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The electric power steering market size is forecast to increase by USD 7.33 billion at a CAGR of 5.05% between 2023 and 2028. The electric power steering (EPS) market is witnessing significant growth due to stringent regulations aimed at controlling vehicular emissions. Governments worldwide are imposing stricter norms on automobile manufacturers to reduce carbon emissions, leading to the widespread adoption of EPS systems. Another trend influencing the market is the increasing use of steer-by-wire technology in commercial vehicles. This technology offers enhanced safety features and improved fuel efficiency, making it a preferred choice for CV manufacturers. However, the market is facing challenges due to the sharp decline in automobile production and sales, especially in the wake of the COVID-19 pandemic. This downturn in demand has led to reduced production and sales of EPS systems, negatively impacting market growth. Despite these challenges, the long-term outlook for the EPS market remains positive, driven by the increasing demand for fuel-efficient and eco-friendly vehicles.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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