Steering Wheel Sensor Market: Introduction
The awareness for advanced safety systems and technology has been witnessed ever increasingly over the last decade and a half, these features are no longer just limited to premium vehicles. The steering wheel sensor is one of the most crucial part of the Electronic Stability Control System (ESP), which measures the rate turn and the position angle of the steering wheel. Moreover, the integration of multiple steering sensors in Analectic power steering (EPS) provides advantages to the driver. Nowadays manufacturers are adopting and incorporating these technologies for low and mid-range vehicles too.
Steering Wheel Sensor Market: Market Dynamics
Increased awareness of driving and vehicle safety with increased spending towards assisted devices by the automotive OEMs and end users has been instrumental in development of automotive sensors market. The steering wheel sensors market has also accordingly evolved and benefited in the wake of the above mentioned factors. Continued product innovation in churning out of updated technologies in steering angles, multifunctional intelligence and steering angle aiding safe and better drives are also supporting the growth of the steering wheel sensor market. Additionally, the stringent government regulations to monitor driver safety like the remote and mobile heart rate tracking system is expected to further aid the growth of the steering wheel sensor market.
However, the limited reach of the feature based only in premium, luxury and high end cars have been a restraint for the market growth of steering wheel sensors. Moreover, the profound growth of steering wheel sensor is understood to be dependent upon its penetration rate across all vehicle segments and regional markets at an affordable cost.
The emerging markets of fuel cell, electric and hybrid type of vehicle fully automated configurations is likely robust growth opportunity for the steering wheel sensor market. Another opportunity may arise from the fact that the present vehicle owners may undertake upgrade of electronic steering systems fitted with steering wheel sensors.
Impact of COVID-19 on Steering Wheel Sensor market
With automotive industry severed by COVID-19 pandemic due to slowdown in sales movement and associated production, the ripple effect is also said to be created amongst the automotive ancillary industry. The steering wheel sensor market is too understood to take a dip in its current growth phase which is expected to take a considerable period to rebound on the onset of increased production and sales of automobiles in the upcoming periods.
Steering Wheel Sensor Market: Segmentation
On Basis of Sensor Type:
On Basis of Technology:
On Basis of Vehicle Type:
Steering Wheel Sensor Market: Regional Outlook
North America, Europe and Japan are said to be the initial adopters of the steering wheel sensor owing to preliminary product launch and its successful adoption rate amongst the end users. Another factor in favor of the establishment is that these countries have a major fleet of high end vehicle segments and healthy per capita spend on incorporating automotive accessories and technologies. Latin America and South East Asian countries are estimated to witness a decent growth in the present scenario. However, the situation may drastically change in rise of steering wheel sensor sales provided the product installation is covered under all economic and budget based vehicle classes backed by able product promotion. Middle East & Africa is expected to observe a growth of conservative nature.
The report covers exhaustive analysis on:
Steering Wheel Sensor Market: Key Participants
Some of the key players in Steering Wheel Sensor Market across the value chain are as below:
The research report on the Steering Wheel Sensor Machine market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Steering Wheel Sensor Machine market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as Fleet, Product services, Geography and Equipment
Regional Analysis Include:
The Steering Wheel Sensor market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Steering Wheel Sensor market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The Steering Wheel Sensor report also maps the qualitative impact of various market factors on market segments and geographies.
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