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Electric Steering Market Size, Growth Rate, and Industry Forecast to 2035
The Electric Steering Market Size is growing steadily due to widespread adoption of electric power steering in passenger and commercial vehicles. Manufacturers are investing in compact, reliable, and cost-effective steering solutions to support global demand. The increasing use of column and rack assist steering mechanisms improves maneuverability and energy efficiency. Moreover, growing EV production and integration of autonomous driving technologies are expanding the market’s size across all major automotive regions.
The Electric Steering Market Size has expanded rapidly in recent years, reflecting the automotive industry’s shift toward intelligent, efficient, and connected mobility. The increasing number of electric vehicles (EVs) and hybrid models globally drives steady growth in EPS system demand.
Market Dynamics
The global automotive market’s transformation has positioned electric steering systems as a vital component. As manufacturers prioritize sustainability and performance, EPS replaces traditional hydraulic solutions, leading to lighter vehicles and lower emissions.
Growth Factors
- Rising EV Adoption: Every new EV model includes EPS as a standard component.
- Urban Mobility Trends: Compact cars and electric city vehicles require lightweight steering systems.
- Technological Innovation: Continuous improvements in torque sensors and control algorithms.
Regional Market Size
- Asia-Pacific: Dominates global volume due to massive automotive production.
- North America & Europe: Account for high-value segments due to luxury and premium vehicle adoption.
Market Segmentation
1. By Vehicle Type: Passenger, light commercial, heavy-duty.
2. By Assist Type: Column assist, rack assist, pinion assist.
3. By Component: Steering column, sensors, ECU, motor.
Outlook
The Electric Steering Market Size is projected to grow at a CAGR exceeding 7% through 2035 as electrification and smart mobility rise.
FAQs
Q1: Which region leads the EPS market size?
Asia-Pacific holds the largest market share by production volume.
Q2: What drives EPS market expansion?
EV adoption and emission-reduction mandates.
Q3: How does EPS size correlate with vehicle electrification?
Directly, since most EVs and hybrids use EPS exclusively.
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