Press release
Electric Power Steering (EPS) Sensor Market Size is Expected to Reach $777.4 Million by 2031 | Growing at a CAGR of 7%
Allied Market Research published a report on the Electric Power Steering (EPS) Sensor Market by Type (Speed Sensor, Steering Torque Sensor, Steering Wheel Position Sensor), by Vehicle Type (Passenger Vehicle, Commercial Vehicle (LCV, HCV).), by Distribution Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2030The global electric power steering (eps) sensor industry was valued at $14.64 billion in 2021, and is projected to reach $26.58 billion by 2030, growing at a CAGR of 7% from 2022 to 2030
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Electric power steering sensors commands and assists the steering process with support of an intelligence electric motor. The control unit inside the EPS calculates the ideal steering support based upon the steering signal from torque sensors and delivers the information to the electric motor to offer the required assistance. Hydraulic power steering which was widely used before EPS, had many components such as pump, hoses, fluid, drive belt, and pulley to operate. These components needed space and also increased the weight of the vehicle; however, the EPS does not have these thus making the electric steering systems lighter & smaller than hydraulic systems. Due to these factors, EPS is widely used in new generation vehicles and it will contribute to the Electric Power Steering (EPS) Sensor Market Size.
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Competitive Analysis:
The competitive environment of the electric power steering (EPS) sensor industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, electric power steering (EPS) sensor market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Some of the major key players of the electric power steering (EPS) sensor industry include:
• Robert Bosch GmbH
• HELLA GmbH & Co. KgaA
• DENSO Corporation
• Valeo, Continental AG
• Infineon Technologies AG
• Sensata Technologies
• TT Electronics
• NXP Semiconductors
• Asahi Kasei Corporation
Top Impacting Factors:
However, with adoption of electric power steering driver may lack the driving experience as the steering feels extremely light to handle. Hydraulic steering systems require more muscle to move the vehicle and offers the driver more stability on high speeds. Thus, driving enthusiast feel the lack of steering feel and driving experience on EPS. These factors are anticipated to propel the electric power steering (EPS) sensor market growth.
Rising penetration of electric power steering systems in the passenger and commercial vehicles along with increasing demand for electric and automatic vehicles is anticipated to drive revenue growth of the market in the predicted years. The EPS sensors are more reliable than the hydraulic steering systems in terms of safety, fuel efficacy, and adaptability to adjustable driving modes. Moreover, in March 2022, Yamaha Motor Co., ltd, a Japanese motorcycle manufacturer, announced the use of EPS sensors in Yamaha YZ450FM and YZ250F racing motorcycles and tested them to develop and use in production motorcycles. The use of EPS will give the rider stability and improved agility and reduce fatigue. Thus, these factors will increase the Electric Power Steering (EPS) Sensor Market Share in the future.
The research report presents a complete judgment of the electric power steering (EPS) sensor market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities
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Key Benefits for Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric power steering (EPS) sensor market analysis from 2022 to 2032 to identify the prevailing electric power steering (EPS) sensor market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and
strengthen their supplier-buyer network.
• In-depth analysis of the electric power steering (EPS) sensor market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global electric power steering (EPS) sensor market trends, key players, market segments, application areas, and market growth strategies.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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