Automotive Steering Sensor Market Size, Share, Opportunities, And Trends By Sensor Type (Health Monitoring Systems, Torque Sensors, Intelligent Multi-Functional Sensor Systems, Position Sensors/ Angle Sensors, Others), By Technology (Contacting, Magnetic), By Vehicle Type (Passenger Cars, Commercial Vehicles), And By Geography - Forecasts From 2024 To 2029
- Published : Jun 2024
- Report Code : KSI061616905
- Pages : 140
The automotive steering sensor market is expected to grow at a CAGR of 9.17%, reaching a market size of US$2.614 billion in 2029 from US$1.686 billion in 2024.
Modern automotive vehicles use automotive steering sensors to detect, measure, and monitor different vehicle dynamics like vehicle steering inputs, braking, driving, and other parameters and normally come as part of the vehicle's electronic stability control or ESC and advanced driver assistance system or ADAS. If the steering sensor detects the rate of steering wheel rotation and the angle of the steering wheel, it can also be used to determine the torque applied to the steering wheel by the driver as well and this is the primary job of the performance of the steering sensors in the car. This then relays information to lane-keeping assist, electronic power steering (EPS), adaptive cruise control, and other driver-assist and safety features that help protect the driver.
The steering sensor has the following components that collectively contribute to accurate steering input measurement for example the sensor element could be in the form of an electromechanical, electrohydraulic, or electro-pneumatic actuator that detects the steering angle, rate of rotation, or steering wheel torque, the signal conditioning circuit that conditions or processes the raw signals from the sensor element to guarantee accuracy and compatibility.
The microcontroller or processor gets the conditioned signals from the sensor and does further processing, the communication interface that communicates with other onboard systems like the electronic control unit or ECU, the mounting mechanism that mounts the vehicle steering column or another relevant component to guarantees accurate measurement of steering inputs and the housing and enclosure that protects the internal components from environmental factors like moisture and other corrosive elements.
INTRODUCTION:
The automotive steering sensors market is driven by growth in sales for vehicles globally whether it is a passenger or commercial heavy-duty vehicle and the rising popularity of EVs that reduce harmful emissions and are promoted by governments across the globe. The growth in sales of these vehicles will grow the demand for steering sensors to be installed in the vehicles for driver safety proportionally.
Also, the rising focus on safety features integrated into the vehicle will significantly drive the market as automakers are increasingly focusing on improving vehicle dynamics, handling, and overall driving experience which can be done using automotive steering sensors in vehicles. Thus, the increasing demand for vehicles is expected to drive the growth of the automotive steering sensors market.
With the environmental demand for less harmful emissions and with increasing emphasis on fuel efficiency the automakers are working towards improving fuel efficiency and reducing vehicle emissions by enabling events like electric power steering which can contribute to reduced emissions and fuel savings when compared to traditional hydraulic power steering systems. Also, factors like advancements in sensor technology like improvements in accuracy, reliability, and cost-effectiveness are increasing the capabilities and applications of automotive steering sensors and growing consumer preference for safety features in vehicles is driving the adoption of ADAS technologies which in turn heavily rely on steering sensors for example for lane-keeping assistance. These are some of the factors that are expected to contribute to the growth of automotive steering sensor market during the forecast period.
MARKET DRIVERS:
- Growth in vehicle production and sales across the globe is predicted to propel the market:
The rapid urbanization and industrialization are leading to population growth in several regions across the globe. The population growth is evident in countries like China and India where automotive production is booming and with an increase in population the demand for passenger and commercial vehicles is increasing. The increasing sales are thus increasing the demand for steering sensors to equip these vehicles with advanced safety and driver-assist features.
Also, the increasing popularity of EVs and autonomous vehicles which are eco-friendly and sustainable are being encouraged by several governments across the globe to make a sustainable future that requires automotive steering sensors as they rely heavily on electronic controls and sensors like steering sensors. For example, torque vectoring, regenerative braking, and autonomous steering. Thus,s the increasing sales of vehicles is expected to positively impact the market growth for automotive steering sensors over the forecast period.
- The growing technological advancements are projected to drive the automotive steering sensor market.
There are constant technological advancements that are being made in the field of the automotive industry including the sensors that are installed in the steering system of the vehicle for driver safety and improved vehicle dynamics and handling which will enhance the efficiency and reliability of the steering system. These advancements include enhanced sensor technology that improves accuracy, reliability, and cost-effectiveness which then expands the capabilities and applications of automotive steering sensors in the vehicle.
