New York, USA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global electric power steering (EPS) sensor market is predicted to garner a revenue of $26,580.8 million and grow at 7.0% CAGR over the forecast period from 2022-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2022-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Electric Power Steering (EPS) Sensor Market
Drivers: The electric power steering (EPS) uses electric motor to assist the driver in steering the car that results in reduced stress on engine and enhances fuel efficiency. Moreover, the sky-rocketing prices of fuel has now led to the growing production and sales of fuel-efficient cars. These factors are projected to drive the growth of the global electric power steering (EPS) sensor market during the forecast period. Additionally, the electric power steering sensor monitors the driver’s behavior based on steering movement, speed, road condition, and tire movement. This helps in preventing accidents on roads, thus further boosting the market growth.
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Opportunities: The integration of electric power assisted system (EPAS) into several modern cars to assist the driver for ease in steering is one of the prime factors to create ample growth opportunities for the global electric power steering (EPS) sensor market by 2030. Moreover, the sensors in the EPS system optimize steering in all conditions by changing steering ratio with the speed of the vehicle. This makes the turning in tight corners at low speed easier, thus further augmenting the market development.
Restraints: Possible issues with the electric motor that can lead to failure of the EPS system is the major impeding factor for the market growth.
Covid-19 Impact on the Electric Power Steering (EPS) Sensor Market
The outbreak of the devastating corona virus pandemic has had an adverse impact on the global electric power steering (EPS) sensor market. This is mainly due to lack of availability of resources, disruptions in supply chains due to strict import-export restrictions, and shortage in the manufacturing of semiconductors. All these factors led to the reduced production and sales of automobiles, thus hindering the demand for electric power steering (EPS) sensors. Furthermore, government-imposed stringent lockdowns and mobility restrictions led to shortage of labor force in the automotive industry that also resulted in postponed or delayed manufacturing process of semiconductors.
Segments of the Electric Power Steering (EPS) Sensor Market
The report has divided the electric power steering (EPS) sensor market into multiple segments based on vehicle type, sensor type, distribution channel, and regional analysis.
Vehicle Type: Passenger Vehicle Sub-segment to be Most Dominant
The passenger vehicle sub-segment of the global electric power steering (EPS) sensor market is estimated to hold a dominant market share and gather a revenue of $20,099.7 million during the analysis years due to the rising popularity of passenger cars and the growing integration of EPS systems into these cars. The electric power steering (EPS) systems are anticipated to assist the driver while steering by decreasing the stress on the engine and improves fuel efficiency. These factors are expected to bolster the sub-segment’s growth by 2030.
Sensor Type: Steering Wheel Position Sensor Sub-segment to be Highly Beneficial
The steering wheel position sensor sub-segment of the global electric power steering (EPS) sensor market is predicted to have the highest growth rate and register a revenue of $12,271.3 million by 2030 since these sensors offer accurate and proper response and automatically adapts to the vehicle speed. The steering wheel position sensor is usually placed on the steering shaft that measures the driver’s input while steering and are deployed by most OEMs. It also ensures that the vehicle is well-connected to the road with proper grip and traction. These factors are projected to propel the sub-segment’s growth by 2030.
Distribution Channel: Aftermarket Sub-segment to be Highly Lucrative
The aftermarket sub-segment of the electric power steering (EPS) sensor market is estimated to have a significant growth rate and generate a revenue of $9,841.2 million during the analysis years due to vehicle owners’ rising demand for safety and fuel savings. Moreover, people’s prominent shift from hydraulic steering to a more energy-efficient and reliable electric steering is also anticipated to uplift the sub-segment’s growth during the 2022-2030 analysis years.
Region: Electric Power Steering (EPS) Sensor Market in the Asia-Pacific Region to be the Most Progressive
The electric power steering (EPS) sensor market in the Asia-Pacific region is expected to have the highest growth rate of 7.5% CAGR during the forecast period due to rapid growth in car sales and people’s growing demand for personal vehicles. In addition, the increasing demand for electric vehicles in the emerging economies and sky-rocketing fuel prices are some other factors to boost the market growth in the Asia-Pacific region by 2030.
Key Electric Power Steering (EPS) Sensor Market Players
Some key electric power steering (EPS) sensor market players 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, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Buy the Full Report [300-Pages] here!
For example, in July 2022, Baidu, a Chinese multinational technology that offers internet-related services and products, recently launched its brand-new Baidu Apollo RT6 robotaxi that features level 4 autonomous capability with a removable steering wheel.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Electric Power Steering (EPS) Sensor Market:
- Electric Power Steering (EPS) Sensor Market to Observe Significant Growth Due to Company Acquisition and Business Expansion by Market Players, such as Sensata Technologies, Nexteer Automotive, and Others
- How do Electric Power Steering (EPS) Sensors Bring a Revolutionary Change in the Automotive Industry?
