Market Size of China Electric Power Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 12.95 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Electric Power Steering Market Analysis
China Automotive Electric Power Steering Market is anticipated to register a CAGR of about 12.95% during the forecast period (2020 - 2025).
Automotive EPS Motor is an integral component, due to its basic functionality of allowing the driver to steer the car by augmenting steering efforts needed to turn the steering wheel. Factors such as extensive ownership of personal vehicles and growing technological advancements will see the rise of the EPS market.
The Chinese economy is growing, and the disposable income of middle-class consumers is also increasing. This, in turn, reflects positively on the growing demand for vehicles. Over the past five years, vehicle production has gone up drastically due to the low production costs in the country. Due to the hike in vehicle production, the electric power steering component market is also gaining momentum. Moreover, the Chinese government has also cut down the taxes on cars, to increase cars' sales.
The rising popularity of self-driving vehicles has fueled demand for the electric power steering system. Vehicles that are equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.
