Global Automotive Steering Sensor Market 2019-2023 | Development of 3D Magnetic Steering Sensor to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 3, 2019--
The global automotive steering sensor market is expected to post a CAGR of almost 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive steering sensor market 2019-2023. (Graphic: Business Wire)
Electronic power steering (EPS) is gaining popularity in the automobile industry due to several features such as the light weight, steering flexibility, easy maintenance, and energy efficiency. EPS is backed by automotive steering sensors such as steering angle sensors and steering torque sensors that send signals to steering motors. EPS is widely used in passenger cars and LCVs. The growing demand for technological advancements in passenger cars and LCVs has increased the penetration of EPS in the automobile industry, which in turn will boost the growth of the global automotive steering sensor market during the forecast period.
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As per Technavio, the development of 3D magnetic steering will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Steering Sensor Market: Development of 3D Magnetic Steering Sensor
Advancements in automotive electronics are encouraging system designers and developers to introduce powerful and quality sensors made of advanced materials. This has led to the development of 3D magnetic sensors that can significantly enhance the overall ride quality by improving steering wheel measurements. These sensors have the inherent advantage of enabling easy mapping of complex movements. Thus, the advent of 3D magnetic steering sensors is expected to positively impact the growth of the market during the forecast period.
“Development of portable steering wheel angle measurement sensors and the increasing priority for wireless connectivity in torque sensors will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive Steering Sensor Market: Segmentation Analysis
This market report segments the global automotive steering sensor market by application (electric power steering and electro-hydraulic power steering) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. The increasing adoption of EPS and EHPS in Japan and South Korea is one of the primary reasons for the high growth of the automotive steering sensor market in this region.
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Five Forces Analysis
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