Electric Power Steering System Market Information by Type (Passenger Vehicle, Commercial Vehicle), by Component ( C-EPS, P- EPS, R- EPS), by Region Global Forecast to 2023.
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Electric Power Steering System Market Insights:
The global market for electric power steering system (EPS) is expected to register a compound annual growth rate of 6.41% between 2017 and 2023 to reach a valuation in excess of USD 28,300 Mn. EPS facilitates higher fuel efficiency and easier handling of the vehicle as compared to conventional steering systems. The automotive industry continues to be disrupted by new technological affinities where embracing electric and clean technology is the new normal. Pressure has been mounting on carmakers across the globe to adopt technological solutions that meet energy-efficiency standards.
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