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[Market Report] Global Market for Electric Power Steering in Automobiles

The global market for electric power steering in automobiles is accelerating towards a bright future, with projections reaching 42.6 billion USD by 2031.

The automotive industry is steering towards revolutionary changes due to the rise of the global electric power steering market for automobiles. In 2022, this market, which has been a driving force behind automotive technological innovation, recorded revenues of approximately $27.5 billion. Currently, it is projected to achieve remarkable growth, aiming for $42.6 billion by 2031. This impressive growth is expected to be solid, with a compound annual growth rate (CAGR) of 5% during the forecast period from 2023 to 2031. Electric power steering (EPS) for automobiles is redefining how vehicles are handled, providing drivers with control, fuel efficiency, and overall safety. Unlike traditional hydraulic systems, EPS relies on electricity, which enhances its adaptability and responsiveness to changing driving conditions. You can check the application method by clicking the [PDF Download] button or apply directly through the related links.