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Adaptive Steering Market Trends

Report ID: GMI11719
Published Date: Oct 2024
Report Format: PDF

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Adaptive Steering Market Trends

The integration of smart technologies, such as advanced driver assistance systems (ADAS) and vehicle-to-everything (V2X) communication, has created a demand for steering solutions that can adapt to various driving scenarios. Adaptive steering systems enhance vehicle performance by dynamically adjusting steering sensitivity based on speed, road conditions, and driver preferences. This capability is particularly important as manufacturers aim to improve handling and safety in increasingly complex driving environments.

For instance, In April 2023, Ford launched its BlueCruise system, introducing hands-free driving technology on approved motorway sections in the UK. This innovative technology enables drivers to operate their vehicles without their hands on the steering wheel, while still requiring them to keep their eyes on the road.

This advancement reflects the shift towards integrating adaptive steering systems with innovative driver assistance features, enhancing overall driving safety and user experience. Additionally, innovations such as artificial intelligence and machine learning are incorporated into steering systems, they provide enhanced feedback and control, appealing to consumers. As automotive technology continues to evolve, the demand for advanced steering solutions will drive significant growth in the adaptive steering market.

Integrating adaptive steering technologies into vehicles requires substantial investment in research and development of specialized components and software. These costs can pose a barrier particularly for smaller manufacturers. Additionally, the complexities involved in designing, testing, and validating adaptive steering systems can result in extended development timelines, delaying market entry. This financial strain may discourage investment in innovative steering solutions, slowing overall market growth. Moreover, the need for rigorous safety and performance testing can further increase expenses, making it challenging for new entrants to establish themselves.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of adaptive steering reached USD 15.3 billion in 2023 and is set to grow at a CAGR of 7.5% between 2024 and 2032, led by increasing emphasis on vehicle safety.

The electric power steering (EPS) segment held around 70% of the market share in 2023. As the automotive industry shifts toward electrification, manufacturers are integrating EPS systems to improve energy efficiency and vehicle performance.

The U.S. market accounted for over 80% of the market share in 2023 and is expected to exceed USD 5.5 billion by 2032.

Major players in the industry include Aisin Seiki, Bosch, Delphi, Hitachi, Infineon, JTEKT, Mando, Nexteer, ThyssenKrupp, and ZF Friedrichshafen.