Drive Smarter: Embrace Electric Power Steering (EPS)
Electric Power Steering (EPS) is the latest update in the power steering in which the electric motor is attached directly to the steering gearbox without a hydraulic system. Electric power steering sensors detect the motion of the steering column and commands or assists the steering process via an intelligent electric motor.
The 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.
EPS eliminated the need for many components, such as the pump, hoses, fluid, drive belt, and pulley. EPS also cuts fuel consumption by as much as 0.4 l/100 km. as it is quite light in weight, it provides a greater fuel efficiency by decreasing the engine load. These systems, however, are more expensive and are used in sports vehicles and luxury cars.
According to a report published by Allied Market Research, the global electric power steering (eps) sensor market size is anticipated to reach $26.58 billion with a considerable CAGR from 2022 to 2030. Numerous factors such as surge in quantity of vehicle manufacturing, increase in demand for electric and automatic vehicles, and increase in number of accidents are driving the growth of the market in more than one way.
In addition, the fact that steering sensors provide a huge array of benefits and advantages, the demand for EPS in the growingly miscellaneous global automotive industry is on steep hype. These sensors offer more adjustability of the steering with an improved rate of driving performance. These sensors are perfect in assisting drivers during parallel parking. EPS sensors also provide an increased reliability and durability of the vehicle. Most importantly, the vehicles equipped with EPS sensors are quite environment friendly in nature. All these factors are contributing to the market growth to a great extent.
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However, the outbreak of the COVID-19 pandemic had a negative impact on the growth of the global electric power steering sensor market. This was owing to the implementation of the stringent lockdown which led to temporary closure of all manufacturing plants, especially in the initial period. The disruptions in the supply chain led to unavailability of raw materials. Social distancing norms led to shortage of labour force. Customers were not willing to purchase vehicles and primarily concentrated on their daily needs. These factors altogether hampered the market growth.
The research offers a detailed analysis of the global electric power steering (EPS) sensor market for each region. Regions analyzed in the study include North America (The U.S., Canada, and Mexico), Europe (Germany, the U.K., Russia, Spain, France, and Italy), Asia-Pacific (China, Japan, Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle-East, and Africa). The data and statistics mentioned in the research are valuable in determining strategies such as expansion in specific regions and exploring untapped potential in different markets. AMR also offers customization services for a specific region and segment as per client requirements.
Key Market Segments Includes:
• Type
o Speed Sensor
o Steering Torque Sensor
o Steering Wheel Position Sensor
• Vehicle Type
o Passenger Vehicle
o Commercial Vehicle (LCV, HCV).
• Distribution Channel
o OEM
o Aftermarket
Nevertheless, the market has already recovered in the post-pandemic. The Asia-Pacific region is currently dominating the market with the highest market share and is also expected to witness the fastest growth rate during the forecasted period. This is mainly attributed to the presence of key market players in the region. China is the world’s largest auto manufacturer. Japan and South Korea, at the same time, hold the largest position as the auto exporters. Few more factors including large scale manufacturing and significant investments in new vehicle technologies in the region is boosting the growth of the market to a great extent.
Key Players Mentioned in the Global Electric Power Steering (EPS) Sensor Market Research Report: Robert Bosch GmbH, HELLA GmbH & Co. KgaA, DENSO Corporation, Valeo, Continental AG, Infineon Technologies AG, Sensata Technologies, TT Electronics, NXP Semiconductors, and Asahi Kasei Corporation
Key Findings Of The Study:
• The steering angle sensor electric power steering segment is projected to register a CAGR of 5.77% from 2022 to 2031.
• The column type electric power steering segment is anticipated to expand at a healthy CAGR from 2022 to 2031.
• Asia-Pacific was the highest revenue contributor in 2021, and is estimated to continue its dominance by 2031, with a CAGR of 6.26%.
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