Home IT Automotive Dynamic Steering Market Size Worth Around US$ 2,017.4 Mn by 2026

Automotive Dynamic Steering Market Size Worth Around US$ 2,017.4 Mn by 2026

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LOS ANGELES, Feb. 04, 2020 (GLOBE NEWSWIRE) — The global automotive dynamic steering market is expected to grow at a CAGR of around 12.1% during the forecast period 2019 to 2026 and reach the market value of over US$ 2,017.4 million by 2026.

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In 2018, Europe held the major share of the global automotive dynamic steering market. The enhanced agility and stability of the huge vehicles at various speeds with the help of dynamic steering is particularly driving market growth. The Western European countries including Germany, France, and Spain are primarily supporting market demand. Additionally, based on research estimates, the mandatory use of intelligent speed adaptation (ISA) system is enforced because it has the potential to reduce overall injury accidents when combined with a dynamic speed limit regime. Apart from these, the major economies of the region including the United Kingdom, Germany, Sweden, Italy and France are major drivers of the European automotive market as they have devoted significant national resources to work aimed at safety standard development.

Furthermore, Asia Pacific is projected to witness the fastest growth throughout the forecast period from 2019 to 2026. The rising per capita income is positively affecting the buying power of individuals which is supporting market growth. The rising environmental concern coupled with the favorable government support in terms of enhanced safety parameters and the use of electric vehicles is further propelling the regional market growth.

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By type, the electric power steering system segment is projected to witness the fastest growth due to the introduction of strict regulations by various governments of major economies. Sequentially, the manufacturers are investing and focusing on the adoption of alternative technologies like flexible fuels, natural gas engines, hybrid electric and all-electric vehicles to grab the available opportunity in the automotive dynamic steering market. The ongoing efforts are expected to increase the number of electric components in a vehicle which will further drive the growth.

Some of the leading competitors are BMW, Ford Motor, Volvo, ZF-TRW, AUDI, Robert Bosch GmbH, Denso Corporation, Danfoss, and Knorr-Bremse among others. Automotive dynamic steering companies have announced new models in the automotive dynamic steering industry. Major players are also entering into new regions or advanced technologies to enhance the driving experience. For instance, according to research estimates of Robert Bosch GmbH, 90% of accidents are attributed to human error and that number can be decreased by the implementation of automated driving technology.

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Some of the key observations regarding automotive dynamic steering market include:

  • In January 2020, Automobili Lamborghini S.p.A. has announced Huracán EVO Rear-Wheel Drive (RWD) to deliver enhanced driving experience. It’s a lightweight car with rear-wheel drive and dynamic steering. Moreover, Lamborghini is an Italian brand and manufacturer of luxury sports cars and SUVs owned by the Volkswagen Group.
  • Volvo Trucks is adding Volvo Dynamic Steering (VDS) in its New Year line up model of 2020. The new facility is intended to bring upgraded user driving experience with an electric-over the hydraulic steering assist system. The new steering is particularly designed to improve maneuverability and to lessen the steering efforts of the driver by up to 85% at low speed as well as to maintain a stiffer feel at the highway.
  • BMW is likely to introduce an amazing driving experience with its vision M NEXT. The M NEXT is focused on the new facility where the driver can select the driving setting on the steering wheel like in a Formula E race car. The company has also uploaded an animated video on its site depicting the selection of dynamic mode by the driver with a button.
  • In December 2014 meeting, the European Electric Vehicle Congress (EEVC) Steering Committee has decided to reactivate EEVC WG 21. EEVC WG 21 is associated with the priorities for enhanced side impact protection in regulation 95 compliant cars.
  • Mercedes-Benz unveiled a new car in 2020, which is inspired by James Cameron’s film Avatar. The car is equipped with advanced AI which can even sense the heartbeat and breathing patterns of its driver and passengers. Along with these, the car is touch-sensitive which can start right after the steering wheel touch.

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