The Europe Electric Power Steering (EPS) Sensor Market would witness market growth of 6.5% CAGR during the forecast period (2022-2028).
Customizable power, low gas consumption, energy efficiency, and environmental compatibility are just a few benefits of EPS. The goal of numerous countries throughout the world is to lessen pollution and reliance on oil. For instance, the National Electric Mobility Mission Plan (NEMMP) and the Automotive Mission Plan were created in India to reduce oil dependence and pollution.
With the development of technology, the market for Electric Power Steering (EPS) sensors is further aided in its tendencies. Vehicles are becoming safer than before due to the addition of safety technologies that help EPS, like traction control and vehicle stability control. Additionally, increasing stability at high speeds by changing the steering turn following speed. Many nations are searching for ways to lower accident fatalities, and choices like EPS precisely meet the demand.
Germany is renowned around the world for its strong automotive industry and engineering skill. Numerous automakers in this area are actively investing in the implementation of innovations like the automotive keyless entry system. German cars are a prime example of highly coveted qualities including innovation, dependability, safety, and design. This is the main justification for why local automakers are prepared to include a keyless entry technology in every vehicle.
The Germany market dominated the Europe 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 $1,414.8 Million by 2028.The UK market is anticipated to grow a CAGR of 5.6% during (2022 - 2028). Additionally, The France market would experience a CAGR of 7.3% 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 Germany, UK, France, Russia, Norway, Netherlands, and Rest of Europe.
Free Valuable Insights: The Global Electric Power Steering (EPS) Sensor Market will Hit $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.
By Vehicle Type
By Distribution Channel
By Type
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