Automotive Electric Power Steering Market Size, Share, Growth Analysis, By Type(Column Assist EPS, Pinion Assist EPS), By Component(Steering Wheel, Steering Column), By Vehicle Type(Passenger Cars, Light Commercial Vehicles (LCVs)) - Industry Forecast 2024-2031

Automotive Electric Power Steering Market Drivers

Increasing Demand for Enhanced Driving Experience and Fuel Efficiency

• The increasing client call for stronger riding experience and gas efficiency in cars has propelled the adoption of electric strength steering structures over traditional hydraulic options. The inherent power performance and responsive manage of EPS align with the automobile industry's cognizance on sustainability and technological improvements.

Increasing Stringent Emission Guidelines Globally

• The stringent emission guidelines globally are accelerating the shift toward electrically assisted steering answers, as they make contributions to overall car performance and reduced environmental effect.  

Automotive Electric Power Steering Market Restraints

High Initial Implementation Cost of Electric Power Steering Systems

• One of the main market restraints is the initial implementation fee of electrical energy steerage structures may be a good-sized barrier, for consumers in rising markets or those driving older vehicles. The complexity of EPS systems and the need for periodic preservation could pose demanding situations in phrases of OEM adoption. Additionally, the over-reliance on electronic components makes motors extra at risk of ability cybersecurity threats, adding a layer of concern