The global electric power steering market was valued at $431.0 million in 2021, and is projected to reach $777.4 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
The main equipment that enables highly autonomous driving is an electric power steering (EPS) sensor. It is mostly deployed in electric power steering system to monitor the torque delivered by the drivers to the steering wheels. The electronic control unit calculates the amount of steering help required by the electric motor based on the data acquired by this sensor. Incoming-of-age technology has been driving the future of automotive-driving systems.
The growth of the electric power steering market is majorly driven by the rise in demand for commercial applications such as, Infineon Technologies AG linear hall sensors specific designed for commercial automotive manufacturers. On the contrary, malfunctioning associated with torque sensors and the expenses to repair them have negatively impact electric power steering market forecast data.
Electric power steering motor compared to traditional mechanical hydraulic steering system has good steering agility, steering stability, low-temperature resistance, and low power consumption. Moreover, it has the advantage of easy integration of secondary development. Thus it shows strong vitality in the power steering systems of automobiles, and will gradually replace the conventional steering system.
Whereas, the market's growth is anticipated to be hindered by general torque sensor failure and the high costs associated with EPS systems compared to the standard steering system. However shift towards a higher adoption rate of EVs will boost market opportunities during the projected time frame the worldwide lockdown situation owing to an outburst of Covid-19 has caused a halt in manufacturing, disruptive the total supply chain of electrical and electronics components. Ongoing product innovation is expected to support the electric power steering market outlook. To maintain existing clients and attract new ones, vendors are releasing new goods with better features.
The electric power steering market is segmented into Sensor Type, System Type and Vehicle Type.
Based on sensor type, the market is divided into steering position/angle sensors, steering torque sensors, combination sensors (position and torque), and others. The combination sensor segment dominated the market, in terms of revenue, in 2021, and is expected to provide electric power steering market opportunity.
Based on system type, the market is bifurcated into column type, pinion type, and others. The column type segment acquired the largest electric power steering (EPS) sensor market share in 2021. However, the other types of systems segment are expected to grow at a high CAGR from 2022 to 2031. The column assist EPS (CEPS), which incorporates the steering aid mechanism on the column, is anticipated to dominate in terms of market share for electric power steering during the forecast period.
In terms of vehicle type EPS, the Sensor market is categorized into passenger vehicles and commercial vehicles. In the forecasted period, the passenger vehicles segment was the highest revenue contributor to the market than the commercial vehicles. The EPS sensor are cost-effective than alternatives that employ two separate sensors, there was considerable demand from OEMs to passenger car consumers in electric power steering market analysis.
Region-wise, the electric power steering market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific, remains a significant participant in the global electric power steering (EPS) sensor marketplace as organizations and government institutions in this region are intensely putting resources into the technology.
TOP IMPACTING FACTORS
Electric power steering market growth is majorly driven by the stringent government policies against carbon emission and fuel consumption that have promoted the adoption of such technologies due to the reliance on electrical software architecture. However, the market's growth is anticipated to be hindered by general torque sensor failure and the high costs associated with EPS systems compared to standard steering systems. On the contrary, advancement high adoption of EVs and commercial vehicles, demand for these technologies is anticipated to provide lucrative opportunities for the expansion of the electric power steering (EPS) sensor market during the forecast period.
Competitive analysis and profiles of the major Electric Power Steering market players, such as Robert Bosch GmbH, DENSO Corporation, Valeo S.A., Continental AG, Infineon Technology, Honeywell Inc., HELLA GmbH & Co. Kg, Sensata Technologies, TT Electronics Plc. and NXP Semiconductors are provided in this report.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the electric power steering market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall electric power steering market share analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunity for electric power steering industry
- The current electric power steering industry forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the market share of key vendors and electric power steering industry trends.
Electric Power Steering Market Report Highlights
By Sensor Type
By System Type
By Vehicle Type
Key Market Players
sensata technologies, inc., Infineon Technology, TT Electronics plc, robert bosch gmbh, HELLA GmbH & Co. Kga, DENSO CORPORATION, NXP Semiconductors N.V., Honeywell Inc., continental ag, Valeo SA
The market for electric power steering (EPS) sensor is predicted to develop at an exponential rate during the forecast period. Improved precision, efficiency, and speed of automation in driving assistance of vehicles and is likely to fuel the market growth. In addition, surge in demand for the electric power steering (EPS) sensor solution in commercial application is expected to drive the growth of the market in the coming years.
The electric power steering (EPS) sensor market is highly competitive, owing to the strong presence of existing vendors. Electric power steering (EPS) sensor vendors who have access to extensive technical and financial resources are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Surge in adoption of electric power steering (EPS) sensor solution across emerging economies drive the need to enhance electric power steering (EPS) sensor solutions. Moreover, prime economies, such as U.S., UK, Germany, India, China, South Korea, and Japan, are the key hubs for automotive manufacturing that are investing these sensors across various automotive requirements. Therefore, aforementioned factors are enhancing the regional demand for EPS sensor in those regions.
Among the analyzed regions, Asia-Pacific exhibits the highest adoption rate and has experienced massive expansion of the market. On the other hand, North America is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as California, Mexico, and others, investing in these technologies. Regions, such as the Germany, UK, and other European countries, are also expected to offer new opportunities in the electric power steering (EPS) sensor market.
The key players profiled in the report include Robert Bosch GmbH, DENSO Corporation, Valeo S.A., Continental AG, Infineon Technology, Honeywell Inc., HELLA GmbH & Co. Kga, Sensata Technologies, TT Electronics Plc and NXP Semiconductors.