Press release
Automotive Steering Sensors Market is estimated to grow at an estimated CAGR of 13.65% until 2020| Top Players - HONEYWELL, VALEO S.A., ROBERT BOSCH GmbH, HELLA KGAA HUECK & CO, HITACHI METALS amongst others
Market Analysis:Asia-Pacific to Dominate the Market
Europe was the largest market for automotive steering sensors in 2015. However, the Asia-Pacific region is expected to become the major market for the manufacture of these systems, with India, Japan and China moving towards becoming manufacturing hubs for automotive component and sourcing the same to countries such as the United States and Germany.
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Increasing global population and a subsequent spike in the vehicle owning households, increased demand for mobile monitoring devices such as heart rate monitors and growing government regulations to monitor driver safety are some of the major factors that are driving the market for automotive steering sensors towards growth. Growth in the popularity of hybrid and fuel cell vehicles that have an exponential use of sensors for motor speed and position shows another growth opportunity for the automotive steering sensor market. Rising concerns about passenger safety has obliged automobile manufacturers to equip their vehicles with driver assistance systems including steering assistance systems. The stringency in Government regulations regarding fuel efficiency as well as safety initiatives, are an important driver for the growth of market.
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Market Segments:
Automotive Steering Sensors Market is segmented by:
1. Type: Health Monitoring Systems, Torque and Angle Sensors, Intelligent Multifunctional Sensor Systems, Position Sensors, Others
2. Technology Type: Contacting, Magnetic
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market
• February 2017: Bosch announces the initiation of manufacturing solutions for connected cars in India by 2018.
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