Automotive Steering Sensors Market Size

Statistics for the 2023 & 2024 Automotive Steering Sensors market size, created by Mordor Intelligence™ Industry Reports. Automotive Steering Sensors size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Automotive Steering Sensors Industry

Automotive Steering Sensors Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.87 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players


*Disclaimer: Major Players sorted in no particular order


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Automotive Steering Sensor Market Analysis

The automotive steering sensors market is currently valued at USD 9.30 billion. It is expected to reach USD 13.23 billion in the next five years, registering a CAGR of 5.87% during the forecast period.

COVID-19 hurt almost all segments of the automotive industry, including the automotive steering sensors market. In addition, due to lockdowns and halts in production, the demand for automotive steering sensors plummeted. However, the automotive industry witnessed significant growth in terms of production in 2021, which is likely to increase the demand for steering sensors over the forecast period. With the situation returning to normalcy, the heavy commercial vehicle segment is growing, which will likely help the automotive steering sensor market grow during the forecast period.

The automotive industry's recent shift in attention to technical developments such as electrification and autonomous driving has raised the demand for steering sensors. At the same time, the manufacturers' preference for integrating position sensors into vehicles suggests that the market will continue to grow. Autonomous vehicles (especially level 4 and level 5 vehicles) that feature self-driving systems generally process huge amounts of data to give feedback to the steering system and drive smoothly, clear obstacles, and perform turning maneuvers according to traffic signs. Due to this, it is expected that a larger number of sensors need to be incorporated into these types of vehicles, which is expected to drive the market for this segment.

There is growing consumer demand for new safety systems and technologies. Automotive manufacturers have been prompted to equip their vehicles with driver assistance systems, particularly steering assistance systems, as passenger safety concerns have grown. Such factors are driving the demand for steering sensors.

Furthermore, the adoption of stringent fuel efficiency standards by the government and international safety measures are seen as major drivers for the expansion and development of advanced steering systems. The presence of multiple steering sensors in electric power steering (EPS) systems provides the driver with extra safety benefits.

Owing to the aforementioned factors, the automotive steering sensor market is expected to grow significantly during the forecast period.

Automotive Steering Sensor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)