Electric Power Steering (EPS) Sensor Market Segments, Top Key Players, Drivers And Trends 2022

According to Precision Business Insights (PBI), the latest report, electric power steering (eps) sensor market size is expected to be valued at USD 15.2 billion in 2022 which is expected to grow at a CAGR of 7.3% over 2022-2028. The primary factors that drive the market are the increase in vehicle production and a rise in the number of accidents.

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Passenger Vehicle to Dominate the Electric Power Steering (EPS) Sensor Market:
Based on vehicle type, passenger vehicle holds the highest market share. The major factor for the rise of this segment is the increasing popularity of passenger cars as the main mode of transportation around the world. Most of the passenger vehicles are sports and cars utility vehicles. Most passenger cars internationally are armed with EPS technology, and this technology is predicted to be used in affordable passenger cars. These factors and development can drive the global electric power steering (EPS) sensor market growth.

Asia Pacific Electric Power Steering (EPS) Sensor Market:
The Asia Pacific leads the global electric power steering (EPS) sensor market growth due to widespread manufacturing of automobiles in South Korea, Japan, and China and substantial investment in new vehicle technologies. Japan has the presence of many other leading producers of steering systems, like NSK, and Mitsubishi Electric. Moreover, the increasing growth of automobile production has also been attributed to the growth of the market. The Asia Pacific market includes China, India, South Korea, and Japan.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global electric power steering (EPS) sensor market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In October 2020, BorgWarner acquired Delphi Technologies to strengthen power electronics product portfolio. In May 2020, ZF Friedrichshafen AG acquired WABCO to form global integrated systems for commercial vehicle technology.

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The electric power steering (EPS) sensor market is segmented based on product type, vehicle type, distribution channel, and region:
Based on the product type, the market is segmented into the following:
• Speed Sensor
• Steering Torque Sensor
• Steering Wheel Position Sensor

Based on the vehicle type, the market is segmented into the following:
• Passenger Vehicle
• Commercial Vehicle (LCV, HCV)

Based on the distribution channel type, the market is segmented into the following:
• OEM
• Aftermarket

Based on the region, the market is segmented into the following:
• Asia Pacific
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the electric power steering (eps) sensor market report are Rober, Bosch GmbH, HELLA GmbH & Co. KgaA, DENSO Corporation, Valeo, Continental AG, Infineon Technologies AG, Sensata Technologies, TT Electronics, NXP Semiconductors, and Asahi Kasei Corporation Inc.

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