Automotive Steering Sensors Market Share Grows Steadily at a CAGR of 5.67%

Introduction

A vehicle's steering system consists of more than just the steering wheel; it also consists of a steering box, a linkage between the steering box and the wheel assembly, and a steering sensor. Steering sensors are essential for measuring the angle of a steering wheel's rotation and communicating this data to the navigation system. These sensors are utilized by automated systems that require electronic command steering (ECS) and electric power steering (EPS) systems.

Electrical power steering systems rely on steering-wheel angle, wheel speed, and lateral acceleration sensors to determine whether a vehicle is under or over-steering. A standard steering sensor is required for controlling power-assisted steering for multiple reasons: first, to interpret the rotary torque being transmitted to the input shaft of the steering wheel, and second, to steer the steering wheel (i.e., the twisting of the steering wheel by the driver).

Market Dynamics

Revolution of Electric and Autonomous Vehicles Drives the Global Market

The rapid expansion of electric and autonomous vehicles is transforming the automobile industry. The development of electric and autonomous technologies is strongly dependent on the utilization of sophisticated sensors, particularly automobile steering sensors, which play a crucial role in ensuring precise control, angle measurement, and navigation. Therefore, it acts as a significant catalyst for market growth. IEA data reveals that sales of electric vehicles have increased from 4% in 2012 to 14% in 2022, while the market for autonomous vehicles has also made significant progress, with 5-10% of new vehicles expected to have at least Level 2 automation capabilities by 2025. As the prevalence of electric and autonomous vehicles rises, the demand for dependable, high-performance steering sensors for automobiles will skyrocket.

Growing Emphasis on Safer Automotive Systems Creates Tremendous Opportunities

Approximately 1.24 million individuals succumb to fatal vehicle accidents on a global scale each year. An increase in accidents has also prompted end-users to adopt more effective safety systems. These factors motivate automakers to incorporate numerous safety-enhancing vehicle systems. In recent years, there has been an increasing inclination within the worldwide automobile industry, encompassing both passenger cars and commercial vehicles, towards the adoption of electric power steering systems.

In the near future, it is anticipated that sophisticated lane assist systems will be integrated with electronic power steering (EPS) systems. The steering control unit could calculate, using parameters such as lane camber, distance to lane markings, and lane position, the time before the vehicle leaves the lane based on data from cameras and radars. This would contribute to developing a tiered warning system that alerts the driver as the vehicle approaches lane departure, thereby enhancing vehicle safety. These factors are anticipated to generate tremendous growth opportunities for the market.

Regional Analysis

Asia-Pacific is the most significant global automotive steering sensors market shareholder and is anticipated to exhibit a CAGR of 6.21% during the forecast period. The Asia-Pacific region is projected to become the biggest market for the production of these systems, with Japan, India, and China moving toward becoming manufacturing hubs for automotive components and supplying countries such as the United States and Germany with the same. The automotive industry in Asia-Pacific has been extremely dynamic over the past few years due to the soaring per capita income of the middle class and the cost advantages enjoyed by original equipment manufacturers (OEMs). In addition, several original equipment manufacturers (OEMs) collaborate with automakers to improve their products. In tandem with the development of technology, sensor products have undergone constant improvement. For instance, to consolidate its operations in the Indian market, ZF gained a majority stake in the joint venture between Rane Group and TRW Steering Systems in January 2022. The new joint venture will produce steering systems for commercial vehicles under the name ZF Rane Automotive India. All of these factors contribute to regional market growth.

North America is estimated to exhibit a CAGR of 4.89% over the forecast period. Automotive steering sensors are one of the most popular products in North America. The automotive steering sensor motor market is anticipated to be propelled soon by technological advancements, investments from key players, a rise in the demand for passenger vehicles, and the growth of the automobile fleet. In addition, several major OEMs collaborate with technology firms to improve their products. For example, in March 2022, the Lucid Group announced that its DreamDrive Pro advanced driver-assistance system (ADAS) would be updated in the future based on NVIDIA DRIVE Hyperion technology. This robust software-defined platform is already incorporated into every Lucid Air. 14 cameras, one lidar, five radar, and 12 ultrasonic sensors comprise the DreamDrive Pro's 32-sensor array. The innovative dual-rail power system and proprietary Ethernet Ring of Lucid provide a very high level of redundancy for critical systems such as brakes, steering, and sensors. These alliances are anticipated to promote regional market expansion.

Key Highlights

• The global automotive steering sensors market size was valued at USD 9.92 billion in 2022. It is estimated to reach USD 16.29 billion by 2031, growing at a CAGR of 5.67% during the forecast period (2023–2031).
• Based on sensor type, the global 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. The torque sensors segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 5.69% throughout the forecast period.
• Based on vehicle type, the global automotive steering sensors market is bifurcated into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment dominates the global market and is projected to exhibit a CAGR of 5.53% over the forecast period.
• Based on technology, the global automotive steering sensors market is segmented into contacting and magnetic. The magnetic segment owns the highest market share and is estimated to exhibit a CAGR of 6.05% during the forecast period.
• Asia-Pacific is the most significant global automotive steering sensors market shareholder and is anticipated to exhibit a CAGR of 6.21% during the forecast period.

Competitive Players

Competitive Players

The key global automotive steering sensors market players are Robert Bosch GmbH, Continental AG, Honeywell Inc., Hitachi Metals, Sensata Technologies, Delphi Automotive (Aptiv PLC), DENSO Corporation, Infineon Technologies AG, Valeo SA, and HELLA GmbH & Co. KGaA.

Recent Developments

Market News

• In June 2023, Bosch announced its plans to introduce steer-by-wire steering systems to the market in mass quantities by the middle of this decade. In a partnership with the startup Arnold NextG, the automotive supplier intends to pool its development expertise and expedite the market maturity of its systems.
• In September 2023, UltraSense Systems unveiled UltraSense TouchPoint Q, the world's first piezoelectric strain sensor designed to improve the touch experience on automotive interfaces. Tier suppliers are integrating TouchPoint Q to enhance the user experience of their solid-state capacitive touch systems for center and overhead consoles, steering wheels, and door panels.

Segmentation

Global Automotive Steering Sensors Market: Segmentation

By Sensor Type

• Health Monitoring Systems
• Torque Sensors
• Intelligent Multi-functional Sensor Systems
• Position Sensors/Angle Sensors
• Other Sensor Types

By Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By Technology

• Contacting
• Magnetic

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa