Electric Power Steering Market Outlook 2024–2030: What’s Driving 6.6% CAGR?
The global electric power steering (EPS) market is witnessing strong growth as automakers transition from hydraulic steering systems to energy-efficient, electronically controlled alternatives. Increasing demand for fuel-efficient vehicles, electric vehicles (EVs), and advanced driver-assistance systems (ADAS) is accelerating EPS adoption across passenger and commercial vehicles worldwide. According to recent market insights, the electric power steering market was valued at USD 25.32 billion in 2023 and is projected to reach USD 39.27 billion by 2030 , expanding at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030 . EPS systems are becoming a standard feature in modern vehicles due to their ability to improve fuel economy, reduce emissions, enhance steering precision, and support automated driving technologies. What is Electric Power Steering (EPS)? Electric Power Steering replaces traditional hydraulic systems with...