Electric Power Steering (EPS) Sensor Market

Electric Power Steering (EPS) Sensor Market Research, 2030

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. 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.

The global recession in the automotive industry has had a significant impact on the EPS sensor market as a result of the COVID-19 epidemic. Throughout the time, there was an exponential decline in overall car sales. It consequently had an effect on OEM producers, such as companies that make sensors and vehicle parts.

Increasing amount of vehicle manufacturing and rising number of accidents have created a need to increase adoption of EPS sensors in vehicles thus boosting Electric Power Steering (EPS) Sensor Market Share. With rising demand in safety of vehicles, EPS suits the best as they assist to enhance the driving experience. According to the vehicle sales data by International Organization of Motor Vehicle Manufacturers, an international trade association whose members are 39 national automotive industry trade associations, there has been a rise in vehicle sales by 4.96% in 2021, as compared to 78 million in 2020. Thus, an increase in the sales of vehicles will eventually add to the Electric Power Steering (EPS) Sensor Market Size.

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 major key players in the global Electric Power Steering (EPS) sensor market are 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.

The global Electric Power Steering (EPS) sensor market is segmented on basis of vehicle-type, sensor type, distribution channel, and region. By vehicle type, the market is sub-segmented into passenger vehicle and commercial vehicle. By sensor type, the market is sub-segmented into speed sensor, steering torque sensor, and steering wheel position sensor. By distribution channel, it is sub-segmented into Original Equipment Manufacturer (OEM) and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The electric power steering (eps) sensor market is segmented into Type, Vehicle Type and Distribution Channel.

By vehicle type, the passenger vehicle sub-segment is predicted to be dominating and fastest growing sub-segment in the global market during the forecast period. 30% of passenger cars globally are equipped with EPS technology, and this technology is expected to be used in budget passenger cars during the forecast period. Owing to these developments, passenger vehicle sub-segment dominated the vehicle type segment and likely to grow substantially in the coming years. In addition to these, rising number of passenger vehicles as the primary medium of mobility across the world is expected to fuel revenue growth of the market in the forecast period.

By sensor type, the steering torque sensor is predicted to show the fastest growth and steering wheel position sensor sub-segment is expected to gain a dominant market share in the forecasted period. Increasing utility of contactless torque sensors by OEMs to enhance fuel efficiency is expected to boost steering torque sensor sub-segment growth in the market. Increasing developments in non-contacting position sensors based on magnetic sensing principles is anticipated to drive revenue growth of the steering wheel position sub-segment in the forecast period.

By distribution channel, the aftermarket sub-segment is predicted to show the fastest growth and OEM sub-segment is expected to garner a dominant market share. Rising demand for upgrades to existing automotive electronics systems, which include EPS sensors, is expected to boost expansion of the aftermarket sub-segment. Whereas, software advancements in the EPS-Motor Control Unit are becoming more prevalent, allowing the unit to seamlessly integrate into the car after it is installed at the manufacturing plants. Vehicle handling and safety are being enhanced because of advancements in motor control systems. These factors are expected to boost the OEM sub-segment revenue growth.

By region, the Asia-Pacific region is predicted to show the fastest growth and dominate the market in the predicted years.  The EPS sensor market is anticipated to grow over the forecast period due to China's position as the world's largest auto manufacturer, Japan's and South Korea's position as the largest auto exporters, large-scale manufacturing, and significant investments in new vehicle technologies made in the region.

Impact of COVID-19 on the Global Electric Power Steering (EPS) Sensor Industry

• COVID-19 Impact on Electric Power Steering (EPS) Sensor Market was negative as global supply chain was disturbed leading to shortage or unavailability of raw materials
• Manufacturing plants all over the globe were either completely shut down or were operational under certain restrictions. Thus, the vehicle manufacturing stopped eventually during the pandemic.
• Moreover, customers were bit uncertain to purchase vehicles and primarily concentrated on daily needs. Thus, a lack in Electric Power Steering (EPS) Sensor Market demand also made the market slowdown in the pandemic however the market opened with a boom in all regions, as need for private vehicles and markets recovery gave positive sentiments to the market.

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 2030 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 make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the electric power steering (eps) sensor market forecast 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 electric power steering (EPS) sensor market outlook.

 Electric Power Steering (EPS) Sensor Market Report Highlights