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Intelligent Steering System Market

Intelligent Steering System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026

The concept of intelligent steering system has been devised with the intention of reducing road accidents that occur due to minor driver errors. The intelligent steering system maneuvers the steering wheel in an emergency situation, which otherwise is likely to lead to a collision of the vehicle with another vehicle or any obstruction on the road. Intelligent steering systems are an integral part of smart parking systems, lane keep assist system, and other collision avoidance systems.

Demand for the intelligent steering system is expected to rise during the forecast period owing to the increasing demand for automatic systems in the vehicle. Increasing purchase power parity of society and preference of the young generation toward automatic systems in vehicles are expected to be key factors driving the intelligent steering system market. Features of some advanced intelligent steering systems such as operation on voice inputs and hand gestures are making it highly attractive among consumers. Development of autonomous vehicles is expected to hamper the intelligent steering system market owing to the elimination of the steering wheel from the driver’s cabin.

The intelligent steering system market can be segmented based on technology, steering wheel type, input technology, vehicle, and region. Based on technology, the intelligent steering system market can be segmented into RADAR and LiDAR. The RADAR segment is likely to hold a major share of the intelligent steering system market. It is preferred in most vehicles owing to its cost-effectiveness. These technologies are utilized for the detection of objects in the vehicle’s path according to which, the steering wheel of the vehicle is controlled by the steering actuator in order to avoid a collision.

Based on input method, the market for intelligent steering system is led by the distance measuring equipment by different technologies such as camera, RADAR, and LiDAR. However, voice input methods are also available in some newly developed intelligent steering systems such as intelligent steering system developed by Jaguar Land Rover. The newly developed steering system comprises several new features, and it can be removed from the vehicle and can be taken home, which is loaded with artificial intelligence. AI (Artificial Intelligence) and voice input method segments are likely to expand during the forecast period.

In terms of vehicle, the passenger vehicle segment is expected to be the major segment for the intelligent steering system market, as most of the intelligent steering systems are encompassed in passenger vehicles. Some manufacturers have also developed intelligent steering systems for commercial vehicles in order to enhance accident preventive measures on highways.

In terms of region, Europe is a prominent market owing to the high rate of adoption of technology in the vehicles in the region. Moreover, the presence of major manufacturers of premium vehicles in the region has kept Europe at the forefront of development and adoption of technology for vehicles. Asia Pacific is the second-largest market for intelligent steering system owing to the high production capacities of China, Japan, and India, among which Japan is the second-largest patent holder for automotive technologies after Germany.

Key players operating in the global intelligent steering system market include DENSO CORPORATION, IMS Limited, smart wheel, Knorr-Bremse AG, Robert Bosch GmbH, and ZF Friedrichshafen AG.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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