Automotive Steering Sensor Market to Grow with a CAGR of 6.9% through 2028
Rising adoption
of advanced driver assistance systems (ADAS) and the growing demand for
electric power steering (EPS) systems are the factors driving Global Tr Automotive Steering Sensor Market
in the forecast period.
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.
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.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Automotive
Steering Sensor Market.”
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 drives 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. Governments' initiatives to improve road safety contribute
to the integration of sensors that enhance vehicle stability and control,
especially in challenging driving conditions.
Major companies operating in Global Automotive Steering
Sensor Market are:
- Robert Bosch GmbH
- DENSO Corporation
- HELLA GmbH & Co. KgaA
- Methode Electronics Inc.
- Continental AG
- Honeywell Inc.
- Infineon Technology
- NXP Semiconductors N.V.
- Sensata Technologies
- Hitachi Metals
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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 Global Automotive Steering Sensor Market.
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