New York, USA, March 09, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric power steering (EPS) sensor market is expected to garner $26,736.3 million in revenue and rise at a CAGR of 8.4% during the analysis period from 2021 to 2028.
As per our analysts, with the increasing emphasis by governments and auto manufacturers to develop safer automotive systems for restricting the increasing road accidents, the market is expected to observe remarkable growth over the forecast period. Moreover, the growing concern of consumers about safety systems and technology and their rising interest in purchasing vehicles with optimum safety features are expected to fuel the growth of the market during the analysis period. Besides, the adoption of EPS systems among commercial vehicles is further expected to bolster the growth of the electric power steering (EPS) sensor market over the estimated period. However, the high costs of EPS systems and common failures in torque sensors may hamper the growth of the market during the forecast timeframe.
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Segments of the Electric Power Steering (EPS) Sensor Market
The report has been divided the electric power steering (EPS) sensor market into various segments based on vehicle type, sensor type, distribution channel, and region.
Vehicle Type: Passenger Vehicle Sub-Segment to be Most Lucrative
The passenger vehicle sub-segment is expected to generate a revenue of $20,193.4 million during the analysis period. This is mainly due to the growing expansion of passenger cars as a mobility medium all across the globe. Moreover, the growing development in technologies such as the implementation of EPS technology in budget passenger cars is expected to foster the growth of the market sub-segment during the forecast period.
Sensor Type: Steering Wheel Position Sensor Sub-Segment to be Most Profitable
The steering wheel position sensor sub-segment is predicted to generate a revenue of $12,465.9 million over the analysis period. This is mainly because of the need of replacing position sensors due to some major issues such as vibrations and increasing noise problems. In addition, the growing developments in non-contacting position sensors based on magnetic sensing principles are further expected to uplift the growth of the electric power steering (EPS) sensor market sub-segment over the estimated timeframe.
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Distribution Channel: OEMs Sub-Segment to be Most Productive
The OEMs sub-segment is predicted to generate a revenue of $16,997.6 million during the forecast period. This is widely because of the rising efforts of the OEMs in the automotive electric power steering sector to lessen up the development time by revising the control program. Further, growing advancements in motor control systems for vehicle handling and safety measures are expected to augment the growth of the market sub-segment during the analysis period.
Region: The Asia-Pacific Region Anticipated to Hold the Largest Share of the Electric Power Steering (EPS) Sensor Market
The Asia-Pacific region is expected to generate a revenue of $10,496.7 million throughout the forecast period. This is mainly because of the strong presence of the world’s largest automotive manufacturers in this region. Moreover, the increasing expenditures in developing new vehicle technologies and large-scale manufacturing are the factors predicted to boost the regional growth of the electric power steering (EPS) sensor market over the analysis period.
Covid-19 Impact on the Electric Power Steering (EPS) Sensor Market
The outbreak of the Covid-19 pandemic has badly impacted the electric power steering (EPS) sensor market, likewise several other industries. Due to the stringent lockdown and strict Covid-19 protocols, the overall sales of the vehicles have crashed during the period of crisis. This further impacted the OEM manufacturers along with automobile parts and sensors manufacturers. However, the growing demand for passenger vehicles post-pandemic has driven the growth of the market. The rate of demand for passenger vehicles is further expected to rise in near future and this tendency is further expected to drive the growth of the electric power steering (EPS) sensor market over the forecast period.
Key Players of the Electric Power Steering (EPS) Sensor Market
The major players of the electric power steering (EPS) sensor market include
- Continental AG
- DENSO Corporation
- Infineon Technology
- Valeo SA
- Sensata Technologies
- HELLA GmbH & Co. KgaA
- TT Electronics Plc
- Asahi Kasei
- Robert Bosch GmbH
- NXP Semiconductors, and many more.
- Check which key Business players dominating the overall market share
These players are widely working on the development of new business strategies and tactics to acquire the leading position in the global industry.
For instance, in June 2020, DENSO Corporation, a leading global automotive components manufacturer, has announced its new development - EPS motor control unit (EPS-MCU). This new EPS motor control unit has been implemented in Toyota New Harrier as its debut.
Furthermore, the report also presents other important aspects of the market such as the financial performance of the key players, product portfolio, SWOT analysis, and the latest strategic developments.
Related Article Links:
- Acquisitions Like that of Integrated Device Technology, Inc. by Renesas Electric Corporation to Propel the Growth of the Global Electric Power Steering (EPS) Sensor Market
- How Electric Power Steering Sensors Strengthen its Root in Global Automotive Industry by Delivering Optimum Safety Measures and Enhanced Performance?
- The Global Electric Power Steering (EPS) Sensor Market Anticipated To Generate A Revenue Of $26,736.3 Million, Growing At A CAGR Of 8.4% From 2021 To 2028
