Intelligent Steering Key Components Market Set to Accelerate: From $9.2B in 2023 to $31.5B by 2033 (13.3% CAGR)

The increase in demand for automotive owing to rise in disposable income of consumers primarily drive the growth of the market.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, June 26, 2025 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Intelligent Steering Key Components Market 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.

The global intelligent steering key components market is driven by factors such as the rise in integration with ADAS & autonomous driving and increase in demand for automotive steering systems.

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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𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞:
The market was valued at $9.2 billion in 2023 and is expected to grow to $31.5 billion by 2033.

𝐂𝐀𝐆𝐑:
The projected growth rate is 13.3% annually between 2024 and 2033.

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬/𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐢𝐧 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐊𝐞𝐲 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭𝐬

◾ In 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒, Florida's lidar company Luminar unveiled an automatic emergency steering (AES) feature powered by its Iris Plus sensor at CES. The technology, with a 300-meter range, proactively prevents crashes by detecting obstacles and initiating driving maneuvers without driver intervention, surpassing traditional automatic emergency braking.
◾ In 𝐉𝐮𝐥𝐲 𝟐𝟎𝟐𝟐, NSK Ltd. contributes to advancements in transmission technologies, supporting more efficient and eco-friendly vehicles. Moreover, car steering systems are becoming more electrified. Electric Power Steering (EPS) conserves energy by using a motor for assistance only when needed. NSK specializes in Column Type EPS with a torque sensor for efficient driver-to-wheel communication.
◾ In 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟐, ZF outlined plans to invest around $100 million to expand product offerings and production capacity for chassis components at the Zhangjiagang facility. This production site will craft steering knuckles, control arms, steering tie rods, and stabilizer links, effectively encompassing various chassis components.

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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 Limited
Nexteer Automotive Holdings Co., Ltd
HELLA GmbH & Co. KGaA
FUTEK Advanced Sensor Technology, Inc.
Methode Electronics Inc.
Continental AG
Robert Bosch GmbH
JTEKT Corporation
Nidec Corporation
GKN Automotive

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