The global electric power steering (EPS) sensor market revenue was around US$ 15.6 billion in 2022 and is estimated to reach US$ 28.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2023 to 2031.
Electric power steering sensors command and help the steering procedure with the support of an intelligent electric motor. The control unit inside the EPS estimates the perfect steering support based on the steering signal from torque sensors and offers the data to the electric motor to provide the necessary assistance.
Market Driving Factors
Electric power steering sensor's ability to surge fuel efficiency is estimated to drive market growth. Sensor, motor, and steering column are some of the parts that produce electric power steering (EPS), which is used in automobiles. Electric power steering (EPS) uses an electric motor to assist the driver guide the vehicle in contrast to hydraulic power steering (HPS), which operates on engine power. Therefore, lowering engine stress enhances the engine's fuel economy.
The production of cars is increasing and is predicted to drive the market. Both the manufacturing of vehicles and the demand for them are increasing. The production of automotive balancing shafts for fuel efficiency has risen due to the surging number of automobiles in different developing nations. In addition, because customers view automobiles as essential in their lives, the number of cars is steadily increasing in numerous growing nations. Thus, manufacturers of automobiles are also coming up with and creating models that are reasonable while keeping the vehicle's quality and performance.
Shortage of experience in driving electric power steering vehicles hinders market growth.
Regional Analysis
Asia Pacific is estimated to dominate the market in terms of the largest share. This is mainly due to the various electronic cars utilize an electric power steering system as they do not have an engine to execute hydraulic power steering to lower greenhouse emissions. In addition, the Indian Government has been executing policies such as Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) which has been giving subsidies and incentives on electric vehicles, which is predicted to increase demand for electric vehicles in India. Therefore, this factor is expected to drive the demand for electric power steering sensors in the region.
Segmentation Insights
Vehicle Type Insight
The passenger vehicle segment is estimated to dominate the market in terms of growth rate. This is mainly owing to the passenger vehicles worldwide are equipped with EPS technology, and this technology is estimated to be utilized in budget passenger vehicles. Furthermore, the increasing number of passenger vehicles as the prior medium of mobility across the world is estimated to boost the market growth.
Type Insight
The steering torque sensor is expected to dominate the market in terms of the fastest rate. This is primarily owing to the surging utility of contactless torque sensors by OEMs to improve fuel efficiency. Furthermore, raising developments in non-contacting position sensors based on magnetic sensing principles is expected to propel the market.
Distribution Channel Insight
The OEM segment is estimated to dominate the market in terms of the largest shares. This is mainly owing to the surge in usage to save development time and increase in utilization of equipment in different cars.
Prominent Companies
Segmentation Outline
The global electric power steering (EPS) sensor market segmentation focuses on the Type, Vehicle Type, Distribution Channel, and Region.
By Type
By Vehicle Type
By Distribution Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ELECTRIC POWER STEERING (EPS) SENSOR MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ELECTRIC POWER STEERING (EPS) SENSOR MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ELECTRIC POWER STEERING (EPS) SENSOR MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ELECTRIC POWER STEERING (EPS) SENSOR MARKET, BY TYPE
5.1 OVERVIEW
5.2 SPEED SENSOR
5.3 STEERING TORQUE SENSOR
5.4 STEERING WHEEL POSITION SENSOR
6 GLOBAL ELECTRIC POWER STEERING (EPS) SENSOR MARKET, BY VEHICLE TYPE
6.1 OVERVIEW
6.2 PASSENGER VEHICLE
6.3 COMMERCIAL VEHICLE (LCV, HCV)
7 GLOBAL ELECTRIC POWER STEERING (EPS) SENSOR MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 OEM
7.3 AFTERMARKET
8 GLOBAL ELECTRIC POWER STEERING (EPS) SENSOR MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL ELECTRIC POWER STEERING (EPS) SENSOR MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 HELLA GMBH & CO. KGAA
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 SENSATA TECHNOLOGIES INC.
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 INFINEON TECHNOLOGY
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 VALEO SA
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 CONTINENTAL AG
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 NXP SEMICONDUCTORS N.V.
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 DENSO CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 TT ELECTRONICS PLC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ROBERT BOSCH GMBH
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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