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Electric Power Steering Sensors Market is Expected to Grow up to US$ 27.4 Billion by 2031

09-05-2023 03:11 PM CET | IT, New Media & Software

Press release from: Global Insight Services

Electric Power Steering Sensors Market is Expected to Grow up

The global electric power steering sensor market was valued at $14.6 billion in 2021 and is projected to grow at a CAGR of 6.4% over the forecast period to $27.4 billion by 2031.

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Electronic Power Steering (EPS) sensors are used in the vehicle's power steering system for efficient handling and operation. The EPS system replaces conventional steering systems such as hydraulic power steering and electro-hydraulic systems. Growing importance of self-driving or autonomous vehicles is expected to boost the growth of EPS sensors by boosting the market growth of EPS systems. Using an EPS system in a vehicle, which includes an electric power steering pump, power steering motor and sensors, helps reduce overall weight, improve fuel economy and extend vehicle life.

An electric motor inside the EPS manages the vehicle's steering. EPS manages and supports vehicle steering with electric motors, providing drivers with a satisfying and ideal steering experience. The latest generation of control units provides security even in the event of an accident.

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

Market drivers and trends

EPS used in automobiles consists of parts such as motors, sensors, and steering columns. Compared to Hydraulic Power Steering (HPS), EPS helps the driver steer the car by using an electric motor instead of drawing power from the engine to run a hydraulic system to steer the car. Therefore, by reducing the stress on the engine, the fuel efficiency of the engine can be increased. Rising oil prices are leading to increased sales of fuel-efficient cars. Hence, it is expected to further drive the Electric Power Steering (EPS) sensor market demand.

The EPS sensors continuously monitor the driver's actions on steering movements, road conditions, speed and tire movement. Advanced driver assistance systems (ADAS) play an important role in avoiding accidents caused by human error. ADAS controls various vehicle elements, such as pedestrian detection/avoidance, lane departure warning/compensation, traffic sign recognition, automatic emergency braking, and blind spot detection. While the vehicle is driving at high speed, imbalance may occur due to various factors such as slippery roads or sudden braking. More than 80% of slip and fall accidents can be prevented by using sensor data on road surface conditions and vehicle speed with the help of ADAS such as EPS, ABS and steering wheel. This factor is expected to drive the market share.

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Key Players in the Global Electric Power Steering Sensor Market

The major players studied in the global electric power steering sensor market are Advanced Leading Technology Co. (China), Continental AG (Germany), HELLA GmbH & Co. KGaA (Germany), Hitachi Astemo Americas, Inc. (USA), Infineon Technologies. AG (Germany), JTEKT Corporation (Japan), NXP Semiconductors NV (Netherlands), Robert Bosch GmbH (Germany), TT Electronics PLC (UK) and Valeo (France).

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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 the 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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