The concept of intelligent steering system has been devised with the intention of reducing road accidents that occur due to minor driver errors. The intelligent steering system maneuvers the steering wheel in an emergency situation, which otherwise is likely to lead to a collision of the vehicle with another vehicle or any obstruction on the road. Intelligent steering systems are an integral part of smart parking systems, lane keep assist system, and other collision avoidance systems.
Demand for the intelligent steering system is expected to rise during the forecast period owing to the increasing demand for automatic systems in the vehicle. Increasing purchase power parity of society and preference of the young generation toward automatic systems in vehicles are expected to be key factors driving the intelligent steering system market. Features of some advanced intelligent steering systems such as operation on voice inputs and hand gestures are making it highly attractive among consumers. Development of autonomous vehicles is expected to hamper the intelligent steering system market owing to the elimination of the steering wheel from the driver’s cabin.
The intelligent steering system market can be segmented based on technology, steering wheel type, input technology, vehicle, and region. Based on technology, the intelligent steering system market can be segmented into RADAR and LiDAR. The RADAR segment is likely to hold a major share of the intelligent steering system market. It is preferred in most vehicles owing to its cost-effectiveness. These technologies are utilized for the detection of objects in the vehicle’s path according to which, the steering wheel of the vehicle is controlled by the steering actuator in order to avoid a collision.
Based on input method, the market for intelligent steering system is led by the distance measuring equipment by different technologies such as camera, RADAR, and LiDAR. However, voice input methods are also available in some newly developed intelligent steering systems such as intelligent steering system developed by Jaguar Land Rover. The newly developed steering system comprises several new features, and it can be removed from the vehicle and can be taken home, which is loaded with artificial intelligence. AI (Artificial Intelligence) and voice input method segments are likely to expand during the forecast period.
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In terms of vehicle, the passenger vehicle segment is expected to be the major segment for the intelligent steering system market, as most of the intelligent steering systems are encompassed in passenger vehicles. Some manufacturers have also developed intelligent steering systems for commercial vehicles in order to enhance accident preventive measures on highways.
In terms of region, Europe is a prominent market owing to the high rate of adoption of technology in the vehicles in the region. Moreover, the presence of major manufacturers of premium vehicles in the region has kept Europe at the forefront of development and adoption of technology for vehicles. Asia Pacific is the second-largest market for intelligent steering system owing to the high production capacities of China, Japan, and India, among which Japan is the second-largest patent holder for automotive technologies after Germany.
Key players operating in the global intelligent steering system market include DENSO CORPORATION, IMS Limited, smart wheel, Knorr-Bremse AG, Robert Bosch GmbH, and ZF Friedrichshafen AG.