(MENAFN- GlobeNewsWire - Nasdaq) The Global Automotive Steering Sensors market Size was Valued at USD 10.94 Billion in 2023 and the Worldwide Automotive Steering Sensors Market Size is Expected to Reach USD 18.52 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: Robert Bosch GmbH, DENSO Corporation, HELLA GmbH & Co. KgaA, Methode Electronics Inc., Continental AG, Honeywell Inc., China Automotive Systems Inc., Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd., Mando Corporation, Federal-Mogul Corporation, MTS Systems Corporation, Sensor Developments Inc., TE Connectivity Ltd. And other key vendors.
New York, United States , Aug. 15, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Steering Sensors Market Size is to Grow from USD 10.94 Billion in 2023 to USD 18.52 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.41% during the projected period.
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The automobile steering angle sensor (SAS) detects where the driver desires to steer by aligning the steering wheel with the vehicle's wheels. The steering angle sensor, for instance, is positioned within the steering column and is always made up of many sensors that are combined into a single unit for redundancy, accuracy, and diagnostic functions. Steering refers to the control of a motion's direction or the components that enable it to be controlled. Steering sensors include ailerons for airplanes, rudders for boats, tilting rotors for helicopters, and other devices. A car's steering system includes a steering box, a linkage that connects the steering box to the wheel assembly, and a steering sensor, in addition to the steering wheel itself. Governments around the world are implementing strict road safety regulations. As a result, a rising number of self-driving vehicles are being developed employing cutting-edge technology and smartphones. The implementation of stringent environmental regulations around the world is expected to grow the market for electric vehicles, driving up demand for automotive steering systems. It is the primary driver of market expansion. Furthermore, commodity price variations could have an impact on profit margins and operational costs, presenting financial risks to automobile steering sensors market participants. Power steering enables modern automobiles to turn and steer effortlessly.
Browse key industry insights spread across 219 pages with 121 Market data tables and figures & & charts from the report on the " Global Automotive Steering Sensors Market Size, Share, and COVID-19 Impact Analysis, 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), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The torque sensor segment accounted for the largest revenue share of the automotive steering sensors market during the projected timeframe.
Based on the sensor type, the automotive steering sensors market is divided into health monitoring systems, torque sensors, intelligent multi-functional sensor systems, position sensors/angle sensors, and other sensor types. Among these, the torque sensor segment accounted for the largest revenue share of the automotive steering sensors market during the projected timeframe. Torque sensors evaluate the steering torque applied by the driver. The torque sensor and motor supply input to the vehicle's electronic control elements, whereas the pump provides the necessary torque or help to the steering column. Torque sensors are used in vehicle electronics and hydraulic power steering systems.
The passenger cars segment dominates the market with the highest market share in the automotive steering sensors market during the projected timeframe.
Based on the vehicle type, the automotive steering sensors market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger cars segment is dominates the market with the highest market share in the automotive steering sensors market during the projected timeframe. The use of current technology, such as advanced driver assistance systems (ADAS). Adoption of electric vehicles is increasing demand for passenger cars. Power steering is gaining popularity in passenger vehicles because to its several benefits, including the elimination of tubes and fluids throughout the steering system.
The magnetic segment is anticipated to grow at the highest CAGR of the automotive steering sensors market during the projected timeframe.
Based on the technology, the automotive steering sensors market is divided into contacting and magnetic. Among these, the magnetic segment is anticipated to grow at the highest CAGR of the automotive steering sensors market during the projected timeframe. Magnetic sensors have many advantages, including the ability to detect mechanical properties like rotation angle and angular speed without physically touching them. Magnetic sensor technology, such as giant magneto-resistance (GMR) thin film systems, offers numerous benefits, including longer working distances, higher accuracy angular position measurement over a wider range, smaller and less expensive sensor chips, and cost-effective system solutions due to increased signal output.
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Asia Pacific is expected to hold the largest share of the automotive steering sensors market over the forecast period.
Asia Pacific is expected to hold the largest share of the automotive steering sensors market over the forecast period. The automotive sector in Asia-Pacific has expanded dramatically in recent years, owing mostly to higher middle-class per capita earnings and cost advantages enjoyed by original equipment manufacturers (OEMs). Companies that distribute and market steering sensors anticipate tremendous growth in new potential markets. The primary forces affecting the growth of the Indian automotive steering sensors market include a nationwide preference for motor cars as consumer disposable income rises, along with an increase in demand for fuel-efficient automobiles. Other factors expected to significantly impact the market during the forecast period include an increase in customer demand for ease of driving and flexibility, the high price of power steering systems, and drive-by-wire technology.
North America is predicted to grow at the fastest pace in the automotive steering sensors market during the projected timeframe. The automotive steering sensor market is quickly expanding as a result of North America's robust economic growth. North American enterprises can capitalize on profitable growth opportunities by focusing on gaining market share through alliances, mergers, and acquisitions. The vehicle steering sensor market in North America is being pushed by rising consumer spending power. The automobile steering sensor sector is also affected by increased vehicle manufacture in North America. The automotive steering sensor motor business is expected to be driven by technological advancements, key players' investments, increased passenger car demand, and continuing fleet growth. In addition, many large OEMs are collaborating with technology businesses to enhance their products.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Steering Sensors Market are Robert Bosch GmbH, DENSO Corporation, HELLA GmbH & Co. KgaA, Methode Electronics Inc., Continental AG, Honeywell Inc., China Automotive Systems Inc., Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd., Mando Corporation, Federal-Mogul Corporation, MTS Systems Corporation, Sensor Developments Inc., TE Connectivity Ltd, and Other Key Vendors.
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Recent Developments
In June 2023, Bosch planned to introduce steer-by-wire systems by the middle of the decade. The technology and service provider has partnered with the company Arnold NextG. These two companies have created a partnership to pool their development resources and expedite the process of developing market solutions.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the turntables market based on the below-mentioned segments:
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive steering sensors market based on the below-mentioned segments:
Global Automotive Steering Sensors Market, By Sensor Type
Health Monitoring Systems Torque Sensors Intelligent Multi-functional Sensor Systems Position Sensors/Angle Sensors Other Sensor Types
Global Automotive Steering Sensors Market, By Vehicle Type
Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicles
Global Automotive Steering Sensors Market, By Technology
Global Automotive Steering Sensors Market, By Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of Middle East & Africa
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