Electric Power Steering Market Size, Share, Growth Analysis, By Product type,(fruit strips, fruit gummies, fruit bars, dried fruits), By Flavor Variation(Strawberry, apple, mango, mixed fruit blends), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Sales Channel), By Region - Industry Forecast 2024-2031

Drivers

Demand for Comfortable Driving Experience 

• Consumers around the world are demanding a comfortable driving experience and this is why automotive companies are promoting the use of electric power steering systems. Smoother and more responsive steering characteristics of electric power steering systems are helping them become a popular choice among vehicle owners thereby driving market development potential as well.  

Rising Sales of Hybrid or Electric Vehicles 

• Electric vehicles do not have a combustion engine to power traditional power steering systems and hybrid vehicles also focus on boosting efficiency by opting for electric power steering systems. Growing use of steer by wire systems in these vehicles is forecasted to create new opportunities for electric power steering providers in the future.  

Restraints 

Lack of Steering Feedback 

• While electric power steering offers top-of-the-line comfort and ease, it lacks the feedback of road that the conventional systems offer. This issue results in a lack of feeling and understanding of the vehicle’s grip on the road, especially in high-performance vehicles. Thus, limited steering feedback is expected to impede electric power steering demand outlook going forward. 

Aftermarket and Retrofit Installation Challenges 

• Retrofitting an electric power steering system in a conventional vehicle is a herculean task as it involves significant modifications to the vehicle structure and electric systems as well. This issue in retrofitting and complex aftermarket installation is expected to slow down the overall market growth in the long run.