Global Automotive Steering-Mounted Electronics Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global automotive steering-mounted electronics market has witnessed significant growth in recent years, driven by increasing demand for advanced driver assistance systems (ADAS) and the rising adoption of smart technologies in vehicles. Steering-mounted electronics, which include controls for audio systems, cruise control, and other vehicle functions, enhance the driving experience by providing convenience and safety. This market segment is becoming crucial as automakers strive to offer more connected and automated driving experiences. The growing consumer preference for seamless and intuitive vehicle controls is a major factor propelling the market forward.

Technological advancements are playing a pivotal role in the evolution of steering-mounted electronics. The integration of features such as touch-sensitive buttons, haptic feedback, and voice control is transforming traditional steering wheels into sophisticated control hubs. Moreover, the advent of electric and autonomous vehicles is further accelerating the demand for advanced steering-mounted electronics. These vehicles require more complex and reliable control systems, and steering-mounted electronics are becoming essential for ensuring driver engagement and safety in these next-generation vehicles.

The competitive landscape of the global automotive steering-mounted electronics market is characterized by a mix of established players and innovative startups. Major companies like Bosch, Continental, and ZF Friedrichshafen are leading the market with their extensive product portfolios and strong R&D capabilities. These companies are focusing on strategic collaborations and acquisitions to enhance their technological expertise and market reach. Additionally, emerging players are introducing innovative solutions tailored to specific vehicle types and regional markets, contributing to the overall dynamism of the market.

Regionally, the market dynamics vary significantly, with Asia-Pacific, Europe, and North America being the key regions. Asia-Pacific, led by countries like China, Japan, and South Korea, is the largest and fastest-growing market due to the high production and sales of automobiles. Europe, with its strong focus on automotive innovation and stringent safety regulations, also represents a significant share of the market. North America is witnessing steady growth driven by increasing consumer demand for advanced vehicle features and a strong automotive industry presence. As these regions continue to invest in automotive technology, the global market for steering-mounted electronics is poised for sustained growth.

Global Automotive Steering-Mounted Electronics Segment Analysis

In this report, the Global Automotive Steering-Mounted Electronics Market has been segmented by Technology, Component and Geography.

Global Automotive Steering-Mounted Electronics Market, Segmentation by Technology

In this report, the Global Automotive Steering-Mounted Electronics Market has been segmented by Technology into Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Steer-by-Wire (SBW) and Magnetic/Electromagnetic Power Steering.

The global automotive steering-mounted electronics market is experiencing significant growth, driven by technological advancements and increasing consumer demand for enhanced driving experiences. One of the key segments within this market is Electric Power Steering (EPS), which has witnessed widespread adoption due to its efficiency and flexibility. EPS systems offer smoother steering control and improved fuel efficiency compared to traditional hydraulic power steering (HPS) systems.

Another noteworthy segment is Electro-Hydraulic Power Steering (EHPS), which combines the benefits of both electric and hydraulic systems. EHPS systems provide responsive steering while also reducing the overall energy consumption of the vehicle. Steer-by-Wire (SBW) technology is also gaining traction, particularly in advanced driver assistance systems (ADAS) and autonomous vehicles. SBW eliminates the mechanical connection between the steering wheel and the wheels, enabling more precise control and enabling innovative features like automated parking.

Magnetic/Electromagnetic Power Steering systems are emerging as a promising alternative, offering improved energy efficiency and reliability. These systems utilize magnetic or electromagnetic fields to assist in steering, providing a smoother and more responsive driving experience. As automotive manufacturers continue to focus on innovation and safety, the demand for steering-mounted electronics equipped with advanced technologies is expected to rise further, driving the growth of the global market. However, challenges such as cost constraints and integration issues may hinder the market's expansion to some extent. Overall, the automotive steering-mounted electronics market presents lucrative opportunities for players across the value chain to capitalize on evolving consumer preferences and technological advancements.

Global Automotive Steering-Mounted Electronics Market, Segmentation by Component

In this report, the Global Automotive Steering-Mounted Electronics Market has been segmented by Component into Steering Angle Sensor, Steering Wheel Control Module, Steering Column Control Module, Steering Wheel Angle Sensor and Steering Torque Sensor.

