The automotive steering sensors market size is estimated to register a substantial CAGR of over 11% during the forecast period, 2021–2028. The growth of the market is attributed to the latest advancements in the steering angle and multifunctional intelligent system sensors, aiding a better and safer drive.
Steering sensors are crucial for measuring the rotational angle of a steering wheel and communicate information on navigation. The automotive steering sensors market covers the increasing adoption of safety measures in both passenger cars and commercial vehicles, the impact of government regulations on manufacturers, initiatives taken by the government to boost the scope of steering sensors adoption, new innovations, and competitive landscape of players operating the market.
The Covid-19 pandemic had an adverse impact on the automotive steering sensors market. The production and supply in the market has been on halt owing to lockdown; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- A multifunctional intelligent system sensor which is aiding a better and safer drive is expected to drive the market during the forecast period.
- Growing awareness among the consumers regarding the advanced safety systems and technologies are estimated to propel the market in coming years.
- Rising concerns about passenger safety have obliged automobile manufacturers to equip their vehicles with driver assistance systems, including steering assistance systems which are likely to surge the automotive steering sensors market.
- The integration of numerous steering sensors in analectic power steering (EPS) helps provide additional safety benefits are anticipated to boost the market growth.
- Rising enactment of stringent fuel economy norms and safety initiatives by the governments and international associations are projected to fuel the automotive steering sensors market.
- R&D investment and technological advancement in automotive steering sensors market are expected to offer lucrative opportunities for the market players.
Scope of the Report
The report on automotive steering sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Steering Sensors Market –Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Sensor Type (Health Monitoring Systems, Torque and Angle Sensors, Intelligent Multi-functional Sensor Systems, Position Sensors, and Other Sensor Types)
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Regions
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Robert Bosch GmbH; Continental AG; DENSO Corporation; Valeo SA; and HELLA GmbH & Co. KgaA.
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Market Segment insights
The commercial vehicles segment is projected to constitute a large market share
Based on vehicle types, the automotive steering sensors market is segregated into passenger cars, light commercial vehicles, and heavy commercial vehicles. The commercial vehicles segment is expected to account for a key share of the market during the forecast period owing to owing to an increase in production and sales of trucks and semi-trailers and growth of e-commerce activities in the region; however, passenger car segment is anticipated to expand at a rapid pace during the forecast period owing to increasing demand for automatic hydraulic transmission and continuously variable transmission in passenger vehicles.
The position sensors segment is expected to register a substantial CAGR
Based on sensor type, the market is divided into health monitoring systems, torque and angle sensors, intelligent multi-functional sensor systems, position sensors, and others. The position sensors segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to rising concerns about passenger safety, the enactment of stringent fuel economy norms, along with safety initiatives by the governments and international associations and increasing and continuous developments and innovations in technology. Furthermore, position sensors are used in brake pedal position sensing, clutch pedal position sensing, accelerator pedal position sensing, seat and headrest position sensing, electric roof position sensing, sunroof position sensing, windscreen wiper position sensing, crash sensing, valve position sensing, gear shift position sensing, headlight position sensing, manifold flap position sensing, and seat position sensing which are expected to drive the market during the forecast period.
Asia Pacific is expected to dominate the market
In terms of regions, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. Increasing per capita income of the middle-class population and cost advantages for original equipment manufacturers (OEMs) is expected to drive the market growth in near future. Furthermore, growing population and rising income levels which is leading to increased demand for automobiles. The automotive sensors market in Asia-Pacific has significant growth potential, owing to low automobile production costs, easy availability of economical labor, lenient emission, safety norms, and government initiatives to support foreign direct investments (FDIs).
Segments
Segments Covered in the Report
The automotive steering sensors market has been segmented on the basis of:-
Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Sensor Type
- Health Monitoring Systems
- Torque and Angle Sensors
- Intelligent Multi-functional Sensor Systems
- Position Sensors
- Other Sensor Types
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Companies
Competitive Landscape
Key players competing in the automotive steering sensors market include Robert Bosch GmbH; Continental AG; DENSO Corporation; Valeo SA; and HELLA GmbH & Co. KgaA.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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