The North America Electric Power Steering (EPS) Sensor Market would witness market growth of 6.9% CAGR during the forecast period (2022-2028).
Electric Power Steering (EPS) sensors are crucial to the operation of EPS systems. Assisting the entire EPS process are three different steering sensor types: steering torque sensors, steering position sensors, and steering wheel position sensors. The amount of effort used to turn the vehicle's steering wheel and the steering wheel angle are two of the sensors' main inputs. These sensors' signals are taken in, processed further, and then produced an output that aids in steering.
As the motor only activates when the actual steering is engaged, EPS has a low engine power consumption and is simple to integrate with traction and stability control. The functionality of the EPS systems depends on the EPS sensors. Although EPS sensors are smaller and lighter than hydraulic steering systems, they improve fuel economy by lowering the overall weight of the car. By reducing breaks and FIT, the sensors help boost the vehicle's dependability and durability.
Handling data from vehicles is evolving into an increasingly important component of guaranteeing safe and reliable transportation as autonomous and connected vehicles become more prevalent. Canada possesses the knowledge necessary to examine the massive amounts of data now generated by linked automobiles. Due to clusters of industrial and academic quantum information R&D, Canadian companies are partnering with international OEMs to process huge amounts of data and improve the speed of entire networks of vehicles.
The US market dominated the North America 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 $4,345.8 Million by 2028.The Canada market is poised to grow at a CAGR of 9.4% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8.4% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Electric Power Steering (EPS) Sensor Market is Estimated to reach $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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