The global automotive steering-mounted electronics market is witnessing robust growth, driven by advancements in vehicle technology and increasing demand for driver assistance systems. One of the key segments shaping this market is the component category, which plays a pivotal role in enhancing vehicle safety and control. Steering angle sensors, a critical component, provide real-time data on the position of the steering wheel, enabling precise control and facilitating features like stability control and lane-keeping assistance.

Another significant component is the steering wheel control module, which acts as the interface between the driver and various vehicle functions. This module integrates functions such as audio controls, cruise control, and voice command activation directly onto the steering wheel, enhancing convenience and reducing driver distraction. Additionally, the steering column control module coordinates the operation of electronic systems within the steering column, ensuring smooth and responsive steering functionality.

The inclusion of steering wheel angle sensors further enhances vehicle safety by continuously monitoring the angle of the steering wheel and detecting any deviations that could indicate loss of control or potential hazards. Moreover, steering torque sensors measure the amount of force applied to the steering wheel, enabling systems like electric power steering to adjust assistance levels based on driving conditions and driver inputs.

The segmentation of the global automotive steering-mounted electronics market by component highlights the critical role played by various electronic modules and sensors in improving vehicle performance, safety, and driver experience. As automotive technology continues to evolve, these components are expected to become even more integral to the next generation of intelligent vehicles.

Global Automotive Steering-Mounted Electronics Market, Segmentation by Geography

In this report, the Global Automotive Steering-Mounted Electronics Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Automotive Steering-Mounted Electronics Market Share (%), by Geographical Region, 2023

The global automotive steering-mounted electronics market is experiencing significant growth, driven by advancements in vehicle technology and increasing consumer demand for safety and convenience features. This market encompasses a wide range of electronic components integrated into steering systems, including controls for audio, infotainment, communication, and driver assistance systems.

North America holds a prominent share in the automotive steering-mounted electronics market, owing to the presence of leading automotive manufacturers and a high adoption rate of advanced vehicle technologies in countries like the United States and Canada. The region's focus on innovation and stringent safety regulations further fuels market growth, with consumers increasingly seeking integrated electronic features in their vehicles.

Europe follows closely behind, with major automotive hubs in countries like Germany, France, and the United Kingdom driving innovation in steering-mounted electronics. European consumers prioritize vehicle safety and connectivity, leading to robust demand for advanced steering control systems with integrated electronics. Additionally, government regulations mandating the inclusion of safety features in vehicles contribute to the market's expansion in this region.

Asia Pacific emerges as a key growth region for the automotive steering-mounted electronics market, fueled by the rapid expansion of the automotive industry in countries such as China, Japan, and South Korea. Rising disposable incomes, urbanization, and increasing awareness of vehicle safety drive the adoption of electronic steering systems with advanced functionalities. Moreover, the region's thriving automotive aftermarket presents lucrative opportunities for market players offering retrofit solutions.

In the Middle East and Africa, the automotive steering-mounted electronics market experiences steady growth, supported by infrastructure development and rising investments in automotive manufacturing. Although the market in this region is comparatively smaller than others, it shows potential for expansion as vehicle electrification and connectivity gain traction.

Latin America rounds up the geographical segmentation of the global automotive steering-mounted electronics market. Despite economic challenges in certain countries, improving automotive infrastructure and a growing automotive aftermarket contribute to market growth. As consumer preferences shift towards vehicles equipped with advanced electronic features, Latin America presents opportunities for market players to capitalize on this demand.

This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Steering-Mounted Electronics Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Rising consumer electronics integration
• Increasing demand for safety
• Advancements in technology
• Growing automotive industry

• Enhanced driving experience: The global automotive steering-mounted electronics market has experienced significant growth owing to the increasing demand for enhanced driving experiences and advanced safety features in vehicles. Steering-mounted electronics play a crucial role in modern automotive design, offering convenience and functionality to drivers. These electronics encompass a range of features including steering wheel controls for audio systems, infotainment systems, cruise control, voice command functionalities, and even advanced driver assistance systems (ADAS). With the rising consumer expectations for seamless integration of technology within vehicles, automakers are continually innovating to incorporate more sophisticated steering-mounted electronics that provide intuitive controls and improve overall driving comfort and safety.

