Electric Power Steering Market: Steering Toward Efficiency with CAGR of 6.9% by 2030

The global electric power steering market, as analyzed in a recent report by MarkWide Research, is witnessing significant growth owing to the increasing demand for more efficient and responsive steering systems in the automotive industry. Electric power steering (EPS) systems have replaced traditional hydraulic steering systems due to their superior fuel efficiency and ease of integration with advanced driver assistance systems (ADAS). Projections suggest that the market will maintain a strong compound annual growth rate (CAGR) of 6.9% between 2023 and 2030, transforming the automotive steering landscape.

The automotive industry is evolving rapidly, with a focus on improving vehicle efficiency, safety, and driving experience. EPS systems offer several advantages, including reduced energy consumption and enhanced control.

EPS systems are compatible with ADAS features such as lane-keeping assist and adaptive cruise control, making them an integral part of the autonomous driving ecosystem. Growing consumer awareness of environmental issues and fuel efficiency is driving the adoption of EPS systems, which consume less power compared to hydraulic alternatives. Automakers are investing in research and development to further enhance the performance and reliability of EPS systems, ensuring they meet the evolving needs of modern vehicles.

The shift toward electric and hybrid vehicles, which rely on EPS systems for their efficiency and regenerative braking capabilities, is bolstering market growth. The COVID-19 pandemic has emphasized the importance of touchless technologies in vehicles, and EPS systems are well-suited to support touchless interfaces for steering and control.

In conclusion, the global electric power steering market is a key enabler of automotive advancements. With a projected CAGR of 6.9% between 2023 and 2030, EPS systems are poised to play a central role in the future of automotive steering technology.