New York, Global Electric Power Steering Sensors Market was valued at US$ 14.6 billion in 2021 and it is anticipated to grow up to US$ 27.4 billion by 2031, at a CAGR of 6.4% during the forecast period.
New York, Global Electric Power Steering Sensors Market from Global Insight Services is the only authoritative source for intelligence on the Electric Power Steering Sensors Market. The report will provide you with an analysis of the impact of the latest market disruptions such as the Russo-Ukrainian War and Covid-19 on the market. The report provides a qualitative analysis of the market using various frameworks such as Porters Analysis and PESTLE. The report includes in-depth segmentation and market size data by categories, product types, applications, and geographic regions. The report also includes a comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as mergers and acquisitions activities in the market.
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The global electric power steering sensors market report from Global Insight Services is the single authoritative source of intelligence on Electric Power Steering Sensors Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Electric power steering (EPS) sensors are used in the vehicle’s power steering system for efficient handling and operation. The EPS system replaces traditional steering systems such as hydraulic power steering and electro-hydraulic systems. The rising importance of self-driving or autonomous vehicles is expected to fuel the market growth of EPS systems, thereby increasing the growth of the EPS sensors. Using an EPS system in a vehicle, which includes an electric power steering pump, a power steering motor, and sensors, helps reduce overall weight, improve fuel efficiency, and extend vehicle life.
Major Players in the Global Electric Power Steering Sensors Market
The key players studied in the global electric power steering sensors market are Advanced Leading Technology Co. (China), Continental AG (Germany), HELLA GmbH & Co. KGaA (Germany), Hitachi Astemo Americas, Inc. (US), Infineon Technologies AG (Germany), JTEKT Corporation (Japan), NXP Semiconductors N.V. (The Netherlands), Robert Bosch GmbH (Germany), TT Electronics PLC (UK), and Valeo (France).
Market Drivers and Trends
The EPS used in cars has components such as motor, sensor, and steering column. Compared to Hydraulic Power Steering (HPS), the EPS uses an electric motor to assist the driver in steering the car rather than drawing power from the engine to run a hydraulic system to steer the car. Thus, reducing stress on the engine increases the fuel efficiency of an engine. An increase in fuel prices is leading to a rise in the sale of fuel-efficient cars. Thus, it is further expected to drive the Electric Power Steering (EPS) sensor market demand.
The EPS sensor continuously monitors the driver’s behavior on steering movement, road condition, speed, and tire movement. The advanced driver assisted systems (ADAS) play an important role in avoiding accidents caused by human error. The ADAS controls various car elements such as pedestrian detection/avoidance, lane departure warning/correction, traffic sign recognition, automatic emergency braking, and blind spot detection. During the high speed of the vehicle, various factors such as slippery roads or sudden braking can cause an imbalance. With the help of ADAS such as EPS, ABS, and steering wheel, more than 80% of skidding accidents can be avoided using sensor data about the road condition and vehicle speed. This factor is expected to drive the market share.
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Global Electric Power Steering Sensors Market Segmentation
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Sensor Type
- Speed Sensor
- Steering Torque Sensor
- Steering Wheel Position Sensor
By Distribution Channel
- OEM
- Aftermarket
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
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