Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global Electric Power Steering (EPS) Sensor Market size is expected to reach $21.6 billion by 2028, rising at a market growth of 7.2% CAGR during the forecast period.
The Commercial Vehicle segment has shown the growth rate of 9.4% during (2022 - 2028). Due to their weight, large vehicles require more force to steer. Typically, this sub-segment of automobiles uses a hydraulic power steering system to lessen the driver's steering effort. Trucks, buses, and other large vehicles are included in the commercial vehicle sub-segment.
The OEM segment acquired maximum revenue share in the Global Electric Power Steering (EPS) Sensor Market by Distribution Channel in 2021 thereby, achieving a market value of $15.1 billion by 2028. It is because Electric Power Steering (EPS) sensors are increasingly being used since steering systems are crucial components of cars and there is an increasing demand for safety.
The Steering Torque Sensor segment is showcasing a CAGR of 7.5% during (2022 - 2028). It is due to the boosted OEMs' increasing use of contactless torque sensors to improve fuel efficiency. The steering wheel position sub-segment is expected to experience revenue growth throughout the projected period due to rising innovations in non-contacting position sensors based on magnetic sensing principles.
The Asia Pacific market dominated the Global Electric Power Steering (EPS) Sensor Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.1 billion by 2028.The Europe market is exhibiting a CAGR of 6.5% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 6.9% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
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