Global Automotive Steering Sensors Market is segmented By Type (Torque and Angle Sensors, Motor Position Sensors, Health Monitoring Systems, Multi-functional Sensor systems, Others), By Technology (Magnetic, Contacting, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Automotive Steering Sensors Market Size
Global automotive steering sensors market reached USD 9.5 billion in 2022 and is expected to reach USD 14.6 billion by 2030, growing with a CAGR of 5.7% during the forecast period 2024-2031. The automotive industry has been witnessing remarkable advancements in technology, revolutionizing various aspects of vehicle design and performance.
One critical area of innovation is automotive steering sensors, which play a pivotal role in enhancing vehicle safety, efficiency, and overall driving experience.
The torque and angle sensors leads the type segment in the global automotive steering sensors market, accounting for almost 1/3rd of the market share. Similarly, the Asia-Pacific region dominates the automotive steering sensors market, capturing the largest market share of over 1/4th. Increasing vehicle production and the adoption of advanced technologies in the countries in region drive the demand for steering sensors.
Automotive Steering Sensors Market Scope
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Metrics |
Details |
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CAGR |
5.7% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Type, Technology, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Automotive Steering Sensors Market Dynamics
Electric and Autonomous Vehicle Revolution
The rapid growth of electric and autonomous vehicles is reshaping the automotive landscape. The emergergence of electric and autonomous technologies rely heavily on sophisticated sensor systems, including automotive steering sensors, to facilitate precise control and navigation. Thus, acting as a major driver for the market.
Data from International Energy Agency, IEA reveals that electric vehicle sales have surged from 4% to 14% in 2022, while the autonomous vehicle market has also witnessed significant progress, with 5-10% of new vehicles expected to have at least Level 2 automation capabilities by 2025. As electric and autonomous vehicles become more mainstream, the demand for reliable and high-performance automotive steering sensors will soar.
Rising Demand for Advanced Driver Assistance Systems (ADAS)
Advanced Driver Assistance Systems (ADAS) have become a game-changer in the automotive sector, promoting enhanced safety and convenience for drivers. Automotive steering sensors are integral components of ADAS, providing real-time data on vehicle movements, steering angle, and speed. The respective data enables ADAS technologies such as lane-keeping assist, adaptive cruise control, and automated parking systems to function effectively.
According to data, the adoption of ADAS systems has witnessed significant growth, with an estimated 30-40% of new vehicles in 2022 being equipped with ADAS features. As governments globally prioritize road safety, ADAS technologies are likely to become a standard requirement, fuelling the demand for automotive steering sensors.
Supply Chain Disruptions and Semiconductor Shortages
The automotive industry relies on complex and extensive supply chains to source various components, including steering sensors. The outbreak of the COVID-19 pandemic in 2020 caused widespread disruptions, leading to factory closures, transportation constraints, and raw material shortages.
Moreover, semiconductors are critical components used in various automotive systems, including steering sensors. While the industry has shown resilience, post-pandemic recovery continues to face obstacles in 2021 and beyond. Data reveals that disruptions in the automotive supply chain are impacting the availability of steering sensors, resulting in delayed production and delivery schedules.
Automotive Steering Sensors Market Segment Analysis
The global automotive steering sensors market is segmented based on type, technology and region.
Integration with Advanced Driver Assistance Systems to offer Improved Steering Control
Torque sensors are designed to measure the rotational force or torque applied to the steering wheel. By providing real-time feedback to the vehicle's Electronic Control Unit (ECU), torque sensors enable more accurate and responsive steering control. The respective fact enhances the driver's ability to maneuver the vehicle, especially in challenging driving conditions.
Further, torque and angle sensors are integral components of Advanced Driver Assistance Systems (ADAS). These sensors work in conjunction with other ADAS technologies, such as lane-keeping assistance and adaptive cruise control, to deliver seamless driving experiences. The fusion of these technologies optimizes steering control, making it safer and more efficient.
Automotive Steering Sensors Market Geographical Penetration
Technological Advancements and a Shift Towards Electric and Autonomous Vehicles
The automotive industry is experiencing rapid transformation, fueled by technological advancements and a shift towards electric and autonomous vehicles. As vehicles become smarter and more connected, automotive steering sensors play a critical role in ensuring safety and enhancing driving experiences. Among the regions propelling this market forward, the Asia-Pacific stands out as a powerhouse of growth.
Asia-Pacific has emerged as the leading hub for automotive manufacturing, with countries such as China, Japan, India, and South Korea at the forefront of vehicle production. The respective growth is driven by factors such as rising disposable income, urbanization, and a growing middle-class population. As a result, the demand for automotive steering sensors has witnessed substantial growth, with government data indicating a steady rise in sensor installations across the region.
Automotive Steering Sensors Market Companies
The major global players in the market include Methode Electronics, Infineon, Hella Kgaa Hueck & Co., Valeo S.A., Honeywell, Robert Bosch GmbH, NXP Semiconductors, Sensata Technologies, DeAmertek Corporation and Bei Sensors.
COVID-19 Impact Analysis
Before delving into the impact of COVID-19, let's first understand the state of the automotive steering sensor market pre-pandemic. Steering sensors play a critical role in modern vehicle safety and assist in providing vital information to the vehicle's electronic stability control and other safety systems. The market was witnessing steady growth, fueled by advancements in vehicle automation, the integration of sensor technologies, and the increasing demand for electric and hybrid vehicles.
However, the pandemic wreaked havoc on global supply chains, causing disruptions in the production and distribution of automotive components, including steering sensors. Factory closures, transportation restrictions, and material shortages significantly impacted the supply of steering sensors, leading to delays and increased production costs.
Key Developments
- On May 25, 2023, Hella, a steering sensor manufacturer, announced the company’s plan to start production of steering sensors employed in all electric steer-by-wire systems, capable of transmitting steering commands electrically without any mechanical and hydraulic connection.
- On November 8, 2022, the global power and sensing provider, Allegro launched A31315 sensor, the newest member of the company’s 3DMAG linear and rotary sensors employed in automotive steerings.
- On October 27, 2021, Infineon Technologies launched new XENSIV TLE4972, a coreless current sensor employed in steering’s of hybrid and battery driver vehicles.
Why Purchase the Report?
- To visualize the global automotive steering sensors market segmentation based on type, technology and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of automotive steering sensors market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global automotive steering sensors market report would provide approximately 53 tables, 49 figures and 182 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
