PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1621840
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1621840
Adaptive Steering Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Adaptive Steering Market, valued at USD 15.3 billion in 2023, is projected to expand at a CAGR of 7.5% from 2024 to 2032, driven primarily by the growing focus on vehicle safety. Adaptive steering systems enhance vehicle handling by adjusting the steering response based on various driving conditions, which is especially valuable for improved control during emergency situations. As automotive manufacturers aim to meet consumer expectations and comply with increasingly stringent safety standards, the incorporation of adaptive steering technology is becoming more common in modern vehicles. This technology helps enhance safety while providing a more dynamic and engaging driving experience, appealing to a broad spectrum of consumers.
The rapid urbanization occurring in many developing nations is further accelerating the growth of the adaptive steering market. In crowded urban settings, adaptive steering systems improve vehicle responsiveness, making it easier for drivers to navigate tight spaces and congested streets. This enhanced maneuverability is particularly beneficial for parking and low-speed driving, which are frequent challenges in densely populated areas. As cities grow, there is a greater demand for vehicles equipped with advanced technologies that provide better control and safety.
In response, manufacturers are increasingly incorporating adaptive steering systems into their vehicles to cater to the evolving needs of urban drivers seeking efficient and comfortable transportation solutions. The adaptive steering market is segmented by vehicle type, with the passenger vehicle segment capturing over 70% of the market share in 2023. By 2032, this segment is anticipated to exceed USD 19 billion. The growth in the passenger vehicle segment is fueled by rising consumer demand for features that enhance driving comfort, responsiveness, and safety. Adaptive steering systems contribute to an improved driving experience by adjusting steering sensitivity according to speed and road conditions, resulting in superior maneuverability.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $15.3 Billion |
| Forecast Value | $28.8 Billion |
| CAGR | 7.5% |
As consumers prioritize advanced technologies in their vehicles, manufacturers increasingly incorporate adaptive steering to meet these demands. In terms of offerings, the market is divided into electric power steering (EPS), hydraulic power steering (HPS), and electric hydraulic power steering (EHPS). EPS dominated the market with about 70% of the share in 2023. As the automotive industry shifts toward electrification, EPS systems are being integrated to improve energy efficiency and vehicle performance. With no hydraulic fluids, EPS reduces vehicle weight and energy consumption, which is essential for optimizing the electric vehicle (EV) range.
As governments enforce stricter emissions regulations and promote EV adoption, the demand for EPS in EVs is set to grow. In 2023, the U.S. held over 80% of the market share and is expected to surpass USD 5.5 billion by 2032. The focus on safety, convenience, and compliance with stringent safety regulations drives the adoption of adaptive steering in this region.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Raw material providers
- 3.1.2 Manufacturers
- 3.1.3 Technology providers
- 3.1.4 Suppliers
- 3.1.5 End-user
- 3.2 Supplier landscape
- 3.3 Profit margin analysis
- 3.4 Pricing analysis
- 3.5 Technology & innovation landscape
- 3.6 Key news & initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Increasing demand for vehicle safety features
- 3.8.1.2 Technological advancements in automotive systems
- 3.8.1.3 The rise of electric vehicles (EVs)
- 3.8.1.4 Investment in autonomous driving technology
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 High development and implementation costs
- 3.8.2.2 Complexity of adaptive steering systems
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Offering, 2021 - 2032 ($Bn, Units)
- 5.1 Key trends
- 5.2 Electric power steering (EPS)
- 5.3 Hydraulic power steering (HPS)
- 5.4 Electric hydraulic power steering (EHPS)
Chapter 6 Market Estimates & Forecast, By Vehicle, 2021 - 2032 ($Bn, Units)
- 6.1 Key trends
- 6.2 Passenger vehicles
- 6.3 Commercial vehicles
Chapter 7 Market Estimates & Forecast, By Application, 2021 - 2032 ($Bn, Units)
- 7.1 Key trends
- 7.2 Lane keeping assist system (LKAS)
- 7.3 Park assist
- 7.4 Adaptive cruise control
- 7.5 Vehicle stability control
- 7.6 Collision avoidance systems
- 7.7 Other
Chapter 8 Market Estimates & Forecast, By Sales Channel, 2021 - 2032 ($Bn, Units)
- 8.1 Key trends
- 8.2 OEM
- 8.3 Aftermarket
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
Chapter 10 Company Profiles
- 10.1 Aisin Seiki Co., Ltd.
- 10.2 Delphi Technologies
- 10.3 GKN Automotive Limited
- 10.4 Hella GmbH & Co. KGaA
- 10.5 Hitachi Automotive Systems
- 10.6 Infineon Technologies AG
- 10.7 JTEKT Corporation
- 10.8 KYB Corporation
- 10.9 Mando Corporation
- 10.10 Mitsubishi Electric Corporation
- 10.11 Mitsubishi Electric Corporation
- 10.12 Nexteer Automotive
- 10.13 Nidec Corporation
- 10.14 NSK Ltd.
- 10.15 Robert Bosch GmbH
- 10.16 Schaeffler AG
- 10.17 Showa Corporation
- 10.18 ThyssenKrupp
- 10.19 TRW Automotive
- 10.20 ZF Friedrichshafen
