Market Size of UK Automotive Eps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.95 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Automotive EPS Market Analysis
UK Automotive Electric Power Steering Market is anticipated to register a CAGR of about 10.95% 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.
Among regions, the United Kingdom is one of the dominating nations in the automotive EPS market. The EPS market is primarily driven by the growing luxury vehicle production and sales, owing to the increasing preference for safety and comfort. Also, rapid electrification of vehicles and rising stringency of emission norms in developed economies such as the United Kingdom is expected to increase the demand for EPS installed cars.
The rising popularity of self-driving vehicles fueled demand for the electric power steering system market and the ECU worldwide. Vehicles that are equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.
