Electric Power Steering Sensors Market is anticipated to grow up to US$ 27.4 billion by 2031 | Advanced Leading Technology Co., Continental AG, HELLA GmbH & Co. KGaA, Hitachi Astemo Americas

The 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.

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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.

An electric motor inside the EPS manages the steering of the vehicle. The EPS manages and supports vehicle steering with an electric motor, offering the driver a satisfying and ideal steering experience. The latest generation of control units also offers security in the event of an accident.

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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.

COVID-19 Impact:

In 2020, the spread of the COVID-19 pandemic had negatively impacted the global electric power steering sensors market. Due to the unstable environment created by the COVID-19 pandemic and lack of resources, vehicle manufacturing globally fell compared to the previous year, 2019. Further, shortages in semiconductors caused by supply chain disruption harmed the market in various sectors. The semiconductor shortages led to disruption in automobile production as semiconductors are used in the various components of the automobile.

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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).

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