Global Electric Power Steering Market is estimated to reach?$41.9 billion by 2026, forecast to grow at a?CAGR of 5.2%?during 2021-2026. Increasing adoption of Electric Power Steering in passenger car as well as commercial vehicles is one of the major driving factor that is expected to drive the automotive Electric Power Steering market during the forecast period. Variable ratio steering changes the co-ordination between the driver’s actions.
- Asia-Pacific?region is estimated to drive the electric power steering market growth during the forecast period from 2020 to 2025, owing to the growth of vehicle production, favorable government regulation, vehicle emission, electric vehicle penetration, growing disposable income and among other factors.
- Global?Electric power steering market is estimated to driven with the help of growth in sport and budget segment vehicles. In the other hand most of the OEMs are started focusing on implementing cost-effectiveness and EPS system in commercial vehicles, expected to drive the market growth in the long term prospective.
- Some of the?advantages offered by the electric power steering system offers better fuel efficiency, there is no assistance require to operate the power steering system manually.
