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Electric Power Steering (EPS) Sensor Market Report

RA08516

Electric Power Steering (EPS) Sensor Market by Vehicle Type (Passenger and Commercial), Sensor Type (Speed Sensor, Steering Torque Sensor, and Steering Wheel Position Sensor), Distribution Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA08516

Pages: 234

Nov 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

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Impact of covid-19 on Electric Power Steering (EPS) Sensor Market

Global Electric Power Steering (EPS) Sensor Market Analysis

The global electric power steering (EPS) sensor market is predicted to garner $26,736.3 million in the 2021–2028 timeframe, growing from $13,860.0 million in 2020, at a high CAGR of 8.4%.

Market Synopsis

Increasing penetration of electronic power steering system in passenger and commercial vehicles, growing adoption of electric and autonomous vehicles, and growing governments mandates with respect to incorporation of fuel-efficient technologies in vehicles are the key factors anticipated to drive the EPS sensor market.

However, malfunctioning of EPS sensors and consequent recalling of vehicles may restrain the growth of the global industry during the forecast period.

According to the regional analysis of the market, the Asia Pacific electric power steering EPS sensor market is anticipated to grow at a CAGR of 8.8%, by generating a revenue of $10,496.7 million during the review period.

Electric Power Steering (EPS) Sensor Overview

Electric power steering (EPS) sensors are used in power steering system of the vehicle for efficient handling and running of the vehicle. EPS system is substitute to other conventional steering systems including hydraulic power steering and electro-hydraulic systems. The growing importance of self-driving or autonomous vehicles is anticipated to foster the growth of EPS system in the market subsequently improving the growth of EPS sensors. The utility of EPS system including electric power steering pump, power steering motor and sensors in the vehicle helps in reducing overall weight, improving fuel efficiency, and enhancing vehicle life.

COVID-19 Impact on the Global Electric Power Steering (EPS) Sensor Market

The COVID-19 pandemic has drastically impacted the EPS sensor market owing to the slowdown of automobile sector across the world. The overall sales of vehicles plummeted exponentially during the period. Consequentially, it impacted the OEM manufacturers, including automobile parts and sensor manufacturers. 

However, when economies opened up, demand returned to the market, and regions such as China and India saw massive demand for passenger automobiles as consumer preferences shifted away from public transportation and toward personal vehicles. During the forecast period, the tendency is expected to continue. Such developments are likely to boost the growth of EPS sensor market.

Increasing Emphasis by Governments and Auto Manufacturers to Develop Safer Automotive Systems is likely to Drive the Market Growth

As per the World Health Organization (WHO), around 1.3 million people die in road accidents across the world each year, half of those are vulnerable road users like pedestrians and motorcyclists, and the other half is killed in side-impact collisions. Moreover, 80%of cars sold worldwide fail to meet basic safety requirements. Only 40 countries have accepted all seven of the most important UN vehicle safety standards. 

End-users have been encouraged to adopt improved safety solutions as the frequency of accidents has increased significantly. In the developed countries, improvements in roadway and vehicle design have steadily reduced injury and fatality rates. However, in some developing countries, accident rates are still higher, and governments are focusing on enforcing strict safety regulations and encouraging the deployment of various car subsystems such as electric power steering systems. Automobile manufacturers are implementing many features in automobiles that improve safety including automotive power steering systems as a result of these considerations. Moreover, consumers are becoming increasingly concerned about safety systems and technology, and as a result, they are more interested in purchasing vehicles with greater safety features.

For example, the Infiniti Q50, a car developed by Infiniti Motor Company, has direct adaptive steering, which utilizes sensors in the automobile that regularly monitor the steering wheel's position. Furthermore, electronic power steering torque sensors are built into the EPS system, which track the amount of effort the driver puts in to maneuver the car.

To know more about global EPS sensor market drivers, get in touch with our analysts here.

High Costs of EPS Systems and Common Failures in Torque Sensors to Restrain the Growth of the Global Industry

High costs of EPS systems as compared to traditional steering systems is the key restraining factor that is likely to impede the market growth of EPS sensors. Also, in the EPS system, torque sensor is another common source of failure. The most common failure on column assist is a torque sensor failure and contacting style torque sensors have a far greater failure rate than non-contacting sensors. The metallic contact points of contacting sensors tend to wear out over time. These issues are likely to further stress the growth of EPS sensors market over the forecast period.

