Global Automotive Steering Sensor Market Overview:
As per MRFR analysis, the automotive steering sensor market Size was estimated at 17.51 (USD Billion) in 2022. The automotive steering sensor market is expected to grow from 18.77 (USD Billion) in 2023 to 35.2 (USD Billion) by 2032. The automotive steering sensor market CAGR (growth rate) is expected to be around 7.23% during the forecast period (2024 - 2032).
Key Automotive Steering Sensor Market Trends Highlighted
The automotive steering sensor market is driven by increasing demand for advanced driver assistance systems (ADAS) and autonomous driving technologies. The rise of electric vehicles and the growing popularity of ride-sharing services also contribute to market growth.
Recent trends in the market include the integration of sensors with other vehicle systems, the development of wireless and contactless sensors, and the increasing use of artificial intelligence (AI) and machine learning algorithms for data analysis and decision-making.
Key market drivers include safety regulations, consumer demand for enhanced driving experiences, and technological advancements.
Opportunities for exploration and capture lie in the development of innovative sensor technologies, the expansion of ADAS and autonomous driving capabilities, and the integration of sensors with cloud-based platforms and connectivity solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Sensor Market Drivers
Increasing Demand for Advanced Driver Assistance Systems (ADAS)
The key driver of the automotive steering sensor market is the growing demand for advanced driver assistance systems. Such feature as lane departure warning, adaptive cruise control, and automatic emergency braking requires accurate and reliable steering sensors to function properly.
Since the advanced driver assistance system is being implemented in an increasing range of new vehicles, the demand for steering sensors is also expected to grow.
The second driver of the market is the increasing popularity of autonomous vehicles, which require accurate and reliable sensors to operate properly. As the technology for building autonomous vehicles is still being developed, the demand for sensors is anticipated to increase throughout the decade. The final driver of the market is the introduction of stricter safety regulations.
Governments of many countries, both developed and developing, around the world are now mandating new vehicles to be equipped with an increasing range of safety features, including the advance driver assistance system. This tendency will also have a favorable effect on the demand for steering sensors.
Technological Advancements in Steering Sensors
The automotive steering sensor market is also being driven by technological advancements in steering sensors. New technologies such as solid-state sensors and MEMS (micro-electro-mechanical systems) are making steering sensors more accurate, reliable, and cost-effective.
These advancements are enabling the development of new and innovative ADAS features, which are further driving demand for steering sensors. In addition, the increasing use of electronic steering systems is also contributing to the demand for steering sensors.
Electronic steering systems provide a number of advantages over traditional hydraulic steering systems, including improved fuel efficiency, reduced emissions, and enhanced safety.
As electronic steering systems become more common, the demand for steering sensors is expected to increase accordingly.
Growing Adoption of Electric Vehicles
As the share of electric vehicles on the streets is growing, the automotive steering sensor market seems to benefit from this, too. Electric vehicles need different sensors, and perhaps more of them, than any gasoline-powered vehicle which increases the demand on markets for such sensors.
The same applies to ride-sharing services since they also demand safety, reliability, and efficiency of the vehicles. The quality of sensors products is of utmost importance for a ride-sharing vehicle.
Naturally, with the growing popularity of ridesharing, so does the demand in markets for automotive steering sensors, too.
Automotive Steering Sensor Market Segment Insights:
Automotive Steering Sensor Market Sensor Type Insights
The automotive steering sensor market is segmented by Sensor Type into Hall Effect Sensors, Magnetoresistive Sensors, Optical Sensors, Ultrasonic Sensors, and Capacitive Sensors. Among these, Hall Effect Sensors held the largest market share in 2023, accounting for over 40% of the market revenue.
The dominance of Hall Effect Sensors can be attributed to their high sensitivity, low cost, and compact size. Magnetoresistive Sensors are expected to witness the highest growth rate during the forecast period 2024-2032.
The increasing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies is driving the demand for Magnetoresistive Sensors, as they offer high accuracy and reliability in measuring steering angle and position.
Optical Sensors are gaining traction in the market due to their ability to provide non-contact measurement of steering angle and position. These sensors are expected to find increasing use in high-end vehicles and autonomous driving applications.
