Global Automotive Intelligent Steering System
Market Report
2024
Automotive Intelligent Steering System Market is Growing at Compound Annual Growth Rate of 10.5% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Automotive Intelligent Steering System market size will be USD xx billion in 2022. It will grow at a CAGR of 10.5% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Automotive Intelligent Steering System Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.5% |
Market Split by Type |
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Market Split by Vehicle Type |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Automotive Intelligent Steering System Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The Automotive Intelligent Steering System Market is experiencing rapid growth due to increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles. These systems enhance vehicle safety, improve driving experience, and enable features like lane-keeping assist and automated parking. Technological advancements, safety regulations, and consumer preference for innovative automotive technologies drive the market's expansion.
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.
(Source: press.zf.com/press/en/releases/release_54018.html)
System Market is propelled by the escalating adoption of sensors in the automotive industry. Sensors are pivotal in these advanced steering systems, enabling real-time data collection and analysis. With the integration of sensors, these systems can enhance safety, optimize vehicle performance, and enable advanced driver assistance features.
In March 2022, ZF showcased its most recent steering systems during Work Truck Week (WTW). With a focus on the North American market, ZF's second-generation Active Kinematics Control (AKC) integrates steer-by-wire technology. This rear steering system is now accessible for electric vehicles (EVs), pickups, and heavy-duty vehicles, offering enhanced maneuverability.
(Source: press.zf.com/press/en/releases/release_20547.html)
The growing demand for vehicles equipped with smart technologies that enhance driving experience and safety drives the increased incorporation of sensors into automotive intelligent steering systems, fueling market growth.
The burgeoning demand for enhanced comfort in driving is a key driver behind the growth of the Automotive Intelligent Steering System Market. These advanced steering systems offer features like adaptive cruise control, lane-keeping assist, and automated parking, contributing to a smoother and more convenient driving experience.
In August 2021, During IAA Mobility 2021, Schaeffler unveiled The Space Drive. This steer-by-wire technology transmits exclusively electronic driving and steering commands to the vehicle's wheels, thus advancing autonomous driving capabilities. The Generation 3 iteration, aligned with the AUTOSAR software standard, enables direct communication with vehicle electronics, onboard communication, and network structures. This feature facilitates seamless integration into existing vehicle assistance systems.
As consumers seek more comfortable and enjoyable rides, automakers are integrating intelligent steering systems to provide precise control and reduce driver fatigue. This increasing emphasis on comfort propels the adoption of automotive intelligent steering systems, expanding the market.
Cybersecurity concerns in connected cars pose significant challenges to the Automotive Intelligent Steering System Market. As vehicles become more interconnected and reliant on software-driven systems, the risk of cyberattacks targeting critical components, including steering systems, increases. Ensuring the security of these systems is crucial to maintaining driver and passenger safety. The potential vulnerabilities and the need for robust cybersecurity measures are causing hesitation among consumers and regulatory bodies, slowing down the widespread adoption of intelligent steering systems in the automotive industry. Manufacturers must address these concerns to drive market growth.
The COVID-19 pandemic had notable effects on the Automotive Intelligent Steering System Market. Initially, production interruptions and supply chain disruptions caused a slowdown as automotive manufacturing faced challenges. Reduced consumer spending on vehicles also contributed to a decline. However, as the situation improved, the market began to recover due to the growing emphasis on advanced driver assistance systems and safety features. The pandemic accelerated the adoption of intelligent steering systems as manufacturers aimed to enhance vehicle safety and driving experience.
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The rise of automated driving technologies drives the demand for intelligent steering systems that seamlessly integrate with autonomous driving functions, enabling safe and reliable control. Stringent safety regulations and consumer demand for enhanced safety features propel the adoption of intelligent steering systems with advanced driver assistance capabilities. Offering customizable steering characteristics allows companies to appeal to a wider range of customers and vehicle segments, enhancing their market share. EPS systems are becoming more widespread due to their energy efficiency and adaptability. These systems offer variable steering assistance based on vehicle speed, driving conditions, and input.
(Source: www.melexis.com/en/news/2022/8dec2022-melexis-releases-the-magnetic-position-sensor-of-the-future)
(Source: https://www.marklines.com/en/news/279579)
Top Companies Market Share in Automotive Intelligent Steering System Industry: (In no particular order of Rank)
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Global Automotive Intelligent Steering System Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Automotive Intelligent Steering System Industry growth. Automotive Intelligent Steering System market has been segmented with the help of its Type, Vehicle Type , and others. Automotive Intelligent Steering System market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Electric Power Steering (EPS) has secured the largest market share in the Automotive Intelligent Steering System Market due to its numerous advantages. EPS offers improved fuel efficiency, reduced energy consumption, and enhanced vehicle handling. Its compatibility with electric and hybrid vehicles aligns with the industry's push for sustainability. Additionally, EPS systems can be integrated with advanced driver assistance features, bolstering their popularity. The seamless integration of EPS into modern vehicles, combined with its efficiency and versatility, has propelled it to dominate the market.
