Transparency Market Research in its new report titled, “Intelligent Steering System Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the intelligent steering system market. The TMR report anticipates that the increasing demand for automatic systems in the vehicle will drive the intelligent steering system market during the forecast period i.e, 2018-2026. 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, says the report.
The TMR report has segmented the intelligent steering system market based on technology, steering wheel type, input technology, vehicle, and region. In terms of technology, the intelligent steering system market is divided 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, the report says. In terms of 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.
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Based on 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. On a geographical standpoint, 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. Some of the major 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.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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