Market Size of Russia Electric Power Steering Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 10.34 Billion |
| Market Size (2029) | USD 12.58 Billion |
| CAGR (2024 - 2029) | 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russia Electric Power Steering Market Analysis
The Russia Electric Power Steering Market size in terms of Equal-4.20 is expected to grow from USD 10.34 billion in 2024 to USD 12.58 billion by 2029, at a CAGR of 4.20% during the forecast period (2024-2029).
Over the long term, the enactment of stringent fuel economy norms and safety initiatives by governments and international associations are considered important drivers for the growth and development of advanced steering systems.
Electric power steering systems are fuel-efficient compared to the other alternatives due to the absence of belt-driven hydraulic or manual pumps, which run constantly, whether assistance is required or not. EPS provides fuel savings as high as 0.4 l for every 100 km, along with a reduction in CO2 emissions of up to 7 g/km. The integration of numerous steering sensors in an electric power steering (EPS) helps provide additional safety benefits to the driver.
Large commercial vehicles, such as buses and trucks, are different from passenger cars, as the large vehicles have the requirement of higher torque to provide steering assistance; additionally, they have much higher mileages, heavier loads, and more constant use than passenger cars, due to all the above reasons EPS is a much-needed solution for commercial vehicles.
