Electric Power Steering (EPS) Sensor Market size is expected to be valued at USD 15.2 billion in 2022 which is expected to grow at a CAGR of 7.3% over 2022-2028. The Electric Power Steering (EPS) sensors are appropriate for light commercial electric vehicles along with midsize, compact, and sports cars. It is a vital technology for fully independent driving enjoyment. The steering of the automobile is handled by an electric motor within the EPS. The EPS handles and supports vehicle steering with the usage of an electric motor, presenting the driver with a sustaining and perfect steering experience. The latest generation of control units also provides security in case of an accident. Electric power steering (EPS) utilizes an electric motor to support the driver in steering the car which outcomes in decreased stress on the engine and improves fuel efficiency which can lead to the electric power steering (EPS) sensor market growth. Moreover, the steep rise in fuel prices and demand for fuel-efficient cars are some primary factors that can boost the global electric power steering (EPS) sensor market. Apart from these, the electric power steering sensor screens the behavior of the driver based on speed, steering movement, tire movement, and road condition which helps in avoiding accidents on roads and can also accelerate the market in the future. However, some factors such as the electric motor which is attached to the steering column may lead to electric power steering failure due to extreme heat and penetration of dirt, water, or any pollutants in the system can cause circuit failure or inappropriate functioning of moving parts can restrain the growth of the market. Electric power-assisted system (EPAS) invention in electric power steering (EPS) sensor can create an opportunity for the global electric power steering (EPS) sensor market growth.
In October 2021, Nexteer launched Modular Column-assist Electric Power Steering System which is cost-effective.
In January 2020, JTEKT acquired shares of Yutaka Seimitsu Kogyo Ltd. from Toyota Motor Corporation (Toyota).