The Global Electric Power Steering Market is poised to experience significant growth, driven by the increasing demand for electric and hybrid vehicles, advancements in steering technology, and stringent regulatory frameworks promoting fuel efficiency and safety. As the market was valued at approximately USD 26.96 billion in 2024, it is projected to reach USD 38.78 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of around 6.2% during the forecast period. Electric Power Steering systems, which feature torque sensors and energy-efficient designs, are gaining traction due to their lightweight nature and ability to improve vehicle handling dynamics. The surge in consumer awareness regarding environmental issues and the contribution of electric vehicles to reduced emissions further catalyzes the demand for EPS solutions.
Electric Power Steering Market Forecast
• Projected Growth: The…