Hydraulic Power Steering (HPS) has secured the second-largest share in the Automotive Intelligent Steering System Market due to its proven performance and widespread use. HPS systems provide robust steering assistance across various vehicle segments, including commercial and heavy-duty vehicles. Despite the growth of Electric Power Steering (EPS), HPS remains popular due to its reliability and durability, especially in demanding conditions. Retrofitting HPS in existing vehicles and its cost-effectiveness compared to EPS also contribute to its significant market share.
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For several reasons, passenger cars have claimed the largest market share in the Automotive Intelligent Steering System Market. The rising consumer demand for enhanced driving comfort, safety features, and advanced driver assistance systems has propelled the adoption of intelligent steering systems in passenger vehicles. Additionally, technological advancements have made these systems more affordable and accessible to a broader range of consumers. As automakers focus on incorporating smart technologies to differentiate their products, passenger cars have emerged as the primary sector driving the market's growth.
Light Commercial Vehicles (LCVs) have secured the second-largest share in the Automotive Intelligent Steering System Market due to their widespread use in various industries. LCVs are commonly employed for delivery, transportation, and urban mobility, making advanced steering systems crucial for maneuverability and efficiency. The integration of intelligent steering enhances safety and productivity for commercial purposes. As businesses seek to optimize their fleets, LCVs equipped with intelligent steering systems offer an attractive solution, contributing to their substantial market presence.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Automotive Intelligent Steering System market report 2024 Edition by contacting our team.
According to Cognitive Market Research, Asia Pacific dominated the market in 2022 and accounted for a share of more than 41% of the global revenue due to several variables. Due to several key factors, Asia Pacific has emerged as the dominant player in the Automotive Intelligent Steering System Market. The region's strong position can be attributed to its robust automotive industry, rapid economic growth, increasing urbanization, and rising consumer purchasing power. Countries like China, Japan, and South Korea have been at the forefront of technological advancements and automotive innovation. Furthermore, Asia Pacific has witnessed significant government initiatives promoting electric vehicles and autonomous driving technologies. These initiatives have spurred the demand for intelligent steering systems integral to these advancements. The region's large population and expanding middle class have led to a growing demand for vehicles equipped with advanced safety and convenience features, driving the adoption of intelligent steering systems.
North America is experiencing rapid growth in the Automotive Intelligent Steering System Market due to several factors. The region has a strong automotive industry, technological expertise, and high demand for advanced driver assistance systems. Stringent safety regulations and consumer preference for innovative features drive intelligent steering systems adoption. Moreover, major automakers, tech companies, and research institutions focused on autonomous driving technologies are accelerating the development and deployment of these systems, making North America the fastest-growing region in the market.
The current report Scope analyzes Automotive Intelligent Steering System Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Senior Research Analyst at Cognitive Market Research
ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Automotive Intelligent Steering System Market is witnessing significant growth in the near future.
In 2023, the Electric Power Steering (EPS) segment accounted for noticeable share of global Automotive Intelligent Steering System Market and is projected to experience significant growth in the near future.
The Passenger Car segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies ZF Friedrichshafen AG , JTEKT Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Type | Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering |
Vehicle Type | Passenger Car, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV) |
List of Competitors | ZF Friedrichshafen AG, Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Ltd., Thyssenkrupp AG, NSK Ltd., Mitsubishi Electric Corporation, Mando Corporation, China Automotive Systems Inc., Hitachi Automotive Systems Ltd., Hyundai Mobis Co., Ltd., Zhejiang Shibao Company Limited, China South Industries Group Corporation (CSGC), GKN Automotive Limited, Showa Corporation, Hyundai-WIA Corporation, Danfoss Power Solutions, Sona Koyo Steering Systems Ltd., ATS Automation Tooling Systems Inc., CAAS Automotive Systems (Beijing) Co., Ltd. |
This chapter will help you gain GLOBAL Market Analysis of Automotive Intelligent Steering System. Further deep in this chapter, you will be able to review Global Automotive Intelligent Steering System Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Automotive Intelligent Steering System Market Trends North America Automotive Intelligent Steering System Technological Road Map North America Automotive Intelligent Steering System Market Drivers North America Automotive Intelligent Steering System Market Restraints North America Automotive Intelligent Steering System Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Vehicle Type Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Automotive Intelligent Steering System market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Electric Power Steering (EPS) have a significant impact on Automotive Intelligent Steering System market? |
What are the key factors affecting the Electric Power Steering (EPS) and Hydraulic Power Steering (HPS) of Automotive Intelligent Steering System Market? |
What is the CAGR/Growth Rate of Passenger Car during the forecast period? |
By type, which segment accounted for largest share of the global Automotive Intelligent Steering System Market? |
Which region is expected to dominate the global Automotive Intelligent Steering System Market within the forecast period? |
Segmentation Level Customization |
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Additional Qualitative Data |
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Additional Quantitative Data |
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