US Automotive Steering Sensor Market - Forecasts and Trends (2017 - 2022)
The automotive steering sensor market in US is expected to grow at a CAGR of 14.05% by the end of 2020. Demand for passenger vehicles in the luxury vehicle segment has been a critical factor propelling the demand for automotive steering sensors in the country. The increase in demand from passenger cars, which witnessed a whopping 5.7 percent growth from 2014 has been majorly driven by the increase in the sale of luxury vehicles integrated with all kind of safety technologies. The demand for steering sensor market is also driven by the growing acceptance and demand for electric and fuel cell vehicles. There has been a considerable demand for fuel cell vehicles from US.
The U.S. steering sensors market is expected to gain momentum owing to the government initiatives for passenger safety and security. Steering sensors have increasingly become an integral part of automobiles, where they are readily used in the EPS and electric hydraulic power steering system. Strict legal and regulatory standards have mandated the inclusion of sensors in a vehicle, which is estimated to drive the U.S. steering sensor market to a significant extent. For instance National Highway Traffic Safety Administration (NHTSA) established Federal motor vehicle safety standard (FMVSS) has mandated the installation of certain sensors like that of tire pressure monitoring system (TPMS) in the past and would continue to do in the forecast period. In addition, rising consumer awareness for safety and environmental awareness would also favour the market growth over the forecast period. Sober Steering came up with biosensor, which is installed in the steering wheel and has the ability to detect whether the driver has been drinking. The external sensor pad detects alcohol in the gases exuding from the palm and immobilizes the vehicle, preventing major accidents.
The market is segmented on the basis of type, technology. Among the application type, Steering torque and Angle Sensors generates the highest market and among technology magnetic steering sensors would generate increased demand in the country, due to increased research and developments in the field of magnetic sensor technologies. Continental, Hella KGaA Hueck & Co, Delphi, Danforce, Active Sensors, Honeywell, Mountz Incorporated, TE Connectivity Ltd., are some of the leaders in the US steering sensor market.
What the Report Offers
Market Definition along with identification of key drivers and restraints for the market. Market analysis with country specific assessments and competition analysis in the Steering Sensor market of the country. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market in the country. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the Macro and Micro factors that affect the automotive sensor market in the country."