Intelligent Steering Key Components Market to Reach $31.5 billion, Globally, by 2033 at 13.3% CAGR: Allied Market Research

Allied Market Research United States of America United Kingdom

by Component (Sensors, Electronic Control Unit, Motor, Steering Columns, Others), and by Vehicle Type (Passenger Cars, Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "intelligent steering key components market" was valued at $9.2 billion in 2023, and is estimated to reach $31.5 billion by 2033, growing at a CAGR of 13.3% from 2024 to 2033.

Prime Determinants of Growth

Growing demand for steering angle sensors are expected to provide lucrative opportunities for market growth. However, high complexity in system integration may hamper market expansion.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$9.2 Billion

Market Size in 2033

$31.5 Billion

CAGR

13.30 %

No. of Pages in Report

324

Segments covered

Component and Vehicle Type

Drivers

Rise in integration with ADAS and autonomous driving

Increase in demand for automotive steering systems

Opportunities

Growing demand for steering angle sensors

Restraints

High complexity in system integration

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The sensors segment to maintain its leadership status throughout the forecast period.

By component, the sensors segment held the highest market share in 2023, accounting for more than one-third of the global intelligent steering key components industry revenue and is estimated to maintain its leadership status throughout the forecast period.

This dominance is driven by the increasing integration of sensor-based technologies in modern vehicles to enhance steering precision, improve vehicle stability, and support advanced driver assistance systems (ADAS). Additionally, the growing adoption of autonomous and semi-autonomous driving solutions further accelerates the demand for high-performance steering sensors.

The passenger cars segment to maintain its leadership status throughout the forecast period.

By vehicle type, the passenger cars segment held the highest market share in 2023, accounting for more than two-third of the global intelligent steering key components market and is estimated to maintain its leadership status throughout the forecast period.

This segment's dominance is attributed to the rising consumer preference for advanced safety and comfort features, the increasing penetration of electric and hybrid vehicles equipped with intelligent steering systems, and stringent government regulations mandating enhanced vehicle control and stability. Additionally, the growing adoption of advanced driver assistance systems (ADAS) in passenger vehicles further fuels the demand for intelligent steering components.

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Leading Market Players: -

Johnson Electric Holdings LimitedNexteer Automotive Holdings Co., LtdHELLA GmbH & Co. KGaAFUTEK Advanced Sensor Technology, Inc.Methode Electronics Inc.Continental AGRobert Bosch GmbHJTEKT CorporationNidec CorporationGKN Automotive

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The report provides a detailed analysis of these key players in the global intelligent steering key components market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in country. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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