The global EPS sensor market is expected to witness massive growth in forecast period, owing to the growing adoption of electric and autonomous vehicles across the globe. The Asia-Pacific region is anticipated to observe fastest growth by 2028.
The adoption of electric and autonomous vehicles is rising at a rapid pace across the globe. The penetration of electric power steering system in commercial and passenger vehicles is increasing. Besides, the mandates of governments with respect to the incorporation of fuel-efficient technologies in vehicles are increasing. All these factors are predicted to upsurge the growth of the global electric power steering (EPS) sensor market during the forecast period. Moreover, technological advancements and the rising adoption of EPS sensors in commercial vehicles globally are the factors anticipated to create huge growth opportunities for the electric power steering (EPS) sensor market by 2028. However, common failure in torque sensors and the high costs associated with EPS systems compared to traditional steering systems are expected to hamper the market growth during the estimated timeframe.
Impact of COVID-19 Pandemic on the Electric Power Steering (EPS) Sensor Market
The COVID-19 pandemic has undesirably impacted the global electric power steering (EPS) sensor market growth. The negative growth during the pandemic period is mainly due to the slowdown of manufacturing and plummeting of sales in the automobile sector across the globe. Also, it impacted the OEM manufacturers, including automobile sensor and parts manufacturers around the world. However, the slowly but steadily opening of restrictions in China and India is opening up the demand for passenger automobiles, which is predicted to help the market recover in the coming future.
The research report segments the global electric power steering (EPS) sensor market into vehicle type, sensor type, distribution channel, and region.
Based on vehicle type, the passenger sub-segment is estimated to surpass $20,193.4 million by 2028 and dominate in the global industry during the forecast period. This sub-segment growth of the global electric power steering (EPS) sensor market is mainly due to the increasing expansion of passenger cars along with the key mobility medium across the world is expected to help the growth of passenger cars sub-segment in the forecast period.
Based on sensor type, the steering wheel position sub-segment is estimated to generate a revenue of$12,465.9 million by 2028 and is predicted to hold significant market share during the analysis period. This is majorly owing to the continuous developments in non-contacting position sensors based on magnetic sensing principles.
Based on distribution channel, the aftermarket sub-segment is expected to generate a revenue of $9,738.7 million by 2028 and is predicted to witness lucrative growth over the analysis period. The increasing demand for upgrades to existing automotive electrics systems, including EPS sensors is expected to boost growth of the sub-segment in the electric power steering (EPS) market.
Based on region, the Asia-Pacific electric power steering (EPS) sensor market is expected to surpass $10,496.7 million by 2028 and witness fastest growth in the global industry over the forecast period. This is mainly because China is the largest automotive manufacturer globally, and South Korea and Japan are the largest auto exporters worldwide. In addition, due to significant expenditures in new vehicle technologies in the region is another factor expected to drive the regional market growth by 2028.
Top 10 Prominent Players in electric power steering (EPS) sensor Market
The key players of the global electric power steering (EPS) sensor market include
1. Robert Bosch GmbH
2. DENSO Corporation
3. HELLA GmbH & Co. KgaA
4. Valeo SA
5. Infineon Technology
6. Continental AG
7. Sensata Technologies
8. NXP Semiconductors
9. TT Electronics Plc
10. Asahi Kasei.
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in March 2020, Melexis, a global supplier of micro-electric semiconductor solutions, announced the launch of MLX91377 hall-effect sensor IC, which is designed for use in automotive applications like electric power-assisted steering.
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