Intelligent Steering System Market trends:
Increasing demand for the automotive sector post-pandemic and advancements in the automation for Intelligent Steering System are the factors considered to drive the market growth. Furthermore, increasing demand for AI embedded systems in luxury cars as well as commercial vehicles is the factor attributing growth in the market. In addition, stringent regulations regarding vehicle safety is the key factor considered to drive the Intelligent Steering System market.
Satellite communicated Automotive AI is the new technology developed by Waymo LLC is expected to create opportunities for key players in the market. Owing to this technology, cars are now embedded by AI system associated with GPS tracking mechanism linked with satellites and directly receiving real-time information of traffic control is the key factor expected to attribute the growth of the technology in the market. According to Waymo, more than 3 satellites have been dispatched since 2018 for the sole purpose of traffic study and empowering the AI system to the next level.
According to Hitachi, Intelligent Steering System Market is expected to dominate the automotive industry during the forecast period owing to ergonomic applications and flexible Intelligent Steering System designs and improving standards of manufacturing. According to predictions of the company’s body of research and development, the automotive industry is expected to consume approximately 160 million units worldwide during the forecast period owing to increasing mobility solutions across the globe.
Europe is the dominating region in the market owing to well-established infrastructure capabilities and growing demand for adaptive offshore techniques in the region. Moreover, increasing demand for premium vehicles in the region is the key supporting factor considered to drive the market growth. APAC market is expected to dominate during the forecast period with a CAGR of approximately 4%. North America’s regional market is expected to boost during the forecast period owing to the increasing disposable income of consumers and increasing economic growth in the region. Moreover, the North American market is expected to register a CAGR of approximately 6% during the forecast period owing to the high investment of key players in the market and increasing infrastructural development in the region.
In a recent research report by Maximize Market Research, the Intelligent Steering System Market is expected to surpass US $XX million by the year 2026, from US $XX billion in 2019.
Despite a huge decline in the sales of Crane during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 5.8%, during the tenure of 2020 – 2026.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of white goods in the region, the Value – Chain analysis, and the PORTER’s analysis for the white goods market at a global level.
The study is consolidated on the basis of four major segments and further into sub-segments, Technology (RADAR and LiDAR), Vehicle Type (passenger cars, commercial vehicles {LCV and HCV}, utility vehicles, hatchback and electric cars), Steering Wheel Type (Manual, automatic and electric) and Input Technology (distance measuring technology, voice input methods and AI) to forecast the market value; Also includes the analysis of past market dynamics from 2016 – 2019, considering 2019 as the base year.
Lastly, the market research report provides a regional comparison and a complete country level analysis for the latest trends, along with the major 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, Mitsubishi, Hyundai Mobis Co. Ltd., KYB
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Intelligent Steering System Market.”
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MAXIMIZE MARKET RESEARCH PVT. LTD.
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