Electric power steering (EPS) sensors are used in the powers steering system of a vehicle for smooth running and seamless handling of a vehicle. An EPS vehicle comes on in a vehicle that does not have other traditional steering systems like hydraulic and electro-hydraulic power steering systems. An EPS system brings significant value to the vehicle, prolonging vehicle life, enhancing fuel efficiency, and helps in reducing weight of the vehicle.
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Forecast Analysis of the Electric Power Steering (EPS) Sensor Market
The rising demand for EPS sensors as it helps in increasing fuel efficiency of the vehicle and the reduces stress on engine are the factors predicted to boost the growth of the electric power steering (EPS) sensor market in the coming future. Besides, initiatives taken by the government across the globe to develop safe and efficient automotive systems is expected to drive the growth of the market during the forecast period. Additionally, increasing adoption of EPS sensors in commercial vehicles across the globe is further expected to create massive opportunities for the growth of the global market. However, extortionate cost of EPS sensors is expected to impede the growth of the market during the forecast period.
According to the report published by Research Dive, the global electric power steering (EPS) sensor market is expected to generate a revenue of $26,580.8 by 2030, growing exponentially at a CAGR of 7.0% from 2021-2028. The major players of the market include Robert Bosch GmbH, HELLA GmbH & Co. KGaA, DENSO CORPORATION, Infineon Technologies AG, Valeo, Continental AG, NXP Semiconductors, Sensata Technologies, Inc., Asahi Kasei Corporation, and TT Electronics.
Key Trends & Developments in the Electric Power Steering (EPS) Sensor Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global EPS sensor market to grow exponentially. For instance,
In March 2019, Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, acquired Integrated Device Technology, Inc., a leading supplier of analog mixed-signal products, including sensors, connectivity and wireless power, in order to maximize Renesas’s presence in the global electric power steering (EPS) sensor market.
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In April 2021, Sensata Technologies, a leading industrial technology company and provider of sensor-rich solutions that create insight for customers, acquired Xirgo® Technologies Intermediate Holdings, LLC, a leading telematics and data insight provider, for about $400 million, in order to strengthen its brand portfolio and create new growth opportunities.
In October 2021, Nexteer Automotive, an American, majority Chinese-owned automotive parts supplier, extends its Electric Power Steering (EPS) portfolio with the introduction of a new system called Modular Column-Assist EPS System (mCEPS). This creative system is extremely economical, and brings significant flexibility to meet an extensive range of OEM (Original Equipment Manufacturer) requirements.
Most Profitable Region
The Asia-Pacific region is expected to be most profitable by growing at a CAGR of 7.5% during the forecast period. Massive investment done by manufacturers in new vehicle technologies in this region is expected to drive the growth of the market during the forecast period. In addition, presence of prominent players of the market in this region is further expected to bolster the growth of the regional electric power steering (EPS) sensor market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact on the market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of various industries across the globe including the automobile sector, and hence the demand for automobiles plunged dreadfully. This in turn, terribly impacted the manufacturing of automobile parts, sensors, and others. Thus, the pandemic has had a negative impact on the electric power steering (EPS) sensor market.
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