Rise in vehicle manufacturing and increase in number of accidents drive the growth of the global electric power steering (EPS) sensor market.
PORTLAND, Ore., Aug. 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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, 2021-2030". As per the report, the global electric power steering (EPS) sensor industry generated $14.64 billion in 2021, and is expected to reach $26.58 billion by 2030, growing at a CAGR of 7.0% from 2022 to 2030.
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Drivers, Restraints, and Opportunities
Rise in vehicle manufacturing and increase in number of accidents drive the growth of the global electric power steering (EPS) sensor market. However, lack of experience of driving electric power steering vehicles hampers the market growth. On the contrary, lightweight nature of electric power steering systems as compared to hydraulic steering systems would encourage driving enthusiasts, which, in turn, would open new opportunities in the future.
- The outbreak of the Covid-19 pandemic negatively impacted the global electric power steering (EPS) sensor market, due to severe disruptions in the supply chain and unavailability of raw materials.
- During the pandemic, the manufacturing activities of automotive industry were completely or partially shut down, owing to the operating restrictions imposed by government. This, in turn, hampered the growth of the market to a great extent.
- Customers were focused on fulfilling daily needs instead of purchasing new vehicles during the pandemic, which, in turn, decreased the demand for EPS sensors.
- However, as the world is slowly getting back on track, the demand for private vehicles is expected to rise in the post-pandemic.
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The Steering Wheel Position Sensor Segment held the Largest Share
By type, the steering wheel position sensor segment held the largest share in 2021, accounting for nearly half of the global electric power steering (EPS) sensor market, and is expected to continue its dominance during the forecast period. However, the steering torque sensor segment is expected to register the highest CAGR of 7.7% during the forecast period, owing to increase in use magnetoelastic, photonic, and SAW technologies as these technologies enable tiny and lightweight sensors with considerable resolution, great linearity, and exceptional immunity.
The Passenger Vehicle Segment dominated the Market
By vehicle type, the passenger vehicle segment held the lion's share in 2021, contributing to around three-fourths of the global electric power steering (EPS) sensor market, and is projected to continue its leading position throughout the forecast period. In addition, the segment is estimated to manifest the highest CAGR of 7.1% from 2022 to 2030. The passenger cars are important form of global transportation and the demand and sales of commercial vehicles and integration of EPS system into the vehicles is expected to increase in the coming years. These factors supplement the growth of the segment. The report also analyzes commercial vehicle segment.
The OEM Segment held the lion's Share
By distribution channel, the OEM segment held the largest share in 2021, accounting for nearly two-thirds of the global electric power steering (EPS) sensor market, and, and is expected to continue its dominance during the forecast period. This is due to its increase in use to save development time and surge in utilization of equipment in various cars. However, the aftermarket segment is expected to register the highest CAGR of 7.3% from 2022 to 2030, owing to rise in need for updates to current vehicle electronics systems, which incorporate EPS sensors.
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Asia-Pacific to Maintain its Dominance by 2030
By region, the global electric power steering (EPS) sensor market across Asia-Pacific dominated in 2021, holding nearly two-fifths of the market, and is projected to continue its leading position throughout the forecast period. In addition, the region is projected to portray the highest CAGR of 7.5% during the forecast period, owing to extensive manufacturing in China, Japan, and South Korea, and considerable investment in new vehicle technologies. The market is analyzed across various regions including North America, LAMEA, and Europe.
Major Market Players
- Robert Bosch GmbH
- HELLA GmbH & Co. KgaA
- DENSO Corporation
- Continental AG
- Infineon Technologies AG
- Sensata Technologies
- TT Electronics
- NXP Semiconductors
- Asahi Kasei Corporation
The report analyzes these key players of the market. These companies have adopted several strategies such as partnerships, expansion, collaborations, new product launches, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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 2021 to 2031 to identify the prevailing Electric Power Steering (EPS) Sensor market opportunities.
- The 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 to 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.
Key Market Segments
- Speed Sensor
- Steering Torque Sensor
- Steering Wheel Position Sensor
- Vehicle Type
- Passenger Vehicle
- Commercial Vehicle (LCV, HCV).
- Distribution Channel
- By Region
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
- Saudi Arabia
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