Global Intelligent Steering System Market size was valued at US$ XX Mn in 2019 and expected to reach US$ XX Mn by 2019 at a CAGR of 5.8% during the forecast period.
The Global Intelligent Steering System market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Global Intelligent Steering System report also provides trends by market segments, technology, and investment with a competitive landscape.
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Global Intelligent Steering System Market Overview:
Intelligent steering system comprises of steering sensing mechanism used in case of emergency and extra level of safety for cars. Sensors are used to locate the position of drivers’ hands and pressure on the steering wheel. Moreover, an intelligent steering system assists in the parking system and lane assisting feature to avoid collisions. In addition, any obstruction on the roads is detected by RADAR and LiDAR systems embedded in the intelligent steering system and connected directly to the Advanced Driver Assistance System (ADAS). Increasing development of smart driver systems and rising demand for fail-safe operation are the key factors considered to drive the intelligent steering system market growth.
Furthermore, advanced technology adoption for smart cars among the consumers and adoption of cost-effective solutions by automotive manufacturers are the key supporting factors considered to drive the market growth.
Global Intelligent Steering System Market Dynamics:
Increasing demand for vehicle handling and control mechanisms and increasing adoption of intelligent driving systems are the factors considered to drive the intelligent steering system market. Moreover, alert sending mechanism in the smart cars and assistance feature of smart wheels incorporated within the system is the key supporting factor considered to drive the market growth. According to Denso Corporation, manufacturers sold approximately 20-30 million units worldwide of intelligent steering systems. Moreover, the company predicted the sales for intelligent steering system as approximately 120-130 million units worldwide during the forecast period.
High cost of intelligent systems and increasing adoption and development of autonomous vehicles are the factors considered to restrain the market growth. Moreover, elimination of the steering wheel from the driver’s cabin in autonomous vehicles is the factor hampering the market growth.
Hand gesture system adoption and voice input programming embedded in the intelligent vehicles are the key factors considered to create opportunities in the market for the prominent players.
Global Intelligent Steering System Market Segment Analysis:
RADAR system is dominating the Intelligent Steering System Market:
Increasing demand for effective steering mechanisms and increasing safety standard norms for road safety are the key factors considered to drive the RADAR segment in the market. Moreover, detection of the path of the vehicle and creating 3D imaging of the objects is the key work performed by RADAR systems in automotive systems. The Cost-effectiveness of the RADAR implementation is also one of the key factors of the system attributing the growth in the market. RADAR system is linked with steering wheel actuator in the automotive and assists only when the emergency braking or collision is predicted by the system. According to Houston RADAR Co., approximately 10-12.5 million units of low-powered automotive RADAR are sold worldwide in the year 2019 registering a CAGR of 4.88%.
Artificial Intelligence Segment is boosting the Intelligent Steering System Market Sales:
Artificial intelligence provides a suitable environment for vehicle development and also helps in assisting for control mechanism of the vehicles. Intelligent steering system uses the Artificial Intelligence (AI) for the control of steering mechanism and imaging synchronization purpose for ADAS system. AI also helps in the installation of new software upgrades released by the companies to adhere to the security parameters of the vehicle and keeping the information of the passengers intact. Furthermore, the voice command segment holds the major share in the intelligent steering system market with approximately 28% market share owing to the increasing demand of consumers for voice activation technology and the rising popularity of voice input methods in the market.
Increasing concern towards Cybersecurity in Intelligent Steering System Market:
Cybersecurity is developing as a new problem for the automotive manufacturers and consumers across the globe owing to increasing system integration and interlinking of the car ADAS systems with the manufacturer’s portal for software up-gradation purposes. Also, sometimes, users allow others to input their voice commands in the car software just to show off the vehicle systems which can hamper the security of the cars and thereby, the consumer’s personal information. According to Help Net Security Survey 2020, the most challenged and hampered field by cyber-attacks is the AI system owing to the following factors:
• AI uses machine learning for techniques to collect and store the data and this feature is harmed by the cyber-attacks more often.
• Misguidance to the navigation and imaging mechanism of AI is also vulnerable to such attacks.
The above factors are used by individuals to misguide the AI system and create threat-like situations for consumers. EU has taken strong steps towards cyber-security of vehicles by implementing security laws for Web development and analytics.
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Impact of COVID pandemic on the Intelligent Steering System market:
COVID pandemic posed a negative impact on Intelligent Steering System market owing to delayed manufacturing activities and halting of shipments for passenger cars and commercial vehicles due to disruptions in supply chains for manufacturers across the globe. Moreover, changes in dealer inventories and sudden closing of manufacturing activities in factories across the globe has induced a drop in the Intelligent Steering System market. Furthermore, the unavailability of workforce owing to stringent rules and regulations of social distancing have expected to hamper the market growth by approximately 25%.
Steady demand for Intelligent Steering System and growing manufacturing activities across the automotive industries especially in passenger cars and commercial vehicles segment are the factors expected to create a positive atmosphere in the market. Moreover, intelligent systems for steering mechanism has adhered to the growth of healthcare opportunities in the market as the implementation of intelligent steering systems is increased in Ambulances and security service providing vans in the pandemic period.
Global Intelligent Steering System Market Regional Insights:
Europe holds the major share in the Intelligent Steering System Market with approximately 48%. Increasing technological adoption by key players in the regional market and increasing awareness towards safety systems by consumers are the key supporting factors considered to drive the market growth. Moreover, the popularity of AI embedded systems along with ADAS systems is the key factor attributing to growth in the market. Germany holds the major share along with Italy and Switzerland as major players in the market belong to the European region.
The Asia Pacific is expected to pose as the fastest-growing region in the Intelligent Steering System Market with approximately 29% market share. The abundance of domestic manufacturers and the investment of key players in the highly untapped APAC market are the key factors attributing to growth in the region. China holds a prominent share in the market as China is emerging as the manufacturing hub across the globe. India and Japan hold prominent shares in the market as increasing export and import activities in the region are creating lucrative opportunities for distributors and manufacturers across the globe.
North America holds the dominant share in the market owing to high technological adoption in the market and increasing demand for smart vehicles in the region. The USA holds the largest share in the market owing to the high manufacturing capabilities of the regional market. According to Porsche SE, more than 3.5 million smart cars have been sold in the year 2019 in North American region owing to increasing popularity for premium vehicles and dominance of luxury cars over the regional market.
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The objective of the report is to present a comprehensive analysis of the Global Intelligent Steering System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Intelligent Steering System Market dynamics, structure by analyzing the market segments and project the Global Intelligent Steering System Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Intelligent Steering System Market make the report investor’s guide.
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Global Intelligent Steering System Market, by Region
• North America
o CIS Countries
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• Middle East and Africa
o South Africa
o GCC Countries
o Rest of ME&A
• South America
o Rest of South America
Global Intelligent Steering System Market Key Players
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• IMS Ltd.
• Denso Corporation
• Knorr-Bremse AG
• Smart Wheel
• Jaguar Land Rover
• JTEKT Corporation
• Mando Corporation
• NSK Ltd.
• Showa Corporation
• Nexteer Automotive
• ThyssenKrupp AG
• Hitachi Automotive
• Hyundai Mobis Co. Ltd.
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