override, where the vehicle can take control of steering during certain scenarios. While still in the early stages of adoption, SbW is expected to become a mainstream technology in the coming years.
Expansion of Aftermarket EPS Solutions
The aftermarket sector is responding to the demand for EPS by offering retrofitting kits for vehicles originally equipped with hydraulic steering systems. These kits enable consumers to upgrade their vehicles with modern EPS technology, improving steering performance and reducing maintenance cost. This trend makes EPS accessible to a broader range of vehicle owners, including those with older models, thereby increasing the overall market penetration of the technology.
Segmental Insights
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Type Insights
In 2024, the Vietnamese market for electric power steering (EPS) is controlled by Column Electric Power Steering (C-EPS) systems owing to their affordability and universal applicability across a wide range of vehicle segments. C-EPS is especially preferred in compact vehicles and mid-size cars, which constitute a large segment of the Vietnamese automotive sector. The design of the system, which combines the electric motor and control unit within the steering column, saves weight and production complexity. This also positions C-EPS as a desirable option for manufacturers of affordable and efficient vehicle models. Its elegance in design and reduced cost of production appeal to the demand of the market for cost-efficient but reliable steering systems.
C-EPS systems have great compatibility with small and mid-size vehicles, which are most suitable in the urban settings common in Vietnam. The vehicles get advantages from the compact and light design of C-EPS, improving fuel economy and handling. Manufacturers are choosing C-EPS to match regulatory needs and consumer demands for efficient energy technologies with the increasing trend of electrification and stricter environmental regulations.
The superiority of C-EPS in Vietnam is a testament to the Vietnamese automotive market, where the focus is on price, fuel efficiency, and ability to handle city driving conditions. With consumer behavior and government policy increasingly supporting small, fuel-efficient cars, the role of C-EPS will only grow more dominant in the years to come, solidifying its position as the go-to EPS technology for the majority of manufacturers in the region.
Region Insights
In 2024, Vietnam's southern region was the leading market for electric power steering (EPS) systems. This is due to the region's strong automotive production activities, backed by a well-established industrial infrastructure. The southern part of Vietnam, especially in and around Ho Chi Minh City and neighboring provinces, is a major center for automobile production and assembly, thus exerting a huge demand for such newer automotive technologies like EPS. The industry clustering pushes the implementation of new steering technologies faster since manufacturers in that region focus more on energy efficiency and global standards.
The high urbanization of the southern region and expanding middle-class population are factors that drive higher automobile sales, especially small cars and sedans with Column Electric Power Steering (C-EPS) systems. These cars are popular due to their adaptability in urban areas, where fuel efficiency and maneuverability are essential. Since consumers in the south prefer those vehicles that promise better driving comfort and lower cost of operation, the incorporation of EPS systems comes as a most important selling advantage for automakers marketing to them.
The strategic position of the region and proximity to ports enable the importation of parts and exportation of completed vehicles, further supporting the automotive industry. With more dealerships and aftersales services, southern Vietnam provides a smoother distribution and maintenance network for EPS-equipped vehicles. This established supply chain supports the region's ability to serve both domestic and foreign markets, further supporting its role in driving EPS adoption.
Increasing disposable incomes and economic growth in the south have also created a mounting demand for upscale vehicles, many of which have more sophisticated steering systems like Rack Electric Power Steering (R-EPS). While C-EPS is still the leading technology, the use of other EPS forms in more expensive vehicles reflects the diversity of customers in the market and increasing sophistication.
Key Market Players
- Nexteer Automotive Corporation
- Robert Bosch GmbH
- Hyundai Mobis
- PHINIA Inc
- Mitsubishi Electric Corporation
- SHOWA CORPORATION
- ZF Friedrichshafen AG
- JTEKT CORPORATION
- GKN Automotive Limited
- Tenneco Inc.
Objective of the Study
- To analyse and forecast the market size of Electric Power Steering, in terms of value and volume.
- To classify and forecast Vietnam Electric Power Steering based on type, vehicle type, component, mechanism and regional distribution.
- To identify drivers and challenges for Vietnam Electric Power Steering.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Vietnam Electric Power Steering.
- To conduct the pricing analysis for Electric Power Steering.
- To identify and analyse the profile of leading players involved in the manufacturing of Vietnam Electric Power Steering.
Market Insights Research performed both primary as well as exhaustive secondary research for this study. Initially, Market Insights Research sourced a list of manufacturers across Vietnam. Subsequently, Market Insights Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market Insights Research could include the manufacturers which could not be identified due to the limitations of secondary research. Market Insights Research analysed the service offerings, distribution channels and presence of all major collaboration manufacturers across Vietnam.
Key Target Audience
- Electric Power Steering manufacturers
- Automobile manufacturers
- Raw material suppliers
- Electric power steering design companies
- Distributors and traders
- Research organizations and consulting companies.
- Research Institutes
- Industry associations
- Market research and consulting firm.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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Attribute |
Details |
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Base Year |
2021 |
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Historical Data |
2017 – 2020 |
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Estimated Year |
2022 |
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Forecast Period |
2023 – 2027 |
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Quantitative Units |
Revenue in USD Million, Volume in Units and CAGR for 2017-2021 and 2022E-2027F |
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Report coverage |
Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
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Segments covered |
· Type · Component · Vehicle Type · Mechanism |
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Regional scope |
Central Region, Northern Region, Southern Region |
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Key companies profiled |
Nexteer, Robert Bosch, Hyundai Mobis, Delphi, Mitsubishi Electric, Showa Corporation, ZF, JteKT, GKN, Federal Mogul. |
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Customization scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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