Ultrasonic Sensors offer long-range detection and are less susceptible to environmental interference compared to other sensor types. However, their bulky size and higher cost limit their adoption in certain applications. Capacitive Sensors are known for their high sensitivity and ability to measure small changes in capacitance.
The growth of the market is driven by increasing vehicle production, rising demand for advanced safety features, and the adoption of autonomous driving technologies. The market is also expected to benefit from government regulations mandating the use of steering sensors in new vehicles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Sensor Market Application Insights
Application Segment Insights and Overview The automotive steering sensor market is segmented by application into Steering Angle Sensors, Steering Torque Sensors, Steering Velocity Sensors, and Steering Position Sensors.
Among these, Steering Angle Sensors held the largest market share in 2023 and are projected to maintain their dominance throughout the forecast period. The increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles is driving the growth of this segment.
Steering Angle Sensors play a crucial role in determining the vehicle's direction and providing feedback to the electronic stability control (ESC) system, enhancing vehicle stability and safety.
Steering Torque Sensors monitor the torque applied to the steering wheel, providing valuable information for steering effort analysis and adaptive steering systems. Steering Velocity Sensors measure the rate of change in steering angle, enabling precise control and improved handling.
Steering Position Sensors detect the absolute position of the steering wheel, ensuring accurate steering response and lane-keeping assistance. The automotive steering sensor market is witnessing significant growth due to rising vehicle production, increasing adoption of safety features, and technological advancements.
The growing demand for electric vehicles is also contributing to market growth, as these vehicles require specialized steering sensors for precise control and energy efficiency.
Key industry players are investing in research and development to enhance sensor performance, reliability, and cost-effectiveness, further driving market growth.
Automotive Steering Sensor Market Vehicle Type Insights
The automotive steering sensor market segmentation by Vehicle Type includes Passenger Cars, Commercial Vehicles, Off-Highway Vehicles, and Two-Wheelers. Among these, Passenger Cars held the largest market share in 2023 and are projected to continue their dominance throughout the forecast period.
The growth of the Passenger Cars segment can be attributed to the increasing production and sales of passenger cars worldwide. Additionally, the rising adoption of advanced driver assistance systems (ADAS) and autonomous driving features in passenger cars is expected to further drive the demand for automotive steering sensors in this segment.
Commercial Vehicles segment is also expected to witness significant growth, owing to the increasing demand for commercial vehicles for transportation of goods and people. Off-Highway Vehicles and Two-Wheelers segments are anticipated to have a moderate growth rate during the forecast period, due to their growing popularity for recreational and commercial purposes.
Automotive Steering Sensor Market Level of Autonomy Insights
The automotive steering sensor market is segmented by Level of Autonomy into Level 1, Level 2, Level 3, Level 4, and Level 5. Among these, Level 2 is expected to dominate the market with a revenue of USD 7.8 billion by 2024, owing to its increasing adoption of mid-range and premium vehicles.
Level 1 systems are expected to witness significant growth due to their affordability and widespread use in entry-level vehicles. Level 3 systems, which offer conditional automation, are expected to gain traction in the coming years as they provide enhanced safety and convenience features.
Level 4 and Level 5 systems, representing high levels of automation, are still in their early stages of development and are expected to contribute a smaller share of the market in the near future.
Automotive Steering Sensor Market Regional Insights
The regional segmentation of the automotive steering sensor market offers insights into the market's geographic distribution and growth potential.
North America is expected to hold a significant market share in 2023, driven by the presence of major automotive manufacturers and advanced automotive technologies.
Europe follows closely, with a strong automotive industry and increasing demand for safety features. The Asia-Pacific region is projected to witness the highest growth rate due to rising automotive production and increasing consumer spending power. South America and MEA are expected to contribute a smaller but growing share of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Sensor Market Key Players and Competitive Insights:
Major players in the automotive steering sensor market are continuously focusing on the development of new and innovative products. Leading automotive steering sensor market players are also investing heavily in research and development to improve the performance and efficiency of their products.
The automotive steering sensor market is expected to witness significant growth in the coming years, driven by the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles.
The competitive landscape of the automotive steering sensor market is characterized by the presence of a number of and regional players. Some of the key players in the automotive steering sensor market include Continental AG, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, and NXP Semiconductors.
