Market Size of US Automotive EPS Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Automotive EPS Market Analysis
United States Automotive Electric Power Steering Market is anticipated to register a CAGR of about 6.2% during the forecast period (2020 - 2025).
The EPS market is primarily driven by the growing luxury vehicle production and sales, owing to the increasing preference for safety and comfort. Also, the rapid electrification of vehicles and rising stringency of emission norms in developed economies such as the United States is expected to increase the demand for EPS equipped cars.
However, the United States automotive EPS market continues to be affected by the country's economic turbulence. In 2019, despite a declining car market, the overall United States market remained strong, with total industry sales as high as 17 million. Moreover, the United States has the largest EPS market in North America and globally, the second largest EPS market.
The rising popularity of self-driving vehicles fueled demand for the electric power steering system market worldwide. Vehicles equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.
