As per the current market research conducted by the CMI Team, the global Automotive Steering Angle Sensor Market size is expected to record a CAGR of 6.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 12.5 billion. By 2032, the valuation is anticipated to reach USD 18.2 billion.
Automotive Steering Angle Sensor Market: Growth Factors and Dynamics
- Vehicle Safety Emphasis: The Automotive Steering Angle Sensor market is experiencing growth due to the increasing emphasis on vehicle safety. Steering angle sensors play a crucial role in modern advanced driver assistance systems (ADAS) by providing accurate data for functions like electronic stability control and lane departure warning.
- Regulatory Mandates: Stringent regulations mandating the incorporation of safety technologies, including ADAS, drive the adoption of steering angle sensors. Compliance with these regulations becomes essential for automakers, propelling the market’s growth.
- Rising Demand for Electric Vehicles (EVs): The growing adoption of electric vehicles necessitates sophisticated steering angle sensors. EVs often have unique steering characteristics that require precise sensor data for effective ADAS performance, driving the demand for these sensors.
- Integration with Autonomous Driving: As the automotive industry moves towards autonomous driving, steering angle sensors play a pivotal role in maintaining vehicle control. These sensors provide essential inputs to autonomous driving systems, making them an integral component of future mobility solutions.
- Growing Demand for Connected Vehicles: The rise of connected vehicles demands seamless communication between various vehicle systems, including steering angle sensors. Integration with vehicle networks enables real-time data sharing, enhancing overall vehicle performance and safety.
- Enhanced Vehicle Dynamics: Steering angle sensors significantly influence vehicle dynamics and stability. As vehicles become more sophisticated in terms of handling and performance, accurate data from these sensors helps optimize suspension systems and improve the overall driving experience.
- Aftermarket Demand: The aftermarket segment contributes to the growth of the Automotive Steering Angle Sensor market. As vehicles age and require replacements or upgrades, there is a continuous demand for steering angle sensors to ensure the proper functioning of ADAS and safety systems, driving market expansion.
- Advancements in Sensor Technology: Innovations in sensor technology lead to more accurate and reliable steering angle sensors. Enhanced sensor capabilities, such as higher accuracy and faster response times, contribute to the overall performance and efficiency of ADAS systems.
Get Free Sample Copy @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=29139
Automotive Steering Angle Sensor Market: Partnership and Acquisitions
- STMicroelectronics acquires Edge AI: In 2021, STMicroelectronics acquires Edge AI software specialist Cartesian. Strengthening Melexis’ sensor offerings, this acquisition incorporated Micronas’ sensor expertise, including steering angle sensor technology.
- Allegro MicroSystems Acquires Voxtel, Inc.: In 2020, Allegro MicroSystems (Allegro), a global leader in sensing and power semiconductor technology, announced the acquisition of Voxtel, Inc., a privately held company specializing in advanced photonic and 3D imaging technology including long-range, eye-safe Light Detection and Ranging (LiDAR). This acquisition brings together Voxtel’s significant laser and imaging expertise with Allegro’s automotive leadership and scale to enable the next generation of Advanced Driver Assistance Systems (ADAS).
Automotive Steering Angle Sensor Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Automotive Steering Angle Sensor Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The pandemic created disruptions across global supply chains, causing challenges in producing and procuring components necessary for steering angle sensors. This resulted in manufacturing delays and hindered the ability to meet market demand effectively.
- Reduced Vehicle Production and Sales: Economic uncertainties and lockdowns caused a decline in consumer spending and a subsequent reduction in vehicle production and sales. As steering angle sensors are integrated into vehicles, the diminished vehicle output directly affects the demand for these sensors.
- Supply Chain Stabilization: With the gradual improvement of the pandemic situation, supply chains are gradually stabilizing. This facilitates a more consistent production and availability of steering angle sensor components, aiding in the market’s recovery trajectory.
- Ramp-Up in Vehicle Production: As economies recover and restrictions ease, the automotive industry is witnessing a ramp-up in vehicle production to meet resurging consumer demand. This heightened vehicle manufacturing activity translates to an increased requirement for steering angle sensors, contributing significantly to market recuperation.
- ADAS and Safety Emphasis: The persistent focus on advanced driver assistance systems (ADAS) and enhanced safety features by both consumers and regulators is stimulating the demand for steering angle sensors. These sensors form a fundamental part of ADAS, ensuring accurate data for crucial functionalities like lane departure warning and electronic stability control.
- Evolving Mobility Solutions: As the automotive landscape evolves, steering angle sensors gain renewed importance, especially with the emergence of electric and autonomous vehicles. In this context, these sensors play an indispensable role in maintaining vehicle control and navigation, further driving their resurgence in demand and solidifying their position in modern mobility solutions.
List of the prominent players in the Automotive Steering Angle Sensor Market:
- Robert Bosch GmbH
- Continental AG
- Delphi Technologies (now part of BorgWarner Inc.)
- ZF Friedrichshafen AG
- DENSO Corporation
- HELLA GmbH & Co. KGaA
- Methode Electronics Inc.
- Stoneridge Inc.
- Mando Corporation
- Autoliv Inc.
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
USA Corporate Office
CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061
Email : firstname.lastname@example.org
Website : https://www.custommarketinsights.com/
Website : https://atozresearch.com/
Website : https://marketresearchtrade.com/