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Written by yama » Updated on: November 04th, 2024
According to TechSci Research report, “Automotive Steering Sensor Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Steering Sensor Market reached USD 8.75 billion and is anticipated to grow with a CAGR of 6.9% in the forecast period, 2024-2028.
The global automotive steering sensor market has witnessed substantial growth in recent years due to the rapid integration of advanced technologies within vehicles and the increasing focus on safety and driving assistance systems.
Steering sensors play a pivotal role in enhancing vehicle stability, control, and overall safety by providing real-time data on steering angle, torque, and speed. As vehicles become more sophisticated, the demand for accurate and reliable steering sensor technologies has surged, especially with the rise of advanced driver assistance systems (ADAS) that rely on precise steering data for functionalities like lane departure warning, adaptive cruise control, and automated parking.
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The transition from traditional hydraulic power steering systems to electric power steering (EPS) systems has further propelled the demand for steering sensors. EPS systems offer improved fuel efficiency and enhanced driving flexibility, and they require accurate sensor inputs to optimize steering assistance. Moreover, the automotive industry's pursuit of autonomous and semi-autonomous driving technologies has driven the need for advanced steering sensors. These sensors are vital components for ensuring the precise execution of autonomous driving maneuvers and maintaining vehicle stability during various levels of automation.
Consumer expectations for enhanced safety and driving comfort have also fueled the adoption of steering sensors. Modern drivers seek vehicles equipped with features that provide a seamless and secure driving experience. Consequently, steering sensors are instrumental in meeting these demands, facilitating functions like adaptive steering, automated parking, and collision avoidance.
The global automotive steering sensor market is not only driven by the evolving requirements of passenger vehicles but also by the demand for efficient and safe commercial vehicles. As logistics and transportation industries expand, the integration of steering sensor technologies in trucks and buses becomes essential for maintaining stability and reducing accidents, especially on long hauls or in challenging road conditions.
the global automotive steering sensor market is characterized by the convergence of technological advancements, safety imperatives, and changing consumer preferences. The integration of steering sensors into vehicles has transformed them into intelligent systems that enhance safety, driving experiences, and overall vehicle performance, positioning steering sensors as indispensable components within the automotive landscape.
In North America, the automotive steering sensor market benefits from a mature automotive industry and a strong emphasis on safety and innovation.
With a focus on reducing road accidents and complying with stringent safety regulations, the integration of advanced driver assistance systems (ADAS) and steering sensor technologies is substantial. The region's adoption of electric vehicles (EVs) and the gradual move towards autonomous driving further drive the demand for accurate and responsive steering sensors to ensure enhanced safety and control.
In Europe, a robust automotive market is characterized by a high level of technological adoption. The region's stringent safety standards and consumers' proclivity for advanced driving features have accelerated the adoption of steering sensors. As Europe transitions to EVs and further refines autonomous driving technologies, steering sensors play a critical role in achieving seamless integration and optimized performance. The well-developed road infrastructure and urban environments also contribute to the need for advanced steering interventions and control.
Asia-Pacific's automotive steering sensor market is influenced by rapid economic growth, urbanization, and technological innovation. Countries like China, India, and Japan are experiencing increased vehicle ownership and consumer demands for safety and convenience features. This trend fuels the adoption of steering sensor technologies to enhance vehicle stability, safety, and driving comfort. As the region is at the forefront of electric mobility and autonomous driving development, steering sensors play an instrumental role in meeting the unique challenges and demands of these evolving technologies.
In the Middle East and Africa, economic growth, industrial activities, and infrastructure development influence the automotive steering sensor market. The region's focus on construction and tourism drives the demand for commercial and passenger vehicles equipped with steering sensors for safety and stability. The gradual adoption of advanced technologies in this region is expected to contribute to the growth of steering sensor integration as vehicle manufacturers align with global safety standards.
South America's market is shaped by economic fluctuations and regulatory variations across different countries. Despite these challenges, steering sensor adoption is driven by the growth of industries such as agriculture and logistics, demanding reliable and efficient commercial vehicles. Government's initiatives to improve road safety contribute to the integration of sensors that enhance vehicle stability and control, especially in challenging driving conditions.
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“The global automotive steering sensor market is undergoing significant growth driven by the escalating integration of advanced driver assistance systems (ADAS) and the imperative for safer and more efficient driving experiences. Steering sensors are pivotal components that provide real-time data on steering angles, torque, and speed, enabling critical functions such as lane-keeping assistance and adaptive cruise control. With the automotive industry's shift toward electric power steering (EPS) for improved efficiency and the ongoing pursuit of autonomous driving, the demand for accurate and responsive steering sensors is expected to intensify further. This trend reflects a growing consumer emphasis on safety features and a technologically advanced driving environment.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Automotive Steering Sensor Market Segmented By Sensor Type (Health Monitoring Systems, Torque Sensors, Intelligent Multi-functional Sensor Systems, Position Sensors/Angle Sensors, and Other Sensor Types), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), By Technology (Contacting and Magnetic)), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Automotive Steering Sensor Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Steering Sensor Market.
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1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Sensor Type Market Share Analysis (Health Monitoring Systems, Torque Sensors, Intelligent Multi-functional Sensor Systems, Position Sensors/Angle Sensors, and Other Sensor Types)
5.2.2. By Vehicle Type Market Share Analysis (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles)
5.2.3. By Technology Market Share Analysis (Contacting and Magnetic)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Automotive Steering Sensor Market Mapping & Opportunity Assessment
5.3.1. By Sensor Type Market Mapping & Opportunity Assessment
5.3.2. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.3. By Technology Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Sensor Type Market Share Analysis
6.2.2. By Vehicle Type Market Share Analysis
6.2.3. By Technology Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Automotive Steering Sensor Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Sensor Type Market Share Analysis
6.3.1.2.2. By Vehicle Type Market Share Analysis
6.3.1.2.3. By Technology Market Share Analysis
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