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Electric Power Steering Sensors Market to grow up to US$ 27.4 billion by 2031, at a CAGR of 6.4% | Advanced Leading Technology Co., Continental AG, HELLA GmbH & Co. KGaA, Hitachi Astemo Americas, Inc.

11-30-2022 03:01 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Global Insight Services

Electric Power Steering Sensors Market

Electric Power Steering Sensors Market

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.

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.

Read more about Electric Power Steering Sensors Market here: https://www.globalinsightservices.com/reports/electric-power-steering-sensors-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.

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.

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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.

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

Get Customized Report as Per Your Requirement: https://www.globalinsightservices.com/request-customization/GIS10405/

By Distribution Channel
• OEM
• Aftermarket

By Region
• North America
• Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

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).

Purchase your copy now: https://www.globalinsightservices.com/checkout/single_user/GIS10405/

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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