Europe Electric Power Steering Market Size

Europe Electric Power Steering Market Analysis

The European electric power steering market was valued at USD 5.61 billion, and it is expected to reach USD 6.79 billion, registering a CAGR of 3.9% over the period of the next five years during the forecast period.

• Over the long term, the main factor boosting the growth of the automotive steering wheel market is the rising use of steering-mounted electronics, which makes wheels more intuitive. In the past twenty years, steering wheels have been employed to handle a variety of dashboard-based functions in automobiles. Radio and music, cruise control, climate control, and a number of additional features, such as call answering, are among these features.
• Further, the steering is becoming more balanced and suitable for driving in various settings and speeds thanks to cutting-edge steering-assisted safety technology. By minimizing lateral and yaw motions, steering-assist technologies like automatic speed recognition (ASR) and deep search recognition (DSR) alter the steering feel in accordance with vehicle speed and driving conditions. 
• For instance, in May 2023, Volvo Cars announced that the all-electric Volvo EX30 has several new active safety and driver support systems. The EX30 features cutting-edge restraint technology as well as a superior structural design for crash protection. In addition to the hands-on detection in the steering wheel, the car has a special sensor located behind the steering wheel and powered by powerful algorithms that detect eye and face movements around 13 times per second.
• The market for automotive steering wheels is expected to develop as a result of improvements in driving technology, digitalized steering wheel generation, and the use of high-quality materials for steering. Autonomous vehicles run without a driver's assistance and are capable of navigating around obstacles, navigating across different types of terrain, and arriving at a predetermined destination. 
• The increased production of automobiles, constant technological advancements in the European automotive sector, and the increasing demand for fuel-efficient vehicles with effective steering systems are expected to propel the growth of the market over the forecast period. 
• For instance, in August 2022, The Acura Precision EV Concept had a low driving position and a steering wheel with two grips. To calm the driver, the steering wheel is retracted within the vehicle, while the cockpit emits pleasant aromas and projected visuals of underwater landscapes.
• Most vehicles today are heavy and equipped with front-wheel drive. Hence, the tire diameters are also increased according to vehicle requirements. To reduce the manual effort, power steerings were introduced to assist the driver. This feature has gradually become commonplace across all new vehicles. Among the different types of steering systems available nowadays, electric power steering is one of them.