Electric Power Steering Market By Sensor Type (Steering Angle Sensor, Steering Torque Sensors, Combination Sensor, Others), By System Type (Column Type, Pinion Type, Others), By Vehicle Type (Passenger Vehicles, Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global electric power steering market was valued at $431.0 million in 2021 and is projected to reach $777.4 million by 2031, registering a CAGR of 6.08% from 2022 to 2031. Electric Power Steering (EPS) sensors help in high-performance driving assistance along with sustainability through lower fuel emissions.
The growth of the electric power steering market 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 market during the forecast period.
The electric power steering market is segmented by sensor type, system type, vehicles type, and region. Based on sensor type, the market is divided into steering position/angle sensors, steering torque sensors, combination sensors (position and torque), and others. Based on system type, the market is bifurcated into column type, pinion type, and others. In terms of vehicle type, the EPS market is further segmented into passenger and commercial vehicles 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).
The key players operating in the market 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
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric power steering market analysis from 2021 to 2031 to identify the prevailing electric power steering 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 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 market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Sensor Type
Steering Angle Sensor
Steering Torque Sensors
Combination Sensor
Others
By System Type
Column Type
Pinion Type
Others
By Vehicle Type
Passenger Vehicles
Commercial Vehicle
By Region
North America
U.S.
Canada
Mexico
Europe
United Kingdom
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
sensata technologies, inc.
TT Electronics plc
NXP Semiconductors N.V.
robert bosch gmbh
DENSO CORPORATION
Valeo SA
continental ag
Infineon Technology
Honeywell Inc.
HELLA GmbH & Co. Kga
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