The automotive steering sensors is estimated to grow at an estimated CAGR of 13.65% until 2020. Europe was the largest market for automotive steering sensors in 2015.
However, the Asia-Pacific region is expected to become the major market for the manufacture of these systems, with India, Japan and China moving towards becoming manufacturing hubs for automotive component and sourcing the same to countries such as the United States and Germany.
The market for steering sensors is expected to grow considerably over the forecast period.
This can be attributed to the latest advancements in the steering angle and multifunctional intelligent system sensors, aiding a better and safer drive.
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Increasing Government Initiatives for Safety
Advanced safety and security features are no longer restricted to premium vehicles. Consumers are more concerned about safety systems and technologies, taking interest in opting vehicles with better safety systems.
Rising concerns about passenger safety has obliged automobile manufacturers to equip their vehicles with driver assistance systems including steering assistance systems. The integration of numerous steering sensors in analectic power steering (EPS) helps provide additional safety benefits to the driver.
Moreover, the stringency in Government regulations regarding fuel efficiency as well as safety initiatives, are an important driver for the growth and development of the advanced steering systems (EPS), which employ steering sensors comprehensively.
Factors which are pushing up the market growth
Increasing global population and a subsequent spike in the vehicle owning households, increased demand for mobile monitoring devices such as heart rate monitors and growing government regulations to monitor driver safety are some of the major factors that are driving the market for automotive steering sensors towards growth. Growth in the popularity of hybrid and fuel cell vehicles that have an exponential use of sensors for motor speed and position shows another growth opportunity for the automotive steering sensor market.
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Key Developments in the Market
- February 2017: Bosch announces the initiation of manufacturing solutions for connected cars in India by 2018.
Major Key Players:
HONEYWELL, VALEO S.A., ROBERT BOSCH GmbH, HELLA KGAA HUECK & CO, HITACHI METALS amongst others
This report helps in
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Study on product type and application expected to dominate the market?
- Study on regions expected to witness fastest growth during the forecast period?
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