Global Electric Power Steering Market Size, Share, Growth Analysis, By Product type,(fruit strips, fruit gummies), By Flavor Variation(Strawberry, apple), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores) - Industry Forecast 2024-2031

Global Electric Power Steering Market size was valued at USD 25.66 Billion in 2022 and is poised to grow from USD 27.10 Billion in 2023 to USD 41.90 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The Electric Power Steering (EPS) market is witnessing significant growth driven by several key factors. The automotive industry's transition towards advanced driver assistance systems and the rising demand for fuel-efficient vehicles are primary catalysts for EPS adoption. The replacement of conventional hydraulic steering systems with EPS enhances fuel efficiency and vehicle performance. Moreover, the increasing trend of autonomous and semi-autonomous vehicles is further propelling the market as EPS aligns with the requirements of these advanced driving technologies. Consequently, EPS is becoming a standard feature in contemporary automobiles, thereby contributing to the overall expansion of the global Electric Power Steering market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Power Steering Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric Power Steering Market Segmental Analysis

The global Electric Power Steering market is segmented into four major segments i.e. by Type, Vehicle Type, Component, and region. Based on Type, it is divided into Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS). Based on Flavor variation, it is bifurcated as Passenger Cars, Commercial Vehicles. Based on Distribution channel it is segregated into, Steering Column, Steering Motor, Steering Gear. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, Latin America.

Drivers of the Global Electric Power Steering Market

The increasing consumer preference for advanced driving assistance systems (ADAS) and fuel-efficient vehicles underscores the significance of electronic power steering (EPS) systems in enhancing both safety and fuel economy, catering to the changing preferences of automobile buyers. As the automotive industry continues to pivot towards electric and hybrid vehicles, the adoption of EPS is accelerated due to its compatibility with these emerging technologies, reflecting a broader trend towards sustainability and innovation in the automotive sector.

Restraints in the Global Electric Power Steering Market

One major limitation in the market is the initial cost associated with adopting EPS systems over conventional hydraulic steering mechanisms, which proves challenging especially in markets with cost-sensitive consumers and economic instabilities. Additionally, the potential for increased complexity in maintenance and repair presents another constraint, as EPS systems incorporate electronic components that may demand specialized skills and equipment for servicing.

Market Trends of the Global Electric Power Steering Market

The incorporation of advanced driving assistance systems (ADAS) into Electronic Power Steering (EPS) is enhancing safety features such as lane-keeping assistance and automated parking. There is a noticeable industry trend towards steer-by-wire technology, eliminating the traditional mechanical linkage between the steering wheel and the wheels. This transition allows for more adaptable and customizable vehicle designs.