Also, the innovations include MEMS or Micro-Electro-Mechanical Systems sensors and integrated sensor systems that enable more sophisticated ADAS functionalities which are contributing significantly to boosting the automotive steering sensor market growth over the forecast period.
MARKET RESTRAINT:
The automotive steering sensor market can be hindered due to several factors that include the use of advanced steering sensors can be high in cost especially while using sensors from advanced driver assistance systems or ADAS and autonomous vehicles that are expensive and come with higher costs due to their sophistication and complexity. Also, the integration of sensors into modern vehicles with ADAS or autonomous driving systems can be challenging and time-consuming, the growing concerns about data privacy and risks of data theft due to the increasing connectivity of vehicles and the proliferation of electronic systems.
Cybersecurity threats pose a significant concern for automotive steering sensors, and the changing compliance of safety and regulatory standards can be challenging for steering sensor manufacturers and automakers. Therefore, these factors can contribute to hindering the automotive steering sensor market over the forecast period.
Growth is projected to be prominent in the Asia-Pacific region.
The Asia-Pacific region is expected to show major growth in the automotive steering sensor market. The rapid growth in economies like China, Japan, and India has grown in numbers for automotive manufacturing hubs in the region. This includes manufacturing cars with steering sensors which will fuel the demand for them in the region.
Also, the growing disposable income among the general public with growing GDP in several countries in the region is contributing to growing car sales that will need steering sensors to build those cars. The presence of OEM or original equipment manufacturers coupled with the rapid growth of the automotive industry in the region are the contributing factors to boost the automotive steering sensors market in the Asia-Pacific region over the forecast period.
Products Offered by Key Companies:
- Bosch Mobility: The Steering-Angle Sensor can provide an absolute steering-angle value over the complete steering-angle range and is based on Giant Magnetoresistance technology that can be cost-effective and modular.
- VBOX Automotive: The Steering Torque Sensor has a fine resolution of steer angle and accurately measures a vehicle’s steering angle or torque in tests.
Key Developments:
- In April 2023, Nexteer Automotive announced that new modular rack-assist electric power steering system and expanded their cost-effective and modular steering offerings.
- In December 2022, Melexis launched a new MLX90376 magnetic position sensor with strong stray field immunity and supports system integration up to ASIL D level functional safety.
Automotive Steering Sensor Market Scope:
| Report Metric | Details |
| Automotive Steering Sensor Market Size in 2024 |
US$1.686 billion |
| Automotive Steering Sensor Market Size in 2029 |
US$2.614 billion |
| Growth Rate | CAGR of 9.17% |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2024 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
|
| List of Major Companies in Automotive Steering Sensor Market |
|
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segmentation:
- By Sensor Type
- Health Monitoring Systems
- Torque Sensors
- Intelligent Multi-Functional Sensor Systems
- Position Sensors/ Angle Sensors
- Others
- By Technology
- Contacting
- Magnetic
- By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
- North America
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key Benefits to the stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. AUTOMOTIVE STEERING SENSOR MARKET, BY SENSOR TYPE
5.1. Introduction
5.2. Health Monitoring Systems
5.2.1. Market Trends and Opportunities
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Torque Sensors
5.3.1. Market Trends and Opportunities
5.3.2. Growth Prospects
