Market Research Report
North America Adaptive Steering Market - Growth, Trends, and Forecasts (2020 - 2025)
|North America 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 North America Adaptive Steering Market is anticipated to register a CAGR of 5.3% during the forecast period (2020 - 2025).
Adaptive steering has been increasing in a higher number of passenger cars in this region, which is expected to fuel market growth.
To reduce the manual effort, the adaptive steering was introduced to assist the driver. The advantage of adaptive steering is that it reduces the steering effort required at low speeds and increases the stability at higher speeds. The increasing demand for comfort opted by the customers is driving the growth of the market.
There has been an increase in demand for the adaptive steering market due to factors such as United States being a potential market for luxury cars as well.
Also, the growing demand for SUVs in North American countries such as the United States, Mexico, and Canada are is in-turn, expected to help the market as well.
Sale of Passenger Cars Poised to Fuel Demand
The automotive industry in North America is one of the essential sectors contributing to its GDP. In 2019, the US automotive industry accounted for nearly 3.5% of the total United States GDP. 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 another automated steering with technologies, such as lane-keeping assistance and lane-centering capabilities, and other considerable investments in their development may hinder the growth of the adaptive steering market.
For instance, In June 2018, ZF Friedrichshafen AG had introduced motion technology with a Fully Active Chassis System (FACS) that enhances driving dynamics. This technology can eliminate most car body movement in passenger cars. FACS releases occupants from driving positions for autonomous driving.
However, the rise in demand for automation and advanced driver assistance 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 North American 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).
The United States Leads the Automotive Adaptive Steering Market
The adaptive steering market is United holds a significant share compared to other countries in North America. This is attributed due to the broader automobile market, the strong presence of automotive manufacturing and technology companies, and a developed economy. Passenger cars had the highest share in the adaptive steering technology market share due to an increase in demand.
The United States is North America's largest automotive market with car production of over 10 million vehicles manufactured in 2019. With the installation of new plants by OEM suppliers in the United States, the addition of an adaptive steering system and automated steering technology drives the market towards higher profitability.
For instance, In February 2017, Robert Bosch GmbH had introduced parking assistance feature even in midsize cars. Earlier, this feature was available only in premium and luxury cars.
Magneti Marelli came up with the new technology of the Adaptive Rear Lamp system (ARS), which works on a similar principle as front lamps but adjusts the tail lamp intensity based on the brake force and even adaptive reverse motion function. OSRAM GmbH has been working on the lighting systems for AFS assembly and has come up with the high-power compact LEDs, which are now a component of the AFS in the new CLS class of Mercedes. BMW has recently developed its adaptive lighting system and launched the new five series employing this technology.
Thus, owing to the increasing developments, the automotive adaptive steering market in the region is expected to grow at a rapid pace.
The North America Adaptive Steering Market is moderately consolidated with existing players such as Bosch, JTEKT, NSK, and Nexteer. As the demand for adaptive steering vehicles is growing in the region, the automotive manufacturers are trying to edge over its competitors by making joint-ventures, partnerships, and launching new products with advanced technology.
In January 2020, Robert Bosch GmbH had announced its plan to expand its range of steering systems and attachment parts for the commercial vehicle aftermarket.
In April 2019, ZF Friedrichshafen AG had announced ZF coPILOT, which enables enhanced safety and driving comfort with the intervention of Artificial Intelligence (AI). It can be operated with voice commands and is designed to recognize traffic conditions, sense vehicle handling, and monitor the driver.