The Global Electric Power Steering Market was worth US$ 26.3 billion in 2022 and is anticipated to reach a valuation of US$ 34.22 billion by 2028 and is predicted to register a CAGR of 5.40% during 2023-2028.

The steering system consists of a variety of linkages that work together to spin the car as quickly as possible without flipping it over. Modern electronic force steering, as opposed to conventional force steering, comprises many electrical components that help to reduce power and provide precise turning. The use of electronic power steering can enhance both driving safety and comfort.

The requirement for green conditions and the rising demand for automated driving cars are two factors that primarily drive the global market for electric power steering. Additionally, growing investments in R&D for new developments are assessed to influence market growth in various countries within the hypothesized time period. A significant advancement in power steering systems is anticipated to occur in the foreseeable future as a result of the adoption of electric power steering systems in commercial vehicles.

Market Drivers and Restraints:

The demand for well-equipped vehicles is being driven by an expanding global population and an increase in the average wage for the general public. Thus, this is fueling the Global Electric Power Steering Market's rapid growth. Additionally, there is growing pressure on automakers worldwide to adopt novel solutions that adhere to energy efficiency standards, which is anticipated to positively impact the growth of the global electric power steering market throughout the forecast period. Additionally, the expansion of the company is being accelerated by the continual growth in the automobile sector in swiftly emerging nations like Asia and Latin America.

Contrary to expectations, electric power steering systems are expensive when compared to standard steering systems. Additionally, it has been observed that these frameworks lack a steering feel, which could be one or more of the key factors restricting the growth of this industry in the years to come.

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The report is segmented as follows:

The Automatic Train Control Market is segmented by Type; the Market is segmented by Component; the Market is segmented by Vehicle Type; the Market is segmented by Mechanism:

By Type (C-EPS, P-EPS, R-EPS)

By Component (Steering Column, Steering Wheel, Sensors, Electronic Control Unit, Electric Motor, Bearings Wheat)

By Vehicle Type (Passenger Car, Medium And Heavy Commercial Vehicles, Light Commercial Vehicles, Off-Road Vehicles)

By Mechanism (Collapsible EPS, Rigid EPS)

Regional Segmentation:

Due to growing interest in autonomous vehicles and investments in research and development methods, North America is also anticipated to hold a sizeable market in 2019, accounting for 38.2%. Beginning in 2019, the region will account for a significant 38.2% of the market for electric power steering systems. Significant speculative investment in government initiatives and innovation progress has aided the APAC market's rapid growth. Important businesses like JTEKT Corporation and Hyundai Mobis Co. Ltd have made important contributions to the entire APAC industry. As a result, the adoption of the electric power steering framework will be a key driver for the electric steering industry given the growing interest in the automotive sector. Due to its developed automotive industry, Europe is expected to have rapid growth. APAC is anticipated to experience considerable growth in the global Electric Power Steering market between 2022 and 2027.

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Impact of the COVID-19 pandemic on the market:

Automakers are constantly updating a number of features in their lineup in response to the growing consumer demand for improved safety, comfort, and convenience. Additionally, the fierce competition in the car sector is pressuring automakers to include the newest innovations in even their entry-level and mid-segment models. Because of this, luxury car manufacturers are being forced to include cutting-edge technology to set their vehicles apart from those in the mid-segment. Because of this, more sophisticated electronic power steering systems are in demand, enabling customers to adjust the steering column position simply by pressing a button. The development of the worldwide electric power steering market is being positively impacted by these developments in the automotive sector.

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