Jan 8, 2018   SOURCE: BusinessWire

Top 3 Drivers of Automotive Steering Angle Measurement Sensor Market | Technavio

Technavio market research analysts forecast the global automotive steering angle measurement sensor market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.

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Technavio has published a new market research report on the global automotive steering angle measure ...

Technavio has published a new market research report on the global automotive steering angle measurement sensor market 2017-2021 under their automotive library. (Graphic: Business Wire)

The report further segments the global automotive steering angle measurement sensor market by vehicle type (passenger cars and commercial vehicles) and by geography (the Americas, APAC, and EMEA).

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive steering angle measurement sensor market:

  • Increasing penetration rate of advanced steering-assisted functionalities
  • Integration of advanced sensors for better control over steering wheel
  • Increasing volume sales of premium and luxury segment vehicles

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Increasing penetration rate of advanced steering-assisted functionalities

Automotive OEMs have been integrating their products with advanced electronic systems that are playing an important role in improving the overall dynamics of the vehicle. In addition, the fitment of advanced steering systems is also improving the safety of the vehicle and reducing the chances of steering-caused on-road accidents. Automotive OEMs are also providing such steering-assisted technologies to differentiate their products from others.

According to Keerthi Balu, a lead analyst at Technavio for automotive electronics research, “At present, most of the vehicles with hydraulic power steering are sold in the entry segment whereas vehicles with electrically assisted steering are sold in the medium and premium segments. These advanced steering wheel technologies enable a comfortable and convenient ride while improving safety while driving. Luxury segment vehicles even come equipped with active and dynamic steering functionalities that continuously monitor the external conditions and terrain to provide optimum control over the vehicle while driving. Such steering technologies make use of advanced electrical architecture that includes sensor fusion and control unit.”

Integration of advanced sensors for better control over steering wheel

Modern driver-assisted technologies and systems are changing the dynamics of the global automotive market. The increasing efficiency of such technologies is leading to a declining rate of on-road accidents and consequent fatalities. Advanced steering technologies are contributing substantially to making driving more intuitive and interactive in nature, in which drivers can get proper feedback from the steering wheel. The integration of advanced sensors monitoring and measuring the steering wheel movements and angles plays a crucial role.

The fitment of sensors in advanced steering systems makes the steering wheel more balanced and proportioned at different speeds and conditions. The sensors also help in enhancing the roll dynamics of the vehicle by enabling proper grip and traction with the road. Moreover, these sensors assist the driver in traversing through challenging conditions, thereby improving the overall safety dynamics.

Increasing volume sales of premium and luxury segment vehicles

The global automotive market is dominated by entry segment vehicles in terms of volume sales, with a notably high market share. Higher concentration of consumers looking for budget cars with high fuel efficiency and reasonably lower maintenance are the primary driving factors for the entry-level segment. However, with the growing GDP and per capita income, and improving economic conditions, the mid-segment and luxury segment vehicles have seen a significant rise in the market share.

“Luxury vehicles are witnessing a rise in adoption across geographical regions. This is driving the penetration rate of driver-assisted technologies. These vehicles usually come fitted with technically advanced steering systems along with other functionalities. Europe and North America dominate the luxury cars market in terms of volume sales,” says Keerthi.

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