The global electric power steering sensor market size was US$ 14.6 billion in 2021. The global electric power steering sensor market size is estimated to reach US$ 26.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2022 to 2030.
Electric power steering sensors command helps the steering function with the help of an intelligent electric motor. The control unit inside the EPS estimates the perfect steering support based on the steering signal from torque sensors and provides the data to the electric motor to deliver the necessary assistance.

Factors Influencing Market Growth

The increasing amount of vehicle manufacturing and the rising number of accidents have created a need to increase the adoption of EPS sensors in vehicles driving the overall market expansion.
Driving enthusiasts to feel the lack of steering feel and driving experience on EPS. These factors are expected to drive the overall market expansion.
Increasing penetration of electric power steering systems in commercial and passenger vehicles along with the rising need for electric and automatic vehicles is expected to drive the overall market growth.

Effect of the COVID-19 Pandemic

COVID-19 had a severe impact on the overall market expansion. The global decline in the automotive sector has had a significant influence on the EPS sensor market as a result of COVID-19. Throughout that time, there was an exponential drop in overall car sales. It thus impacted OEM producers, like players that create vehicle and sensor parts.

Regional Analysis

Asia-Pacific is expected to have the highest growth of the overall market. Due to China's rank as the world's biggest auto manufacturer, South Korea's and Japan's positions as the largest auto exporters, large-scale manufacturing, and substantial acquisitions in the latest vehicle technologies in the region. Thus, driving the growth of the market in the region.

Leading Competitors
The prominent players in the global electric power steering sensor market are:
NXP Semiconductors N.V.
sensata technologie
TT Electronics
DENSO CORPORATION
HELLA GmbH
robert bosch
continental ag
Infineon Technology
Valeo SA
Others
Segmentation Analysis
The global electric power steering sensor market segmentation focuses on Type, Vehicle Type, Distribution Channel, and Region.
Segmentation on the basis of Type
Speed Sensor
Steering Torque Sensor
Steering Wheel Position Sensor
Segmentation on the basis of Vehicle Type
Passenger Vehicle
Commercial Vehicle (LCV, HCV).
Segmentation on the basis of Distribution Channel
OEM
Aftermarket
Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America