Electric Power Steering Market Set for Steady Expansion at 4.50% CAGR by 2033
The global electric power steering industry is witnessing steady growth as automotive manufacturers increasingly adopt energy-efficient steering technologies across passenger cars, commercial vehicles, and electric vehicles. Rising investments in vehicle electrification, safety innovations, and lightweight automotive components are significantly contributing to market expansion worldwide. According to Business Market Insights, the global Electric Power Steering Market is projected to grow from US$ 29.13 billion in 2025 to US$ 41.36 billion by 2033. The market is expected to expand at a CAGR of 4.5% during the forecast period from 2026 to 2033. Owing to increasing production of passenger and commercial vehicles, rising demand for electric and hybrid vehicles, and continuous advancements in steer-by-wire technologies. The integration of intelligent steering systems with autonomous driving platforms and connected vehicle technologies is further accelerating global market expansio...