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

Global Electric Power Steering Market size was valued at USD 25.66 Billion in 2022 and is poised to grow from USD 27.10 Billion in 2023 to USD 41.90 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The growing emphasis on sustainability and rising demand for more fuel-efficient vehicles around the world are primarily driving the sales of electric power steering systems. Increasing sales of electric and hybrid vehicles around the world is also expected to bolster electric power steering market growth over the coming years. Rising emphasis on vehicle safety and impositions of stringent regulations to ensure the same are also expected to create new opportunities for electric power steering companies in the future. Moreover, the high demand for better driving experience and comfort in vehicles by consumers is also estimated to boost the adoption of electric power steering going forward. The rising use of steer-by-wire systems in multiple electric and hybrid vehicles is also expected to bolster the global electric power steering market development in the long run. However, limited steering feedback, challenges in aftermarket and retrofit installations, and high costs and complexity of development are some key constraints that impede electric power steering adoption.