Adoption of EPS Systems among Commercial Vehicles to Foster the Growth of Electric Power Steering (EPS) Sensor

Hydraulic power steering (HPS), which has a complex structure, consumes high power, and is difficult to operate, currently dominates the commercial vehicle power steering market. However, adjustable power, good steering, low fuel economy, and no emissions are all advantages of EPS systems. As part of electric power steering (EPS) trends, commercial vehicles are likely to adopt EPS systems in the coming years consequently fostering the market growth. 

To know more about the global EPS sensor market opportunities, get in touch with our analysts here.

Electric Power Steering (EPS) Sensor Market
By Vehicle Type

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Based on type, the EPS sensor market has been sub-segmented as passenger and commercial vehicles of which the passenger sub-segment is projected to generate the maximum revenue with the fastest growth during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The passenger vehicle sub-segment is predicted to be dominating and fastest growing sub-segment in the global market with a revenue of $10,414.5 million in 2020 and register a revenue of $20,193.4 million during the forecast period, growing at a CAGR of 8.4%. The growing expansion of passenger cars as the key mobility medium across the world is expected to help the growth of passenger cars sub-segment in the forecast period. As per the Organisation Internationale des Constructeurs d'Automobiles, an international trade association headquartered in Paris (France), about 53 million passenger vehicles were sold around the globe in 2020. In the current condition, 30% of passenger cars globally are equipped with EPS technology, and this technology is expected to be used in budget passenger cars during the forecast period. Owing to these developments, EPS senor market has dominated the vehicle type segment and likely to grow substantially in the coming years

The commercial vehicle sub-segment is predicted to have substantial growth rate in the global market with a revenue of $3,445.5 million in 2020 and register a revenue of $6,542.9 million during the forecast period, growing at a CAGR of 8.1%. The growing sale of commercial vehicles and increasing incorporation of EPS systems in the vehicle are likely to push the market growth in the coming years. During the forecast period, the introduction of increased assistance functions of power steering in order to improve vehicle safety is likely to have a substantial impact. The adoption of sophisticated active power steering in heavy commercial vehicles is user-friendly and extremely compatible with advanced assistance systems, that will aid new steering functions and foster the growth of the market in the segment. For instance, Nexteer Automotive’s 10 FIT High Availability EPS systems enable many of the driver assist functions that are present on the road today, including park assist, lane keeping, traffic jam assist, lane departure warning, cross wind correction, and more.

Electric Power Steering (EPS) Sensor Market
By Sensor Type

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Based on sensor type, the market has been divided into speed sensor, steering torque sensor, and Steering Wheel Position Sensor. Among the mentioned sub-segments, the steering torque sensor is predicted to show the fastest growth and Steering Wheel Position Sensor is expected to garner a dominant market share.

Source: Research Dive Analysis

The steering torque sensor sub-segment of the global EPS sensor market is projected to have the fastest growth and surpass $8,847.5 million by 2028, with an increase from $4,434.5 million in 2020. Over the last few years, many novel torque sensor technologies have emerged, the most notable of which being magnetoelastic, photonic, and SAW technologies. The sensors based on these technologies have high linearity, significant resolution, and good electromagnetic noise immunity, in addition to being compact and lightweight. Moreover, the increasing utility of contactless torque sensors by OEMs to enhance fuel efficiency is expected to boost the sub-segment growth in the market.

The steering wheel position sensor sub-segment of the global EPS sensor market is projected to register a maximum revenue of $12,465.9 million by 2028, with an increase from $6,478.7 million in 2020. In vehicles, as position sensors employ sliding electrical contacts which are subjected to issues such as vibrations and increasing noise problems, the need for replacing the sensors seems to be high in commercial vehicles. Moreover, increasing developments in non-contacting position sensors based on magnetic sensing principles is anticipated to increase the growth of the sub-segment in the EPS sensor market.

Electric Power Steering (EPS) Sensor Market
By Distribution Channel

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Based on distribution channel the market has been segmented into original equipment manufacturer (OEM) and aftermarket manufacturers. Among the mentioned sub-segments, the aftermarket sub-segment is predicted to show the fastest growth and OEMs sub-segment is expected to garner a dominant market share.

Source: Research Dive Analysis

The aftermarket sub-segment of the global EPS sensor market is projected to have the fastest growth and surpass $9,738.7 million by 2028, with an increase from $4,945.3 million in 2020. In the projected period, the growing demand for upgrades to existing automotive electronics systems, which include EPS sensors, is expected to boost the expansion of the aftermarket sub-segment. For instance, Power Steering Sensors from Elta Automotive, a major automotive parts supplier, can not only monitor oil levels in the power steering system, but also communicate information about the demand on the system to the electronic control unit (ECU), which may subsequently adjust engine speed during slower maneuvers.

