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Global Automotive Steering Sensors Market - Segmented by Type, Technology and Geography - Market Shares, Trends and Forecast (2020 - 2025)

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The automotive steering sensors market is estimated to register a CAGR of 14.45% till 2023. 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 toward becoming manufacturing hubs for automotive component and sourcing the same to countries, such as the United States and Germany. The growth of the market for steering sensors can be attributed to the latest advancements in the steering angle and multifunctional intelligent system sensors, aiding better and safer drive.

Increasing Government Initiatives for Safety

Advanced safety and security features are no longer restricted to premium vehicles. With the growing awareness among the consumers regarding the advanced safety systems and technologies; they are now focusing on opting vehicles with better safety systems. Rising concerns about passenger safety have 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 enactment of stringent fuel economy norms along with safety initiatives by the governments and international associations, are considered important drivers for the growth and development of the advanced steering systems (such as EPS), which employ steering sensors comprehensively.

Source: Mordor Intelligence Analysis

Factors which are Pushing the Market Growth

Increasing global population and a subsequent spike in 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. Additionally, with the growing 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.

Key Developments in the Market

  • February 2018: GM's latest car gives up steering wheels, pedals, and human control.
  • February 2018: Continental, Nvidia form joint-venture for self-driving vehicles.
  • October 2017: Toyoda Gosei develops first steering wheel with grip sensor in Japan.

Major Key Players: Honeywell, Valeo SA, Robert Bosch GmbH, Hella KGaA Hueck & Co., and Hitachi Metals, among others.

Reasons to Purchase the Report

  • Study on the adoption of electric and hybrid vehicles in the country and its effects on the automotive industry of the country.
  • Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
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  • Study on the region expected to witness the fastest growth during the forecast period.
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