𝐔𝐒𝐀, 𝐍𝐞𝐰 𝐉𝐞𝐫𝐬𝐞𝐲- Electric Power Steering Market size was valued at USD 27.7 Billion in 2023 and is projected to reach USD 43.32 Billion by 2031, growing at a CAGR of 5.75% from 2024 to 2031.
The Electric Power Steering (EPS) market is experiencing robust growth driven by several key factors. One of the primary growth drivers is the increasing demand for fuel-efficient vehicles. EPS systems offer improved fuel efficiency compared to traditional hydraulic power steering systems by reducing the energy required from the engine to operate. This is particularly significant in light of stringent environmental regulations and the growing emphasis on reducing carbon emissions.
Furthermore, advancements in technology have led to the development of EPS systems that offer enhanced safety features such as stability control and lane-keeping assistance. These safety…