The OEMs sub-segment of the global EPS sensor market is projected to register a substantial revenue of $16,997.6 million by 2028, with an increase from $8,914.7 million in 2020. OEMs in the automotive electric power steering sector are stepping up their efforts to shorten development time by rethinking and revising how the control programme is implemented in various vehicles. Software advancements in the EPS-MCU are becoming more prevalent, allowing the unit to seamlessly integrate into the car after it is installed at the factory. Vehicle handling and safety are being enhanced because of advancements in motor control systems. In 2020, DENSO Corporation, a multinational automotive components manufacturer based in Japan, announced the development of a new EPS motor control unit (EPS-MCU) featured in the TOYOTA NEW HARRIER.

Electric Power Steering (EPS) Sensor Market
By Region

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The EPS sensor market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Electric Power Steering (EPS) Sensor Market in Asia-Pacific to be the Fastest Growing

The Asia-Pacific EPS sensor systems market accounted $5,258.5 million in 2020 and is projected to register a revenue of $10,496.7 million during the forecast period. China is the world's largest automotive manufacturer, and Japan and South Korea are the world's largest auto exporters. Moreover, due to large-scale manufacturing and significant expenditures in new vehicle technologies carried out in the region, EPS sensor market is expected to flourish over the forecast period.

Competitive Scenario in the Global Electric Power Steering (EPS) Sensor Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Electric Power Steering (EPS) Sensor Market

Source: Research Dive Analysis

Electric power steering (EPS) sensor market share has been accounted by key players including Robert Bosch GmbH, HELLA GmbH & Co. KgaA, DENSO Corporation, Valeo SA, Continental AG, Infineon Technology, Sensata Technologies, TT Electronics Plc, NXP Semiconductors, and Asahi Kasei, among others. Also, the market is substantially fragmented and accounted by small number of large players and large number of small manufacturers. 

In 2019, Infineon Technologies AG, launched a linear hall sensor which was designed in accordance with the safety standard ISO26262 and is primarily used in automotive applications. The sensor offers maximum level of functional safety.

Porter’s Five Forces Analysis for the Global Electric Power Steering (EPS) Sensor Market:

  • Bargaining Power of Suppliers: There are huge number of suppliers offering EPS sensor components including magnets, concentrators, and hall sensors, among others to the manufacturers. Owing to the high availability of components, low product differentiation, and low switching cost for the manufacturers, bargaining power of supplier reduces. 
    Thus, the bargaining power of the suppliers is low.
  • Bargaining Power of Buyers: The buyers garner significant amount of bargaining power as industry is proliferated with large number of OEMs and aftermarket EPS sensor options. Moreover, aftermarket services providers offering value added services at competitive costs increases the competition among players. 
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: In automotive industry, there are virtually very few entry barriers due to economies of scale, giving new comers the opportunity to sufficiently understand the market. Moreover, new entrants entering the EPS sensor market are developing low-cost sensors that will attract customers. As, the initial investment in the EPS sensor market is moderate, a new entrant can challenge a traditional player. 
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: The steering market in the automotive industry is always altering to keep up with the sector's shifting characteristics. OEMs are innovating their traditional steering systems in response to the arrival of autonomous vehicles. In an autonomous car, steer-by-wire technology is one such breakthrough that will replace the complete steering system. A standard electric power steering system's steering linkage will be removed with this sort of steering system in the future which may pose hurdle to the market.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: Even though the EPS sensor market is moderately fragmented, there are few big players dominating the overall market share. There is intense competition among the well-established players including Continental AG, HELLA GmbH & Co., Denso Corporation, Valeo SA, and Robert Bosch.
    Therefore, the competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle

  Segmentation by Sensor Type

  • Speed Sensor
  • Steering Torque Sensor
  • Steering Wheel Position Sensor

  Segmentation by Distribution Channel

  • OEM
  • Aftermarket

  Key Companies Profiled

  • Robert Bosch GmbH
  • HELLA GmbH & Co. KgaA
  • DENSO Corporation
  • Valeo SA
  • Continental AG
  • Infineon Technology
  • Sensata Technologies
  • TT Electronics Plc
  • NXP Semiconductors
  • Asahi Kasei

Frequently Asked Questions
 

A. The global electric power steering (EPS) sensor market size was over $13,860.0 million in 2020 and is projected to reach $21,408 million by 2025.

