The Asia Pacific Electric Power Steering (EPS) Sensor Market would witness market growth of 7.6% CAGR during the forecast period (2022-2028).
The use of EPS requires reliability throughout a commercial vehicle's life, and it must be more durable to prevent breakdowns or other safety-related issues. In comparison to some commercial vehicles, which are expected to travel more than 400,000 km in just three years, a regular passenger automobile may only travel 160,000 km in its lifespan. Additionally, a commercial vehicle's operating environment is more likely to be noisy and vibratory, which increases the demands on the performance and dependability an EPS system must meet.
Commercial and off-road industrial vehicles demand a higher power assist due to the heavier steering loads they present. EPS units installed on steering columns typically generate a force of around 5 kN. This can be increased to between 5 kN and 12 kN by moving the EPS closer to the wheels to drive the pinion shaft or steering rack, although doing so will make the EPS more susceptible to vibration and greater temperatures.
The Indian economy is expanding, and middle-class consumers' disposable incomes are rising along with it. This then has a beneficial effect on the increased demand for automobiles. Due to the nation's low production costs, automobile production has increased significantly during the previous five years. The market for electric power steering components is also expanding as a result of the increase in vehicle manufacturing. To encourage the sale of automobiles, the Indian government also changed the tax rates on gasoline, diesel, and hybrid vehicles in its 2018 budget.
The China market dominated the Asia Pacific Electric Power Steering (EPS) Sensor Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,299.1 Million by 2028.The Japan market is estimated to grow a CAGR of 6.9% during (2022 - 2028). Additionally, The India market would display a CAGR of 8.2% during (2022 - 2028).
Based on Vehicle Type, the market is segmented into Passenger Vehicle and Commercial Vehicle. Based on Distribution Channel, the market is segmented into OEM and Aftermarket. Based on Type, the market is segmented into Steering Wheel Position Sensor, Steering Torque Sensor and Speed Sensor. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Electric Power Steering (EPS) Sensor Market is Projected to reach USD 21.6 Billion by 2028, at a CAGR of 7.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, Robert Bosch GmbH, NXP Semiconductors N.V., Infineon Technologies AG, TT electronics Plc, Denso Corporation, HELLA GmbH & Co. KGaA, Valeo SA, Sensata Technologies Holdings PLC, and Methode Electronics Inc.
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