  The proliferation of electric vehicles (EVs) and autonomous driving technologies has further propelled the demand for steering-mounted electronics. As electric and autonomous vehicles become more prevalent, there is a growing need for advanced control interfaces that enable drivers to interact with various vehicle functions effortlessly. Additionally, the integration of connectivity features such as Bluetooth, Wi-Fi, and smartphone compatibility into steering-mounted electronics enhances the overall driving experience by allowing drivers to stay connected while on the road. As a result, the global automotive steering-mounted electronics market is expected to continue its growth trajectory, driven by ongoing technological advancements and the increasing adoption of smart vehicle solutions worldwide.

Restraints

• High production costs
• Complex installation processes
• Limited skilled workforce
• Cybersecurity and privacy concerns

• Strict regulatory standards: The global automotive steering-mounted electronics market is experiencing significant growth driven by several factors, including stringent regulatory standards for vehicle safety and advancements in automotive technology. Governments around the world are imposing strict regulations aimed at enhancing road safety, which has led automotive manufacturers to integrate advanced electronic systems into steering mechanisms. These systems include features such as electronic stability control, adaptive cruise control, lane-keeping assist, and collision avoidance systems, all of which are designed to improve vehicle handling and prevent accidents. As a result, there is a growing demand for steering-mounted electronics in the automotive industry, with manufacturers continually innovating to meet these regulatory standards and consumer expectations.

  The proliferation of electric vehicles (EVs) and the trend towards autonomous driving are also contributing to the expansion of the automotive steering-mounted electronics market. Electric power steering (EPS) systems, which rely on electronic controls rather than hydraulic systems, are becoming increasingly prevalent in both traditional and electric vehicles due to their efficiency and flexibility. Furthermore, the development of semi-autonomous and autonomous driving technologies requires sophisticated electronic components embedded within the steering system to enable functionalities such as automated lane-keeping and self-parking. As automotive manufacturers strive to stay competitive in this rapidly evolving landscape, the demand for steering-mounted electronics is expected to continue its upward trajectory, driving further innovation and market growth.

Opportunities

• Emerging electric vehicle market
• Expansion in developing regions
• Innovations in AI technology
• Growing autonomous vehicle adoption

• Enhanced connectivity features: The global automotive steering-mounted electronics market is experiencing a transformative shift driven by enhanced connectivity features. As vehicles become increasingly integrated with advanced technologies, steering-mounted electronics play a crucial role in facilitating seamless interaction and control for drivers. These features encompass a wide array of functionalities, including but not limited to, infotainment systems, navigation controls, driver assistance systems, and connectivity with smartphones and other devices. With the rise of connected cars, there's a growing demand for steering-mounted electronics that offer intuitive interfaces and robust connectivity options, enabling drivers to access a plethora of services and information without diverting their attention from the road.

  The integration of advanced driver assistance systems (ADAS) with steering-mounted electronics is further enhancing safety and convenience on the roads. Features like adaptive cruise control, lane-keeping assistance, and collision avoidance systems are increasingly being integrated into steering-mounted controls, providing drivers with enhanced control and situational awareness. This convergence of connectivity and safety features not only elevates the driving experience but also aligns with the broader industry trends toward autonomous driving and smart mobility solutions. As automotive manufacturers continue to innovate in this space, the global market for steering-mounted electronics is poised for significant growth, driven by the relentless pursuit of safer, more connected, and technologically advanced vehicles.

Key players in Global Automotive Steering-Mounted Electronics Market include:

• Bosch
• Valeo
• Continental AG
• Denso Corporation
• Aptiv PLC
• Panasonic Corporation
• ZF Friedrichshafen AG
• Mitsubishi Electric Corporation
• TRW Automotive Holdings Corp. (acquired by ZF Friedrichshafen AG)
• Alps Alpine Co., Ltd.
• Hella GmbH & Co. KGaA
• Delphi Technologies (now part of Aptiv PLC)
• JTEKT Corporation
• Nexteer Automotive
• NSK Ltd.

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis