The global electric power steering (EPS) sensor market is predicted to observe significant growth by 2030, owing to the reduced stress on the engine and increase in fuel efficiency. Regionally, the Asia-Pacific region is expected to be dominant.
NEW YORK, Aug. 2, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Electric Power Steering (EPS) Sensor Market by Vehicle Type (Passenger and Commercial), Sensor Type (Speed Sensor, Steering Torque Sensor, and Steering Wheel Position Sensor), Distribution Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030“.
According to the report, the global electric power steering (EPS) sensor market is predicted to garner a revenue of $26,580.8 million and grow at a CAGR of 7.0% over the estimated period during the analysis period from 2022 to 2030.
Dynamics of the Electric Power Steering (EPS) Sensor Market
The increasing use of electric power steering (EPS) in cars to reduce the stress on the engine and enhance its fuel efficiency, is predicted to upsurge the growth of the electric power steering (EPS) sensor market over the estimated period. Besides, the growing use of electric power steering sensors to avoid road accidents caused by human error, and to control various elements in cars such as traffic sign recognition, pedestrian detection, automatic emergency braking, and many more, is expected to fortify the growth of the market during the analysis period. Moreover, the innovation of electric power-assisted systems (EPAS) in the electric power steering system is predicted to create huge growth opportunities over the forecast period. However, the issues with an electric motor can lead to the failure of electric power steering which may impede the growth of the market during the estimated timeframe.
Covid-19 Impact on the Electric Power Steering (EPS) Sensor Market
The outbreak of the Covid-19 pandemic has had a negative impact on the electric power steering (EPS) sensor market, likewise various other industries. The unstable environment created by the Covid-19 pandemic has reduced the investment opportunities in various automobile parts for advancement. Moreover, the lack of resources and shortages in semiconductors caused by supply chain disruption has harmed the vehicle manufacturing processes during the pandemic period. All these factors have affected the growth of the market over the period of crisis.
Segments of the Electric Power Steering (EPS) Sensor Market
The report has divided the market into segments based on vehicle type, sensor type, distribution channel, and region.
- By vehicle type, the passenger vehicle sub-segment is predicted to be the most productive and is projected to generate a revenue of $20,099.7 million during the analysis period. The growing popularity of passenger cars as a primary mode of transportation all across the globe is expected to uplift the growth of the market sub-segment during the forecast timeframe.
- By sensor type, the steering wheel position sensor sub-segment is expected to be the most profitable and is expected to garner a revenue of $12,271.3 million over the analysis period. The increasing demand for safety systems has forced steering sensor manufacturers to incorporate safety features into their products which are predicted to augment the growth of the market sub-segment during the estimated period.
- By distribution channel, the original equipment manufacturer sub-segment is predicted to be the most lucrative and is expected to generate a revenue of $16,739.6 million during the forecast period. The increasing adoption of electric power steering sensors by the automotive industry to implement safety features is predicted to propel the growth of the market sub-segment over the analysis timeframe.
- By region, the Asia-Pacific region of the electric power steering (EPS) sensor market is expected to have huge growth opportunities and is predicted to grow at a CAGR of 7.5% during the estimated period. The strong presence of automobile manufacturing companies in this region and the increasing demand for electric vehicles in emerging nations are expected to drive the regional growth of the market throughout the forecast timeframe.
Key Players of the Electric Power Steering (EPS) Sensor Market
The major players of the electric power steering (EPS) sensor market include
- Robert Bosch GmbH
- DENSO CORPORATION
- Infineon Technologies AG
- Continental AG
- Asahi Kasei Corporation
- HELLA GmbH & Co. KgaA
- TT Electronics
- Valeo
- Sensata Technologies, Inc
- NXP Semiconductors, many more.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. – Inquire here to get access for the key manufacturers’ development strategic report
For instance, in September 2020, DENSO Corporation, a global automotive components manufacturer, developed its new Electric Power Steering Motor Control Unit (EPS-MCU) called “DDA2” that could deliver improved handling and safety to the vehicles. It was integrated with multiple components in a simplifying structure, resulting in a significant reduction in size as well as costs. It was featured in Toyota’s new harrier and will be featured in various other cars of automakers in the upcoming years.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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