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Rise in vehicle manufacturing and increase in number of accidents drive the growth of the global electric power steering (EPS) sensor market.

PORTLAND, Ore. , Aug. 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Electric Power Steering (EPS) Sensor Market by Type (Speed Sensor, Steering Torque Sensor, Steering Wheel Position Sensor), by Vehicle Type (Passenger Vehicle, Commercial Vehicle (LCV, HCV).), by Distribution Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global electric power steering (EPS) sensor industry generated $14.64 billion in 2021, and is expected to reach $26.58 billion by 2030, growing at a CAGR of 7.0% from 2022 to 2030.

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Rise in vehicle manufacturing and increase in number of accidents drive the growth of the global electric power steering (EPS) sensor market. However, lack of experience of driving electric power steering vehicles hampers the market growth. On the contrary, lightweight nature of electric power steering systems as compared to hydraulic steering systems would encourage driving enthusiasts, which, in turn, would open new opportunities in the future.

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The Steering Wheel Position Sensor Segment held the Largest Share

By type, the steering wheel position sensor segment held the largest share in 2021, accounting for nearly half of the global electric power steering (EPS) sensor market, and is expected to continue its dominance during the forecast period. However, the steering torque sensor segment is expected to register the highest CAGR of 7.7% during the forecast period, owing to increase in use magnetoelastic, photonic, and SAW technologies as these technologies enable tiny and lightweight sensors with considerable resolution, great linearity, and exceptional immunity.

The Passenger Vehicle Segment dominated the Market

By vehicle type, the passenger vehicle segment held the lion's share in 2021, contributing to around three-fourths of the global electric power steering (EPS) sensor market, and is projected to continue its leading position throughout the forecast period. In addition, the segment is estimated to manifest the highest CAGR of 7.1% from 2022 to 2030. The passenger cars are important form of global transportation and the demand and sales of commercial vehicles and integration of EPS system into the vehicles is expected to increase in the coming years. These factors supplement the growth of the segment. The report also analyzes commercial vehicle segment.

The OEM Segment held the lion's Share

By distribution channel, the OEM segment held the largest share in 2021, accounting for nearly two-thirds of the global electric power steering (EPS) sensor market, and, and is expected to continue its dominance during the forecast period. This is due to its increase in use to save development time and surge in utilization of equipment in various cars. However, the aftermarket segment is expected to register the highest CAGR of 7.3% from 2022 to 2030, owing to rise in need for updates to current vehicle electronics systems, which incorporate EPS sensors.

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Asia-Pacific to Maintain its Dominance by 2030

By region, the global electric power steering (EPS) sensor market across Asia-Pacific dominated in 2021, holding nearly two-fifths of the market, and is projected to continue its leading position throughout the forecast period. In addition, the region is projected to portray the highest CAGR of 7.5% during the forecast period, owing to extensive manufacturing in China , Japan , and South Korea , and considerable investment in new vehicle technologies. The market is analyzed across various regions including North America , LAMEA, and Europe .

The report analyzes these key players of the market. These companies have adopted several strategies such as partnerships, expansion, collaborations, new product launches, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.

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