Automotive Steering Angle Sensor Market Outlook – 2027
The demand for safer and environment friendly vehicle has increased in past few years. This has led to rise in demand for electric power steering and electronic stability system. In order to operate these systems effectively, a steering angle sensor is required. The function of steering angle system is to transmit steering angle data to the electronic steering control unit. Moreover, steering angle sensors measure the rate of turn and steering wheel position angle. Likewise, steering angle sensors have two sensing elements, which are used to identify the accurate steering positions. The reason for multiple sensors is redundancy, accuracy, and diagnostics. Furthermore, automotive OEMs are installing sensors in steering systems to provide accurate response and automatically adapt to the vehicle speed.
COVID-19 scenario analysis:
- As the restriction are increasing due to the pandemic, the automotive manufactures and automotive component manufacturers are facing towards bankruptcy.
- Stoppage in revenue generation in the automotive industry have created irreparable change in manufacturing environment.
- Moreover, with reduced demand for vehicles, the cost of the vehicle and its component would be reduced and profit generation would be minimized in order to increase the sales of vehicles. This, in turn, would create additional problems in revenue generation.
- The lockdown in areas of automotive OEMs will not only impact the OEMs but also the entire supply chain associated with it, including automotive steering angle sensor market.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Demand for advanced safety and comfort driving features are major factors proliferating the demand for automotive steering angle sensors. Additionally, rise in production and sales of luxury cars is driving the market growth. Besides, the steering angle sensors play a major role in avoiding accident. Moreover, increase in popularity of cruise control will propel the market growth. However, high implementation cost could restrain the market growth. Furthermore, investment in R&D for new innovations and changing customer demand is expected to surge the market in the coming years.
The automotive steering angle sensor market trends are as follows:
Portable steering angle measurement sensor
Automakers are developing portable steering angle measurement sensor using a rate sensor technology. The system should be easy to use and install, portable and have the possibility to be used in different vehicle models. The old system in use is stationary equipment that is difficult to apply on a new vehicle without any major installation. This system provides better feedback and control over the vehicle. In 2015, KTH institute of Sweden designed the portable steering angle measurement sensor.
Offshoring of the automotive industries
Automotive steering angle sensor manufacturers are shifting their manufacturing units from one country to another. This shift is due to increasing production cost of steering angle sensor. Manufacturing in low-cost country decreases the price of component and expand the market. Additionally, offshoring offers advantage of developing market growth in that particular region. For instance, Denso corporation, a Japanese automotive manufacturer, have started manufacturing in India.
Key benefits of the report:
- This study presents the analytical depiction of the automotive steering angle sensor industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed automotive steering angle sensor market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automotive steering angle sensor market research report:
- What are the leading market players active in the automotive steering angle sensor market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Steering Angle Sensor Market Report Highlights
By Vehicle type
Key Market Players
Valeo SA, HELLA GmbH & Co. KGaA, ZF Friedrichshafen AG, DENSO CORP., Robert Bosch GmbH, TE Connectivity Ltd., Bourns Inc., Honeywell International Inc., TOKAI RIKA CO. LTD., Toyodenso Co. Ltd.