Rise in vehicle manufacturing and increase in number of accidents drive the growth of the global electric power steering (EPS) sensor market.
PORTLAND, Ore., Aug. 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Electric Power Steering (EPS) Sensor Market by Type (Speed Sensor, Steering Torque Sensor, Steering Wheel Position Sensor), by Vehicle Type (Passenger Vehicle, Commercial Vehicle (LCV, HCV).), by Distribution Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global electric power steering (EPS) sensor industry generated $14.64 billion in 2021, and is expected to reach $26.58 billion by 2030, growing at a CAGR of 7.0% from 2022 to 2030.
Download Sample Report (Get Full Insights in PDF - 293 Pages) @ https://www.alliedmarketresearch.com/request-sample/18890
Drivers, Restraints, and Opportunities
Rise in vehicle manufacturing and increase in number of accidents drive the growth of the global electric power steering (EPS) sensor market. However, lack of experience of driving electric power steering vehicles hampers the market growth. On the contrary, lightweight nature of electric power steering systems as compared to hydraulic steering systems would encourage driving enthusiasts, which, in turn, would open new opportunities in the future.
Covid-19 Scenario:
- The outbreak of the Covid-19 pandemic negatively impacted the global electric power steering (EPS) sensor market, due to severe disruptions in the supply chain and unavailability of raw materials.
- During the pandemic, the manufacturing activities of automotive industry were completely or partially shut down, owing to the operating restrictions imposed by government. This, in turn, hampered the growth of the market to a great extent.
- Customers were focused on fulfilling daily needs instead of purchasing new vehicles during the pandemic, which, in turn, decreased the demand for EPS sensors.
- However, as the world is slowly getting back on track, the demand for private vehicles is expected to rise in the post-pandemic.
Get Detailed COVID-19 Impact Analysis @ https://www.alliedmarketresearch.com/request-for-customization/18890?reqfor=covid
The Steering Wheel Position Sensor Segment held the Largest Share
By type, the steering wheel position sensor segment held the largest share in 2021, accounting for nearly half of the global electric power steering (EPS) sensor market, and is expected to continue its dominance during the forecast period. However, the steering torque sensor segment is expected to register the highest CAGR of 7.7% during the forecast period, owing to increase in use magnetoelastic, photonic, and SAW technologies as these technologies enable tiny and lightweight sensors with considerable resolution, great linearity, and exceptional immunity.
The Passenger Vehicle Segment dominated the Market
By vehicle type, the passenger vehicle segment held the lion's share in 2021, contributing to around three-fourths of the global electric power steering (EPS) sensor market, and is projected to continue its leading position throughout the forecast period. In addition, the segment is estimated to manifest the highest CAGR of 7.1% from 2022 to 2030. The passenger cars are important form of global transportation and the demand and sales of commercial vehicles and integration of EPS system into the vehicles is expected to increase in the coming years. These factors supplement the growth of the segment. The report also analyzes commercial vehicle segment.
The OEM Segment held the lion's Share
By distribution channel, the OEM segment held the largest share in 2021, accounting for nearly two-thirds of the global electric power steering (EPS) sensor market, and, and is expected to continue its dominance during the forecast period. This is due to its increase in use to save development time and surge in utilization of equipment in various cars. However, the aftermarket segment is expected to register the highest CAGR of 7.3% from 2022 to 2030, owing to rise in need for updates to current vehicle electronics systems, which incorporate EPS sensors.
Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/18890
Asia-Pacific to Maintain its Dominance by 2030
By region, the global electric power steering (EPS) sensor market across Asia-Pacific dominated in 2021, holding nearly two-fifths of the market, and is projected to continue its leading position throughout the forecast period. In addition, the region is projected to portray the highest CAGR of 7.5% during the forecast period, owing to extensive manufacturing in China, Japan, and South Korea, and considerable investment in new vehicle technologies. The market is analyzed across various regions including North America, LAMEA, and Europe.
Major Market Players
- Robert Bosch GmbH
- HELLA GmbH & Co. KgaA
- DENSO Corporation
- Valeo
- Continental AG
- Infineon Technologies AG
- Sensata Technologies
- TT Electronics
- NXP Semiconductors
- Asahi Kasei Corporation
The report analyzes these key players of the market. These companies have adopted several strategies such as partnerships, expansion, collaborations, new product launches, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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 2031 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 to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Electric Power Steering (EPS) Sensor market segmentation 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 market growth strategies.
Key Market Segments
- Type
- Speed Sensor
- Steering Torque Sensor
- Steering Wheel Position Sensor
- Vehicle Type
- Passenger Vehicle
- Commercial Vehicle (LCV, HCV).
- Distribution Channel
- OEM
- Aftermarket
- By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- South Africa
- Rest of LAMEA
- Brazil
- Saudi Arabia
- UAE
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Request for 14 days free trial: https://www.alliedmarketresearch.com/avenue/trial/starter
"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
Trending Reports in Semiconductor Industry (Book Now with 10% Discount + Covid-19 scenario):
Pressure Sensor Market was valued at $11.38 billion in 2019, and is projected to reach $24.84 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027
Humidity Sensor Market size is expected to reach from $4.0 billion in 2019 and projected to grow $11.85 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027
MEMS Sensor Market was valued at $25.7 million in 2018, and is projected to reach $60.6 million by 2026, registering a CAGR of 10.4% from 2019 to 2026
Level Sensor Market was valued at $4.44 billion in 2018, and is projected to reach $7.36 billion by 2026, registering a CAGR of 6.50% from 2019 to 2026
Window Sensors Market size was valued at $7,430.0 million in 2017 and is projected to reach $15,392.3 million by 2025, registering a CAGR of 9.3% from 2018 to 2025
Intra-Oral Flat Panel Sensor Market size is expected to reach $446.00 million by 2030 from $315.70 million in 2020, growing at a CAGR of 3.90% from 2021 to 2030
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
Share this article