Market Research Report
Europe Adaptive Steering Market - Growth, Trends, and Forecasts (2020 - 2025)
|Europe Adaptive Steering Market - Growth, Trends, and Forecasts (2020 - 2025)|
Published: August 1, 2020
Mordor Intelligence Pvt Ltd
Content info: 80 Pages
Delivery time: 2-3 business days
The Europe Adaptive Steering Market is anticipated to register a CAGR of over 4% during the forecast period (2020 - 2025).
Sale of Passenger Cars Poised to Fuel Demand
The automotive industry in Europe is the one of the important sectorscontributing for GDP. In 2018, the automotive industry accounted for nearly 20% of the total German industry revenue. The increasing adaptive steering market in this region is also due to the growing population and rising income levels, which have led to increased demand for automobiles.
But other automated steering with technologies, such as lane-keeping assistance and lane-centering capabilities, and other huge investments in their development may hinder the growth of the adaptive steering market. For instance,
However, the rise in demand of automation and advanced driver assist systems technology cease the market share of adaptive steering. Steer-by-wire (absence of mechanical linkages between road wheels and steering wheel) technology is anticipated to hinder the growth of the market in the coming years.
Additionally, the European region has significant growth potential, owing to low automobile production costs, easy availability of economical labor, lenient emission, and safety norms, and government initiatives to support foreign direct investments (FDIs).
Germany Holds a Significant Share in the Market
The adaptive steering market is Germany holds a significant share compared to other countries in Europe. This is attributed due to the larger automobile market, strong presence of automotive manufacturing and technology companies, and a developed economy. Also, passenger cars had the highest share in adaptive steering technology market share owing to increase in demand.
With the installation of new plants by OEM suppliers in Germany, the addition of adaptive steering system and automated steering technology is driving the market towards higher profitability. For instance,
Thus, owing to the increasing developments, the automotive adaptive steering market in the region is expected to grow at a rapid pace.
The Europe Adaptive Steering market is dominated by few players such as Robert Bosch GmbH, ZF Friedrichshafen AG, Nissan Motor Co., Ltd., Ford Motor Company, and Knorr-Bremse AG. These Companies are expanding their business by new innovative technologies, so that they can have edge over their competitors.