A. The EPS sensor market share is accounted by key players namely Robert Bosch GmbH, HELLA GmbH & Co. KgaA, DENSO Corporation, Valeo SA, Continental AG, and Infineon Technology.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future. EPS sensor has been leading investment opportunity owing to the growth of production and sales of passenger vehicles in the region.

A. Asia-Pacific region accounted for largest market share of 37.94% in 2020 in EPS sensor market.

A. Technological development and strategic partnerships between sensor suppliers and auto manufacturers are the key strategies opted by the key players in this market.

A. Steering sensors are used for sensing the steering wheel's rotational angle, convert applied torque into electric signal, and also communicating navigational information.

A. Electric power steering (EPS) sensor industry was valued at USD13.8 billion in 2020.

A. The EPS control module, reduction gear, electric motor, and torque sensor are all critical parts of the power steering system. The electric power steering system uses an electric motor to help in rotating the wheels of the vehicle. It's typically used to replace the hydraulic power steering system.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Vehicle Type trends
2.3.By application type trends
2.4.By function type trends 
2.5.By end-user trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Distribution Channel landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Strategic overview

4.Electric Power Steering (EPS) Sensor Market, by Vehicle Type

4.1.Passenger Vehicle

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Commercial Vehicle

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

5.Electric Power Steering (EPS) Sensor Market, by Sensor Type

5.1.Speed Sensor

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Steering Torque Sensor

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Steering Wheel Position Sensor

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

6.Electric Power Steering (EPS) Sensor Market, by Distribution Channel

6.1.Original Equipment Manufacturer (OEM) 

6.1.1.Others Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028

6.2.Aftermarket

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028

7.Electric Power Steering (EPS) Sensor Market, by Region

7.1.North America

7.1.1.Market size and forecast, by Vehicle Type, 2020-2028
7.1.2.Market size and forecast, by Sensor Type, 2020-2028
7.1.3.Market size and forecast, by Distribution Channel, 2020-2028
7.1.4.Market size and forecast, by Country, 2020-2028
7.1.5.Comparative market share analysis, 2020 & 2028

7.1.6.U.S.

7.1.6.1.Market size and forecast, by Vehicle Type, 2020-2028
7.1.6.2.Market size and forecast, by Sensor Type, 2020-2028
7.1.6.3.Market size and forecast, by Distribution Channel, 2020-2028

7.1.7.Canada

7.1.7.1.Market size and forecast, by Vehicle Type, 2020-2028
7.1.7.2.Market size and forecast, by Sensor Type, 2020-2028
7.1.7.3.Market size and forecast, by Distribution Channel, 2020-2028

7.1.8.Mexico

7.1.8.1.Market size and forecast, by Vehicle Type, 2020-2028
7.1.8.2.Market size and forecast, by Sensor Type, 2020-2028
7.1.8.3.Market size and forecast, by Distribution Channel, 2020-2028

7.2.Europe

7.2.1.Market size and forecast, by Vehicle Type, 2020-2028
7.2.2.Market size and forecast, by Sensor Type, 2020-2028
7.2.3.Market size and forecast, by Distribution Channel, 2020-2028
7.2.4.Market size and forecast, by Country, 2020-2028
7.2.5.Comparative market share analysis, 2020 & 2028

7.2.6.Germany 

7.2.6.1.Market size and forecast, by Vehicle Type, 2020-2028
7.2.6.2.Market size and forecast, by Sensor Type, 2020-2028
7.2.6.3.Market size and forecast, by Distribution Channel, 2020-2028

7.2.7.UK

7.2.7.1.Market size and forecast, by Vehicle Type, 2020-2028
7.2.7.2.Market size and forecast, by Sensor Type, 2020-2028
7.2.7.3.Market size and forecast, by Distribution Channel, 2020-2028

7.2.8.France

7.2.8.1.Market size and forecast, by Vehicle Type, 2020-2028
7.2.8.2.Market size and forecast, by Sensor Type, 2020-2028
7.2.8.3.Market size and forecast, by Distribution Channel, 2020-2028

7.2.9.Italy

7.2.9.1.Market size and forecast, by Vehicle Type, 2020-2028
7.2.9.2.Market size and forecast, by Sensor Type, 2020-2028
7.2.9.3.Market size and forecast, by Distribution Channel, 2020-2028

7.2.10.Spain

7.2.10.1.Market size and forecast, by Vehicle Type, 2020-2028
7.2.10.2.Market size and forecast, by Sensor Type, 2020-2028
7.2.10.3.Market size and forecast, by Distribution Channel, 2020-2028

