Electronic Power Steering Market Share, Technology Trends & Forecast Analysis 2022

The electronic power steering market is anticipated to grow at a significant CAGR in the years to come, owing to the logistic and fuel efficiency it offers as well as its major application in all automobiles. Power steering systems supplement the torque that the driver applies to the steering wheel. EPS system manages the assistance at certain speed such as less assistance at higher speeds and more assistance at lower vehicle speed, which helps in eliminating many HPS components such as drive belt, hoses, pump, fluid and pulley. Eps enhances the efficiency of the car by reducing the fuel consumption due to low energy utilization in electric power steering system.  Dissimilar from a hydraulic power steering system, the EPS incessantly helps in driving a hydraulic pump. EPS system powers the motor when required, which is also among one of the efficiency advantages of an EPS system.