Electric Power Steering Market Share, Size, Trends, Industry Analysis Report, By Component (Steering Column, Sensors, Steering Gear, Mechanical Rack & Pinion, Electronic Control Unit, Electric Motor, Others); By Mechanism; By Type; By Vehicle; By Region;

Electric Power Steering Market Share, Size, Trends, Industry Analysis Report, By Component (Steering Column, Sensors, Steering Gear, Mechanical Rack & Pinion, Electronic Control Unit, Electric Motor, Others); By Mechanism; By Type; By Vehicle; By Region; Segment Forecast, 2022 - 2030

The global electric power steering market size is expected to reach USD 41.10 Billion by 2030 according to a new study by Polaris Market Research. The report “Electric Power Steering Market Share, Size, Trends, Industry Analysis Report, By Component (Steering Column, Sensors, Steering Gear, Mechanical Rack & Pinion, Electronic Control Unit, Electric Motor, Others); By Mechanism; By Type; By Vehicle; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

With the gradual rise in vehicle production, the industry is gaining massive momentum. Steering wheels and the ratio rapidly change with vehicle speed and increasing the handling condition, further supporting the market growth. In addition to this, the immense pressure on car manufacturers throughout the world has been increasing to implement technological solutions that meet energy efficiency standards are also expected to contribute towards the higher demand for the product in the forecast period.

Based on the electric motor segment, the brushless DC motors segment is witnessing a leading stake in the global market. This is due to the rise in the trend of industrial automation in the automotive sector and the growing popularity of advanced brushless motors to promote operational efficiency. However, the brushless DC motor segment is also projected to grow at the fastest CAGR during the forecast period owing to the transition of vehicles from conventional vehicles.

Asia Pacific is projected to lead the industry in terms of revenue share around the globe due to its focus on carbon emissions, coupled with the wide presence of market vendors and power companies in the region. The region is also anticipated to register a substantial growth rate over the assessment period due to favorable government policies.