7.2.11.Rest of Europe

7.2.11.1.Market size and forecast, by Vehicle Type, 2020-2028
7.2.11.2.Market size and forecast, by Sensor Type, 2020-2028
7.2.11.3.Market size and forecast, by Distribution Channel, 2020-2028

7.3.Asia-Pacific

7.3.1.Market size and forecast, by Vehicle Type, 2020-2028
7.3.2.Market size and forecast, by Sensor Type, 2020-2028
7.3.3.Market size and forecast, by Distribution Channel, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028
7.3.5.Comparative market share analysis, 2020 & 2028

7.3.6.China

7.3.6.1.Market size and forecast, by Vehicle Type, 2020-2028
7.3.6.2.Market size and forecast, by Sensor Type, 2020-2028
7.3.6.3.Market size and forecast, by Distribution Channel, 2020-2028

7.3.7.Japan 

7.3.7.1.Market size and forecast, by Vehicle Type, 2020-2028
7.3.7.2.Market size and forecast, by Sensor Type, 2020-2028
7.3.7.3.Market size and forecast, by Distribution Channel, 2020-2028

7.3.8.India 

7.3.8.1.Market size and forecast, by Vehicle Type, 2020-2028
7.3.8.2.Market size and forecast, by Sensor Type, 2020-2028
7.3.8.3.Market size and forecast, by Distribution Channel, 2020-2028

7.3.9.South Korea

7.3.9.1.Market size and forecast, by Vehicle Type, 2020-2028
7.3.9.2.Market size and forecast, by Sensor Type, 2020-2028
7.3.9.3.Market size and forecast, by Distribution Channel, 2020-2028

7.3.10.Australia 

7.3.10.1.Market size and forecast, by Vehicle Type, 2020-2028
7.3.10.2.Market size and forecast, by Sensor Type, 2020-2028
7.3.10.3.Market size and forecast, by Distribution Channel, 2020-2028

7.3.11.Rest of Asia Pacific

7.3.11.1.Market size and forecast, by Vehicle Type, 2020-2028
7.3.11.2.Market size and forecast, by Sensor Type, 2020-2028
7.3.11.3.Market size and forecast, by Distribution Channel, 2020-2028

7.4.LAMEA

7.4.1.Market size and forecast, by Vehicle Type, 2020-2028
7.4.2.Market size and forecast, by Sensor Type, 2020-2028
7.4.3.Market size and forecast, by Distribution Channel, 2020-2028

7.4.4.Latin America 

7.4.4.1.Market size and forecast, by Vehicle Type, 2020-2028
7.4.4.2.Market size and forecast, by Sensor Type, 2020-2028
7.4.4.3.Market size and forecast, by Distribution Channel, 2020-2028

7.4.5.Middle East

7.4.5.1.Market size and forecast, by Vehicle Type, 2020-2028
7.4.5.2.Market size and forecast, by Sensor Type, 2020-2028
7.4.5.3.Market size and forecast, by Distribution Channel, 2020-2028

7.4.6.Africa

7.4.6.1.Market size and forecast, by Vehicle Type, 2020-2028
7.4.6.2.Market size and forecast, by Sensor Type, 2020-2028
7.4.6.3.Market size and forecast, by Distribution Channel, 2020-2028

8.Company profiles

8.1.Robert Bosch GmbH

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2.HELLA GmbH & Co. KgaA

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3.DENSO Corporation

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.Valeo SA

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5.Continental AG

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6.Infineon Technology

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.TT Electronics Plc 

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.Sensata Technologies

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9.NXP Semiconductors

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.Asahi Kasei

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis

Electric power steering (EPS) sensors are sensors that 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.

Forecast Analysis of the Market

Increasing 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. In addition, increasing adoption of EPS systems in commercial vehicles across the globe is further expected to create massive opportunities for the growth of the electric power steering (EPS) sensor market. However, extortionate cost of EPS systems 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 $26,736.3 by 2028, growing exponentially at a CAGR of 8.4% from 2021-2028. The major players of the market include Valeo SA, Continental AG, DENSO Corporation, Asahi Kasei, TT Electronics Plc, NXP Semiconductors, Infineon Technologies, Sensata Technologies, Robert Bosch GmbH, HELLA GmbH & Co. KgaA, and many others.

Key Developments

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 electric power steering (EPS) sensor market to grow exponentially.

For instance, 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.

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.

Most Profitable Region

The Asia-Pacific region is expected to be most profitable, and generate a revenue of $10,496.7 million 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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