Press release
Electric Power Steering Market Size, Key Segments, Share, Growth Analysis and Forecast 2031
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Electric power steering (EPS) sensors are the primary part of the equipment that enables highly automated driving possible. It is mostly used in power to track the torque delivered by the drivers to the steering wheels. The electronic control unit determines how much steering assistance the electric motor needs to provide using the information gathered by this sensor.
Factors Influencing Market Growth
A rise in the number of commercial vehicle applications for electric power steering sensors as well as improved dependability in electrical/electronic architecture and automotive software is expected to offer potential growth opportunities in the market.
Government initiatives aimed at improving fuel usage fuel the growth of the electric power steering sector market.
The failure of torque sensors and the high cost of EPS systems in comparison to conventional steering systems are expected to impede market expansion.
Study of the COVID-19 Pandemic
The COVID-19 outbreak had a significant impact on the growth of the market due to its effects on key market players. In contrast, it is predicted that after the pandemic, demand for low-fuel and zero-carbon technology, such as electric power steering motor solutions, will increase and dominate the market. And as a result, it has been predicted that the rising adoption of hybrid vehicles is likely to drive market growth during the forecast period.
Regional Insights
Asia Pacific is predicted to hold the largest market share for the electric power steering market due to rising investments in the product's deployment in the region's nations, especially India and China. These nations' recent economic growth led to a rapid increase in vehicle manufacturing and supply.
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Leading Competitors
The leading competitors in the global electric power steering market are:
Sensata Technologies
TT Electronics plc
NXP Semiconductors N.V
Robert Bosch
DENSO Corporation
Valeo
Continental AG
Infineon Technology
Honeywell Inc
Hella GmbH & Co. Kgaa
Others
Segmentation Analysis
The global electric power steering market segmentation focuses on Sensor Type, System Type, Vehicle Type, and Region.
Segmentation based on Sensor Type
Steering Angle Sensor
Steering Torque Sensors
Combination Sensor
Others
Segmentation based on System Type
Column Type
Pinion Type
Others
Segmentation based on Vehicle Type
Passenger Vehicles
Commercial Vehicle
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Table of Content
Chapter 1: Global Electric Power Steering Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Electric Power Steering market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Electric Power Steering Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Electric Power Steering market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Electric Power Steering market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Electric Power Steering market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Electric Power Steering market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Electric Power Steering business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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