Automotive Steering Sensors Market Size (2024 - 2029)

The automotive steering sensor market is poised for significant growth, driven by the recovery of the automotive industry and the increasing demand for advanced safety and driver assistance systems. The shift towards electrification and autonomous driving is further propelling the need for more sophisticated steering sensors, particularly in vehicles equipped with self-driving technologies. Government regulations on fuel efficiency and safety standards are also contributing to the expansion of this market. As production ramps up and consumer demand for enhanced safety features rises, the market size for automotive steering sensors is expected to expand considerably over the forecast period.

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Market Size of Automotive Steering Sensors Industry

Automotive Steering Sensors Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.87 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Automotive Steering Sensors Market Major Players

*Disclaimer: Major Players sorted in no particular order

Automotive Steering Sensor Market Analysis

The automotive steering sensors market is currently valued at USD 9.30 billion. It is expected to reach USD 13.23 billion in the next five years, registering a CAGR of 5.87% during the forecast period.

COVID-19 hurt almost all segments of the automotive industry, including the automotive steering sensors market. In addition, due to lockdowns and halts in production, the demand for automotive steering sensors plummeted. However, the automotive industry witnessed significant growth in terms of production in 2021, which is likely to increase the demand for steering sensors over the forecast period. With the situation returning to normalcy, the heavy commercial vehicle segment is growing, which will likely help the automotive steering sensor market grow during the forecast period.

The automotive industry's recent shift in attention to technical developments such as electrification and autonomous driving has raised the demand for steering sensors. At the same time, the manufacturers' preference for integrating position sensors into vehicles suggests that the market will continue to grow. Autonomous vehicles (especially level 4 and level 5 vehicles) that feature self-driving systems generally process huge amounts of data to give feedback to the steering system and drive smoothly, clear obstacles, and perform turning maneuvers according to traffic signs. Due to this, it is expected that a larger number of sensors need to be incorporated into these types of vehicles, which is expected to drive the market for this segment.

There is growing consumer demand for new safety systems and technologies. Automotive manufacturers have been prompted to equip their vehicles with driver assistance systems, particularly steering assistance systems, as passenger safety concerns have grown. Such factors are driving the demand for steering sensors.

Furthermore, the adoption of stringent fuel efficiency standards by the government and international safety measures are seen as major drivers for the expansion and development of advanced steering systems. The presence of multiple steering sensors in electric power steering (EPS) systems provides the driver with extra safety benefits.

Owing to the aforementioned factors, the automotive steering sensor market is expected to grow significantly during the forecast period.

Automotive Steering Sensor Industry Segmentation

Steering sensors are designed for monitoring and operation of the steering system and driver monitoring purposes. These steering sensors are located in the steering column and help to send crucial data regarding drivers' drowsiness, wheel angle, and wheel positioning to the computer onboard the car.

The Automotive Steering Sensors Market is segmented by Sensor Type (Health Monitoring Systems, Torque Sensors, Intelligent Multi-functional Sensor Systems, Position Sensors/Angle Sensors, and Other Sensor Types), Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Technology (Contacting and Magnetic), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Sensor Type
Health Monitoring Systems
Torque Sensors
Intelligent Multi-functional Sensor Systems
Position Sensors/Angle Sensors
Other Sensor Types
Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Technology
Contacting
Magnetic
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
United Arab Emirates
Saudi Arabia
Rest of Middle East and Africa
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Automotive Steering Sensors Market Size Summary

The automotive steering sensor market is poised for significant growth, driven by the industry's shift towards electrification and autonomous driving technologies. As vehicles increasingly incorporate advanced driver assistance systems, the demand for steering sensors is expected to rise. These sensors play a crucial role in enhancing vehicle safety and performance, particularly in autonomous vehicles that require precise data processing for smooth navigation and obstacle avoidance. The market is also benefiting from the integration of position sensors into vehicles, which further supports its expansion. The recovery of the automotive industry post-COVID-19, along with the growth of heavy commercial vehicles, is anticipated to bolster the demand for steering sensors over the forecast period.

The Asia-Pacific region is emerging as a key market for automotive steering sensors, with countries like China, India, and Japan leading the charge. The region's dynamic automotive industry, characterized by rising per capita income and cost advantages for original equipment manufacturers, is driving the demand for power steering systems and associated sensors. China, in particular, dominates the Asia-Pacific market due to its significant vehicle market and the adoption of advanced safety technologies. The market is also witnessing increased collaboration and investment from major players, such as Robert Bosch GmbH, Continental AG, and DENSO Corporation, who are focusing on research and development to enhance sensor technologies. These developments, coupled with strategic mergers and acquisitions, are expected to further propel the growth of the automotive steering sensor market.

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Automotive Steering Sensors Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 Sensor Type

      1. 2.1.1 Health Monitoring Systems

      2. 2.1.2 Torque Sensors

      3. 2.1.3 Intelligent Multi-functional Sensor Systems

      4. 2.1.4 Position Sensors/Angle Sensors

      5. 2.1.5 Other Sensor Types

    2. 2.2 Vehicle Type

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Light Commercial Vehicles

      3. 2.2.3 Heavy Commercial Vehicles

    3. 2.3 Technology

      1. 2.3.1 Contacting

      2. 2.3.2 Magnetic

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Mexico

        4. 2.4.1.4 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 United Kingdom

        3. 2.4.2.3 France

        4. 2.4.2.4 Russia

        5. 2.4.2.5 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 India

        2. 2.4.3.2 China

        3. 2.4.3.3 Japan

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of Asia-Pacific

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 United Arab Emirates

        2. 2.4.5.2 Saudi Arabia

        3. 2.4.5.3 Rest of Middle East and Africa

Automotive Steering Sensors Market Size FAQs

The Automotive Steering Sensors Market is projected to register a CAGR of 5.87% during the forecast period (2024-2029)

Robert Bosch GmbH, DENSO Corporation, HELLA GmbH & Co. KgaA, AISIN CORPORATION and NXP Semiconductors N.V. are the major companies operating in the Automotive Steering Sensors Market.

Automotive Steering Sensor Market Report Snapshots

Automotive Steering Sensor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)