Electric Power Steering Market Expected to Reach $777.4 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Power Steering Market," The electric power steering market was valued at $431.00 million in 2021, and is estimated to reach $777.4 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

Electric power steering motors are the primary piece of hardware that makes highly automated driving possible. To track the torque drivers apply to the steering wheels, these sensors are mostly used in electric power steering system. The electronic control unit calculates how much steering help the electric motor requires based on the data acquired by these sensors. The development of autonomous vehicle driving systems has been fueled by emerging technologies.

Government measures aimed at improving fuel consumption efficiency have fueled the expansion of the electric power steering industry. Furthermore, the electric power steering market growth is likely to be fueled by a shift toward higher EV adoption rates throughout the forecasted timeframe. However, widespread torque sensor failure and the high costs associated with EPS systems compared to regular steering systems are expected to stifle electric power steering market size. On the other hand, an increase in the number of commercial vehicle applications of electric power steering sensors, as well as increased reliability in automotive software and electrical/electronic architecture, are expected to provide potential growth opportunities for the electric power steering (EPS) market during the forecast period.

According to the electric power steering market analysis, the passenger vehicles segment was the highest contributor in 2021, due to a surge in adoption of electric power steering (EPS) sensor solutions among individuals from low-class to high-class. Ascending regulatory policies have been helping the column-type segments to penetrate the maximum share in terms of electric power steering market share.

The outbreak of COVID-19 has significantly impacted the growth of the electric power steering market, owing ta o significant impact on prime market players. Conversely, a rise in demand for low-fuel consuming and zero carbon-emitting technologies such as electric power steering motor solutions is anticipated to drive the market post-pandemic. And as a result, the high adoption of hybrid vehicles has been expected to shape the electric power steering market trends.

The electric power steering market share is expected to witness considerable growth, owing to an increase in demand for next-generation electric power steering units, and the rising application of such sensors and units in both commercial and passenger vehicles in the U.S., UK, Germany China, Japan, and South Korea, due to rise in demand for enhanced automotive driving technologies in these country-wise, China holds a significant share in the electric power steering market, developing vehicle manufacturing, efficiency as well as the ability to conduct research & development, as well as new improvements in terms of consumer happiness and engine performance. Therefore, the adoption of this EPS sensor in prime sectors has strengthened the growth of the electric power steering market in the region.

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%.

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. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the electric power steering market.