Automotive Electric Power Steering Market

According to UnivDatos Market Insights (UMI)' research report "Automotive Electric Power Steering Market", the market is expected to witness a significant growth during the forecast period 2021-2027F. Automotive Electric Power Steering Market is experiencing significant growth due to Rising demand for safety and convenience paired with initiatives by OEMs to reduce complexity and weight of vehicles, Growing adoption of vehicle equipped with advanced automation systems, Increasing production and sale of vehicles owing to rising disposable income, and Growing adoption and government initiatives for Electric vehicles. However, fluctuating prices of raw materials and high cost associated with the technology is expected to limit the market growth. In addition, Growing penetration of Electric Power Steering in Penetration in commercial vehicles paired with Electrification of commercial vehicles would provide ample growth opportunity for the players operating in the market.

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