Europe Adaptive Steering Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Adaptive Steering Market Analysis
The Europe Adaptive Steering Market is anticipated to register a CAGR of over 4% during the forecast period (2020 - 2025).
- Adaptive steering has been increasing in a greater 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 adaptive steering market due to factors such as Europe being a potential market for luxury cars as well.
- Also, the growing demand for SUVs in European countries such as Germany, Russia, and Italy are is in-turn expected to help the market as well.
Europe Adaptive Steering Market Trends
This section covers the major market trends shaping the Europe Adaptive Steering Market according to our research experts:
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,
- In June 2018, ZF Friedrichshafen AG had introduced sMotion technology with 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 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.
- Germany is Europe's largest automotive market with car production of about 4.6 million, which accounted for nearly 25% of the European passenger cars manufactured in 2019.
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,
- In February 2017, Robert Bosch GmbH in Germany had introduced parking assistance feature even in midsize cars. Earlier, this feature was available only in premium and luxury cars.
- In March 2020, Knorr-Bremse AG, a leading German manufacturer of steering and braking systems had announced its joint venture with Dongfeng Motor Corporation for the production of steering systems. Also, the joint venture includes the development of driver assistance and automated driving functions.
Thus, owing to the increasing developments, the automotive adaptive steering market in the region is expected to grow at a rapid pace.
Europe Adaptive Steering Industry Overview
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.
- In January 2020, Robert Bosch GmbH had announced its plan to expand its range of steering systems and attachment parts for 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.
Europe Adaptive Steering Market Leaders
-
Robert Bosch GmbH
-
ZF Friedrichshafen AG
-
Nissan Motor Co., Ltd.
-
Ford Motor Company
-
Knorr-Bremse AG
-
Volvo Group
*Disclaimer: Major Players sorted in no particular order
Europe Adaptive Steering Market Report - Table of Contents
-
1. INTRODUCTION
-
1.1 Study Assumptions
-
1.2 Scope of the Study
-
-
2. RESEARCH METHODOLOGY
-
3. EXECUTIVE SUMMARY
-
4. MARKET DYNAMICS
-
4.1 Market Drivers
-
4.2 Market Restraints
-
4.3 Porter's Five Forces Analysis
-
4.3.1 Threat of New Entrants
-
4.3.2 Bargaining Power of Buyers/Consumers
-
4.3.3 Bargaining Power of Suppliers
-
4.3.4 Threat of Substitute Products
-
4.3.5 Intensity of Competitive Rivalry
-
-
-
5. MARKET SEGMENTATION
-
5.1 Vehicle Type
-
5.1.1 Passenger Cars
-
5.1.2 Commercial Vehicles
-
-
5.2 Geography
-
5.2.1 Europe
-
5.2.1.1 Germany
-
5.2.1.2 United Kingdom
-
5.2.1.3 Italy
-
5.2.1.4 France
-
5.2.1.5 Rest of Europe
-
-
-
-
6. COMPETITIVE LANDSCAPE
-
6.1 Vendor Market Share**
-
6.2 Company Profiles*
-
6.2.1 ZF Friedrichshafen AG
-
6.2.2 Thyssenkrupp AG
-
6.2.3 Ford Motor Company
-
6.2.4 Knorr-Bremse AG
-
6.2.5 BMW Group
-
6.2.6 Robert Bosch GmbH
-
6.2.7 Audi AG
-
6.2.8 Volvo Group
-
6.2.9 Mitsubishi Motor Coporation
-
6.2.10 Nissan Motor Co
-
-
-
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Adaptive Steering Industry Segmentation
The Europe Adaptive Steering market report covers the increasing adoption of adaptive steering technology in this region, latest product developments pertaining to the steering system in both passenger cars and commercial vehicles, and competitive landscape of the players operating in the market.
Additionally, the report has been segmented by Vehicle Type, and Geography. The scope of the report includes:
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Geography | |||||||
|
Europe Adaptive Steering Market Research FAQs
What is the current Europe Adaptive Steering Market size?
The Europe Adaptive Steering Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Europe Adaptive Steering Market?
Robert Bosch GmbH, ZF Friedrichshafen AG, Nissan Motor Co., Ltd., Ford Motor Company, Knorr-Bremse AG and Volvo Group are the major companies operating in the Europe Adaptive Steering Market.
What years does this Europe Adaptive Steering Market cover?
The report covers the Europe Adaptive Steering Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Adaptive Steering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Adaptive Steering Industry Report
Statistics for the 2024 Europe Adaptive Steering market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Adaptive Steering analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
