Electric Power Steering Market Size, Share

IMARC Group, a leading market research company, has recently released a report titled “Electric Power Steering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the electric power steering market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Electric Power Steering Market?

The global electric power steering market size reached US$ 26.79 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.01 Billion by 2028, exhibiting a growth rate (CAGR) of 5.45% during 2023-2028.

What is Electric Power Steering?

Electric power steering is an automotive system that assists drivers in controlling vehicles. It consists of components like an electric motor, sensors, control module, wiring, power supply, and electronic input system. Widely used in various vehicles, including passenger cars, SUVs, EVs, trucks, and buses, it offers improved handling, maneuverability, and performance compared to traditional power steering. It enhances fuel efficiency, lowers maintenance costs, reduces vehicle weight, and operates quietly and vibration-free. Furthermore, electric power steering can integrate with advanced automotive technologies to enhance safety and driving experience.

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What are the growth prospects and trends in the electric power steering industry?

The global market is driven by the increasing demand for fuel-efficient vehicles. Electric power steering offers lightweight, compact, and durable systems that consume less power than traditional hydraulic systems, improving vehicle performance, fuel efficiency, and range. Environmental awareness contributes to market growth, as strict government regulations to reduce emissions boost the adoption of electric power steering. Dual-pinion designs enhance precision steering and responsiveness, while haptic feedback systems improve driver awareness and experience. Electric and hybrid vehicles widely adopt these systems for improved energy efficiency. The automotive industry’s growth, investment in advanced systems, and the desire for enhanced driving experiences also fuel market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:

Mechanism Insights:

Type Insights:

Vehicle Type Insights:

Market Breakup by Region:

Who are the key players operating in the industry?

The report covers the major market players including:

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