Angle Sensor Market Size, Share, Growth Analysis, By Type(Economic Angle Sensors, Dual Angle Sensor), By Application(Automotive, Machinery) - Industry Forecast 2024-2031

Angle Sensor Market size was valued at USD 0.910921841 billion in 2021 and is poised to grow from USD 1.1 billion in 2022 to USD 2.2 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).

Almost 50% of the market share is held by the top 6 competitors. To acquire a competitive edge in the industry, these market players are engaging in partnerships, mergers and acquisitions, and expansions. For instance, Allegro MicroSystems introduced ATS17051 in November 2019. It is a gear tooth sensor ICs that is intended to provide incremental position for traction motors in electric vehicles that run at up to 30 000 RPM. Some of the prominent players in the angle sensor market includes: 'Infineon Technologies AG', 'NXP Semiconductors N.V.', 'TE Connectivity Ltd.', 'Allegro MicroSystems, LLC', 'AMS AG', 'Honeywell International Inc.', 'MTS Systems Corporation', 'Methode Electronics, Inc.', 'Renishaw plc', 'ams AG', 'Novotechnik U.S., Inc.', 'Balluff GmbH', 'Sick AG', 'MTS Sensors Technologies', 'Vishay Intertechnology, Inc.', 'iC-Haus GmbH', 'Bourns, Inc.', 'Elmos Semiconductor SE', 'Cyntec Co., Ltd.', 'Hella KGaA Hueck & Co.', 'In 2022, Along with Continental AG, Nexteer Automotive has enhanced its two new software features that offer backup safety layers for all Electric Power Steering and Steer-by-Wire system variations and for all driving automation systems (levels 1 – 5).', 'In 2021, In order to meet the needs of a number of OEMs, Nexteer Automotive has announced the addition of its new modular column-assist EPS system (mCEPS) to its electric power steering (EPS) line. The enhanced noise, vibration, and harshness (NVH) performance and smooth, precise steering feel provided by Nexteer's high-performance torque and rotation angle sensors enable drivers to feel more a part of the road.'

To provide accurate angle measurements in the robot joints, magnetic angle sensors, in particular position sensor ICs, are the optimal option. These sensors are crucial in enabling the future generation of autonomous robots to have similar human-like limb mobility and fine joint motor control.

The need for steering angle sensors has increased as a result of the automobile industry's recent change in focus to technological advancements like electrification and autonomous driving. At the same time, the tendency of manufacturers to incorporate angle sensors into automobiles indicates that the market will expand.

Asia Pacific region dominated the market in 2022 and is expected to maintain its dominance throughout the forecast period. The market is growing as a result of expanding industrialization and rising spending in R&D projects for the creation of novel products. Also boosting the regional market will be rising vehicle manufacturing in nations like China, Japan, India, and South Korea. It is projected that these regulatory standards will compel firms to use industrial equipment, such as lifts and elevators, machinery, trucks, etc.