5.3.3. Geographic Lucrativeness
5.4. Intelligent Multi-Functional Sensor Systems
5.4.1. Market Trends and Opportunities
5.4.2. Growth Prospects
5.4.3. Geographic Lucrativeness
5.5. Position Sensors/ Angle Sensors
5.5.1. Market Trends and Opportunities
5.5.2. Growth Prospects
5.5.3. Geographic Lucrativeness
5.6. Others
5.6.1. Market Trends and Opportunities
5.6.2. Growth Prospects
5.6.3. Geographic Lucrativeness
6. AUTOMOTIVE STEERING SENSOR MARKET, BY TECHNOLOGY
6.1. Introduction
6.2. Contacting
6.2.1. Market Trends and Opportunities
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. Magnetic
6.3.1. Market Trends and Opportunities
6.3.2. Growth Prospects
6.3.3. Geographic Lucrativeness
7. AUTOMOTIVE STEERING SENSOR MARKET, BY VEHICLE TYPE
7.1. Introduction
7.2. Passenger Cars
7.2.1. Market Trends and Opportunities
7.2.2. Growth Prospects
7.2.3. Geographic Lucrativeness
7.3. Commercial Vehicles
7.3.1. Market Trends and Opportunities
7.3.2. Growth Prospects
7.3.3. Geographic Lucrativeness
8. AUTOMOTIVE STEERING SENSOR MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. By Sensor Type
8.2.2. By Technology
8.2.3. By Vehicle Type
8.2.4. By Country
8.2.4.1. United States
8.2.4.1.1. Market Trends and Opportunities
8.2.4.1.2. Growth Prospects
8.2.4.2. Canada
8.2.4.2.1. Market Trends and Opportunities
8.2.4.2.2. Growth Prospects
8.2.4.3. Mexico
8.2.4.3.1. Market Trends and Opportunities
8.2.4.3.2. Growth Prospects
8.3. South America
8.3.1. By Sensor Type
8.3.2. By Technology
8.3.3. By Vehicle Type
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.1.1. Market Trends and Opportunities
8.3.4.1.2. Growth Prospects
8.3.4.2. Argentina
8.3.4.2.1. Market Trends and Opportunities
8.3.4.2.2. Growth Prospects
8.3.4.3. Others
8.3.4.3.1. Market Trends and Opportunities
8.3.4.3.2. Growth Prospects
8.4. Europe
8.4.1. By Sensor Type
8.4.2. By Technology
8.4.3. By Vehicle Type
8.4.4. By Country
8.4.4.1. United Kingdom
8.4.4.1.1. Market Trends and Opportunities
8.4.4.1.2. Growth Prospects
8.4.4.2. Germany
8.4.4.2.1. Market Trends and Opportunities
8.4.4.2.2. Growth Prospects
8.4.4.3. France
8.4.4.3.1. Market Trends and Opportunities
8.4.4.3.2. Growth Prospects
8.4.4.4. Italy
8.4.4.4.1. Market Trends and Opportunities
8.4.4.4.2. Growth Prospects
8.4.4.5. Spain
8.4.4.5.1. Market Trends and Opportunities
8.4.4.5.2. Growth Prospects
8.4.4.6. Others
8.4.4.6.1. Market Trends and Opportunities
8.4.4.6.2. Growth Prospects
8.5. Middle East and Africa
8.5.1. By Sensor Type
8.5.2. By Technology
8.5.3. By Vehicle Type
8.5.4. By Country
8.5.4.1. Saudi Arabia
8.5.4.1.1. Market Trends and Opportunities
8.5.4.1.2. Growth Prospects
8.5.4.2. UAE
8.5.4.2.1. Market Trends and Opportunities
8.5.4.2.2. Growth Prospects
8.5.4.3. Others
8.5.4.3.1. Market Trends and Opportunities
8.5.4.3.2. Growth Prospects
8.6. Asia Pacific
8.6.1. By Sensor Type
8.6.2. By Technology
8.6.3. By Vehicle Type
8.6.4. By Country
8.6.4.1. Japan
8.6.4.1.1. Market Trends and Opportunities
8.6.4.1.2. Growth Prospects
8.6.4.2. China
8.6.4.2.1. Market Trends and Opportunities
8.6.4.2.2. Growth Prospects
8.6.4.3. India
8.6.4.3.1. Market Trends and Opportunities
8.6.4.3.2. Growth Prospects
8.6.4.4. South Korea
8.6.4.4.1. Market Trends and Opportunities
8.6.4.4.2. Growth Prospects
8.6.4.5. Taiwan
8.6.4.5.1. Market Trends and Opportunities
8.6.4.5.2. Growth Prospects
8.6.4.6. Thailand
8.6.4.6.1. Market Trends and Opportunities
8.6.4.6.2. Growth Prospects
8.6.4.7. Indonesia
8.6.4.7.1. Market Trends and Opportunities
8.6.4.7.2. Growth Prospects
8.6.4.8. Others
8.6.4.8.1. Market Trends and Opportunities
8.6.4.8.2. Growth Prospects
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. Bosch Mobility
10.2. TT Electronics
10.3. VBOX Automotive
10.4. HELLA
10.5. Valeo
10.6. Methode Sensor Technologies
10.7. Aumann AG
10.8. Infineon
10.9. Amphenol Advanced Sensors
10.10. Allied Motion
Bosch Mobility
TT Electronics
VBOX Automotive
HELLA
Methode Sensor Technologies
Aumann AG
Infineon
Amphenol Advanced Sensors
Allied Motion
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