Automotive Steering Angle Sensor Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The automotive steering angle sensor market is expected to register a CAGR of 5.8% during 2023–2031. There is an increasing trend of electrification, automated driving, and connected vehicles driving the market for automotive steering angle sensor.

Automotive Steering Angle Sensor Market Analysis

An automotive steering angle sensor is a crucial component in modern vehicles which is responsible for monitoring the steering wheel angle and transmitting data to various safety and control systems within the vehicle. This sensor enables information flow for electronic stability control (ESC), traction control systems (TCS), and other advanced driver assistance systems (ADAS). By continuously measuring the angle of the steering wheel, the sensor enhances vehicle stability, improves steering response, and optimizes overall safety. As automotive technology advances, the demand for more accurate as well as reliable steering angle sensors continues to grow, pushing innovation and competition within the automotive sensor market. The automotive steering angle sensor market is characterized by steady growth driven by the increasing integration of advanced safety and driver assistance systems in modern vehicles, rising demand for vehicle safety and enhanced driving experience, and to obey stringent government regulations, auto manufacturers are heavily adopting steering angle sensors to improve vehicle stability and control and is anticipated to grow in coming years.

Automotive Steering Angle Sensor Market Overview

The automotive steering sensors market is driven by growing vehicle sales globally for passenger as well as commercial heavy-duty vehicles, the rising emphasis on safety features integrated into the vehicle, the rising popularity of EVs that reduce harmful emissions and are promoted by governments across the globe resulting in demand for steering sensors to be fitted in the vehicles for driver safety. Also, the rising emphasis on safety features integrated into the vehicle significantly opens avenues for automakers with an increasing focus on improving vehicle dynamics, handling, and overall driving experience, which brought using automotive steering sensors in vehicles. Therefore, the increasing demand for vehicles is boosting the growth of the automotive steering sensors market. Rising environmental consciousness demands less harmful emissions and fuel efficiency; the automakers are making efforts to reduce vehicle emissions by developing electric power steering, which can contribute to reduced emissions and fuel savings when compared to traditional hydraulic power steering systems.

Also, advancements in sensor technology, such as improvements in accuracy, reliability, and cost-effectiveness, are increasing the applications and capabilities of automotive steering sensors, gaining traction and driving the adoption of ADAS technologies that heavily rely on steering sensors, for instance, lane-keeping assistance. Hence, these are some of the factors that are expected to contribute to the growth of the automotive steering sensor market.

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Automotive Steering Angle Sensor Market: Strategic Insights

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Automotive Steering Angle Sensor Market Drivers and Opportunities

Growth in Vehicle Production and Sales

Rapid urbanization and industrialization across the globe are booming automotive production. With an increase in population, the demand for passenger and commercial vehicles is rising day by day, leading to increasing sales, thus increasing the demand for steering sensors to well-equip vehicles with advanced safety and driver-assist features. Also, the increasing adoption and popularity of electric vehicles and autonomous vehicles, which are eco-friendly and sustainable, are being promoted by several nations across the globe that need automotive steering sensors as they rely heavily on electronic controls and sensors like steering sensors. Therefore, the increasing sales of vehicles are anticipated to positively impact the automotive steering sensors market.

Technological Advancements in Automotive Industry

There are constant technological advancements in the automotive industry with the sensors that are installed in the steering system of the vehicle. These provide enhanced driver safety and improved vehicle dynamics as cost-effectiveness which then expands the capabilities and applications of automotive steering sensors in the vehicle, which will enhance the efficiency and reliability of the steering system. Also, innovations such as Micro-Electro-Mechanical Systems sensors (MEMS) and integrated sensor systems enable more sophisticated ADAS functionalities, which are significantly boosting the automotive steering sensor market growth.

Automotive Steering Angle Sensor Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive steering angle sensor market analysis are sensor type, vehicle type, and technology.

• Based on sensor type, the automotive steering angle sensor market is divided into Health Monitoring Systems, Torque Sensors, Intelligent Multi-functional Sensor Systems, Position Sensors/Angle Sensors, and Other Sensor Types.
• Based on vehicle type, the automotive steering angle sensor market is divided into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles.
• Based on technology, the automotive steering angle sensor market is divided into Contacting and Magnetic.

Automotive Steering Angle Sensor Market Share Analysis by Geography

Automotive Steering Angle Sensor Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive steering angle sensor market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level. Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive steering angle sensor market in these regions.

Automotive Steering Angle Sensor Market Regional Insights

The regional trends and factors influencing the Automotive Steering Angle Sensor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Steering Angle Sensor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Steering Angle Sensor Market Report Scope

Automotive Steering Angle Sensor Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Steering Angle Sensor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Steering Angle Sensor Market are:

1. Robert Bosch GmbH
2. Continental AG
3. DENSO Corporation
4. HELLA GmbH & Co. KgaA
5. NXP Semiconductor

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Steering Angle Sensor Market News and Recent Developments

The automotive steering angle sensor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive steering angle sensor market are listed below:

• Melexis launched all new the magnetic position sensor. The new MLX90376 is an absolute magnetic position sensor IC, handling 360° rotary automotive applications with strong stray field immunity (SFI). Its dual-stacked die PCB-less version is unique to the market. (Source: Melexis, Company Website, December 2022)

Automotive Steering Angle Sensor Market Report Coverage and Deliverables

The “Automotive Steering Angle Sensor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive steering angle sensor market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive steering angle sensor market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Automotive steering angle sensor market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive steering angle sensor market.
• Detailed company profiles