How Big is the Automotive Electric Power Steering Market | Key Stats & Future Trends

Automotive Electric Power Steering Market Size Growth Rate

How Big is the Automotive Electric Power Steering Market?

The automotive electric power steering (EPS) market has grown significantly and is continuing to grow at a rapid pace based on the desire for fuel economy and the transition to advanced automotive technology. Electric power steering systems help with energy efficiency as a hydraulic pump is not needed.

Energy efficiency is both required and goes hand in hand with the increased sustainability and carbon reduction initiatives in place today. Automotive Electric Power Steering Market Size is also being driven by the widespread applications of EPS both in passenger vehicles and commercial vehicles worldwide.

Key Drivers Shaping the Automotive Electric Power Steering Segment

Several key factors are propelling the growth of the automotive electric power steering segment. First, consumer demand for vehicles that offer heightened driving comfort and control has made EPS integral to vehicles. Second, regulatory demands to deal with decreased vehicle emissions have led automobile manufacturers to consider lightweight and energy-efficient steering system choices, such as EPS.

Furthermore, even advancements in sensor technology have supported EPS models, as have the growing number of driver assistance systems that include EPS, such as lane keeping assist and parking assist. Thirdly, the increasing popularity of electric and autonomous vehicles is driving EPS growth, as these systems rely heavily on EPS since EPS seamlessly integrates with electronic systems.

Why Automotive Electric Power Steering Is Dominating the Next Decade of Automotive Design

Electric power steering is set to dominate the next decade of automotive design for several reasons. For instance, it is far more energy efficient than the older hydraulic systems, and this will be crucial for the targets related to fuel economy, and ultimately for electric vehicles. Also, EPS systems can be tailored to allow many vehicle variations, and are easily integrated with compatible advanced driver-assistance technologies, which will ensure EPS remains relevant in the automation age of vehicles.

In addition, EPS systems are less expensive from a maintenance perspective due to more simple mechanical design which yields less monetary burden for manufacturers and owners alike when looking long-term. As the automotive industry evolves to meet the demands of sustainability, technological advancement, and enhanced user experience, electric power steering systems are positioned at the forefront of this transformation.

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