Electric Steering System Market Size, Share, Growth Analysis, By Type(Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), and Rack Assist Electric Power Steering (R-EPS)), By Flavor Variation(Passenger Cars, Commercial Vehicles), By Distribution Channel(Steering Column, Steering Motor, and Steering Gear), By Region - Industry Forecast 2024-2031

Asia Pacific has every potential to dominate the global electric steering system market. The region is a major global hub for automobile manufacturing, with major players from countries such as China, Japan and South Korea. The massive expansion of automotive production contributes to the high demand for EPS systems. The Asia Pacific region in the market is expected to dominate the market from 2024 to 2031. Increasing disposable income, rapid urbanization and growing purchasing power drive the demand for electric steering systems of this region in addition to vehicle weight reduction, Focusing on increasing fuel efficiency and complying with stringent emissions regulations for carmakers with Asia has increasingly adopted electric steering system Furthermore, China had the largest market share in the electric steering market and Indian electric steering was an important growing market in Asia Pacific.

North America is predicted to be the fastest growing region for the electricity industry. The site is at the forefront of technology development in the automotive quadrant, with a strong focus on integrating advanced driver assistance systems and EPS-certified electric vehicle technology increasing consumer demand for advanced driver assistance systems (Adas). The North America electric steering market is expected to grow significantly with the presence of prominent players, technological advancements, leading to the use of electric steering systems in the region and supportive government policies and increasing consumer base in the case of hybrid electric vehicles also increases the market expansion.