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

Global Electric Steering System Market size was valued at USD 26.19 Billion in 2022 and is poised to grow from USD 27.7 Billion in 2023 to USD 43.32 Billion by 2031, growing at a CAGR of 5.75% in the forecast period (2024-2031).

The global electric power steering system (EPS) market is experiencing high growth driven by several key factors. The automotive industry’s shift towards advanced driver empowerment systems and increasing calls for greener fuel technologies are key factors in the adoption of EPS.

Moreover, increasing sustainability of autonomous and semi-autonomous devices is fueling the market growth further as EPS matches the requirements using these advanced technologies. As a result, EPS in modern vehicles is becoming a well-known trend, contributing to the growth of the global electric steering system market significantly.

Growing consumer demand for better driver assistance systems (ADAS) and gasoline vehicles. EPS systems play an important role in vehicle safety and gas economy by bringing car buyers in line with changing options. The broader shift by the automotive industry to hybrid electric vehicles continues to drive EPS recognition for its compatibility with that emerging technology.

Electric power steering (EPS) uses electric motors to assist drivers. Electric steering is increasingly replacing hydraulic steering in the automotive industry. An electric steering system is an integrated set of linkages that do not rotate the vehicle within a minimum radius. It uses an electric motor and increases steering power with minimal effort from the driver. It has no hoses, fluids, drive belts, pulleys or pumps, so the driving experience is simple and comfortable. EPS improves fuel efficiency & driving experience, contributes to energy savings, and improves turning accuracy. Furthermore, increased demand for safety and luxury is expected to fuel the growth of the electric steering wheel market during the forecast period.