These companies are constantly investing in research and development to improve their product offerings and gain a competitive edge in the market.
Continental AG is a Leading automotive steering sensor market player that offers a wide range of automotive sensors, including steering sensors. The company has a strong presence in the market and supplies its products to a number of leading automakers.
Continental AG is continuously investing in research and development to improve the performance and efficiency of its products. The company is also focused on developing new and innovative products to meet the evolving needs of the market.
ZF Friedrichshafen AG is another Leading automotive steering sensor market player that offers a wide range of automotive sensors, including steering sensors. The company has a strong presence in the market and supplies its products to a number of leading automakers.
ZF Friedrichshafen AG is continuously investing in research and development to improve the performance and efficiency of its products. The company is also focused on developing new and innovative products to meet the evolving needs of the market.
Key Companies in the automotive steering sensor market Include:
- Infineon Technologies
- STMicroelectronics
- Robert Bosch
- Hyundai Mobis
- TRW Automotive Holdings
- Bourns, Inc
- Honeywell International
- Vishay Intertechnology
- ZF Friedrichshafen
- Continental AG
- NXP Semiconductors
- Delphi Automotive LLP
- Sensata Technologies
- Denso Corporation
- Alps Electric
Automotive Steering Sensor Market Developments
The growing demand for advanced driver assistance systems (ADAS) and autonomous vehicles is driving market growth.
Technological advancements, such as the integration of sensors with cameras and radar, are enhancing the accuracy and reliability of steering systems. Moreover, increasing government regulations on vehicle safety are expected to further propel market expansion.
Key industry participants are focusing on strategic collaborations and partnerships to develop innovative solutions and expand their market presence.
Automotive Steering Sensor Market Segmentation Insights
- Automotive Steering Sensor Market Sensor Type Outlook
- Hall Effect Sensors
- Magnetoresistive Sensors
- Optical Sensors
- Ultrasonic Sensors
- Capacitive Sensors
- Automotive Steering Sensor Market Application Outlook
- Steering Angle Sensors
- Steering Torque Sensors
- Steering Velocity Sensors
- Steering Position Sensors
- Automotive Steering Sensor Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
- Off-Highway Vehicles
- Two-Wheelers
- Automotive Steering Sensor Market Level of Autonomy Outlook
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
- Automotive Steering Sensor Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
17.51(USD Billion) |
| Market Size 2023 |
18.77(USD Billion) |
| Market Size 2032 |
35.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.23% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Infineon Technologies, STMicroelectronics, Robert Bosch, Hyundai Mobis, TRW Automotive Holdings, Bourns, Inc, Honeywell International, Vishay Intertechnology, ZF Friedrichshafen, Continental AG, NXP Semiconductors, Delphi Automotive LLP, Sensata Technologies, Denso Corporation, Alps Electric |
| Segments Covered |
Sensor Type, Application, Vehicle Type, Level of Autonomy, Regional |
| Key Market Opportunities |
ADAS adoption surge Electrification driven growth Autonomous driving advancements Sensor fusion integration Software-defined vehicles |
| Key Market Dynamics |
Autonomous vehicle development High demand for driver assistance Increasing government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The automotive steering sensor market was worth 18.77 billion USD in 2023.
The automotive steering sensor market is expected to be worth 35.2 billion USD in 2032.
The automotive steering sensor market is expected to grow at a CAGR of 7.23% from 2024 to 2032.
The Asia-Pacific region is expected to have the largest market share in the automotive steering sensor market in 2032.
The passenger cars segment is expected to have the largest market share in the automotive steering sensor market in 2032.
Some of the key competitors in the automotive steering sensor market include Bosch, Continental, Denso, ZF, and NXP Semiconductors.
Some of the key trends driving the growth of the automotive steering sensor market include the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles.
Some of the challenges facing the automotive steering sensor market include the high cost of sensors and the need for stringent safety regulations.
Some of the opportunities for growth in the automotive steering sensor market include the development of new sensor technologies and the increasing adoption of ADAS and autonomous vehicles.
Some of the key factors that will shape the future of the automotive steering sensor market include the increasing demand for safety and convenience features, the development of new sensor technologies, and the adoption of ADAS and autonomous vehicles.
