Automotive Electronic Dynamic Steering System Market Overview
As per MRFR analysis, the Automotive Electronic Dynamic Steering System Market Size was estimated at 2.59 (USD Billion) in 2022. The Automotive Electronic Dynamic Steering System Market Industry is expected to grow from 2.78(USD Billion) in 2023 to 5.21 (USD Billion) by 2032. The Automotive Electronic Dynamic Steering System Market CAGR (growth rate) is expected to be around 7.24% during the forecast period (2024 - 2032).
Key Automotive Electronic Dynamic Steering System Market Trends Highlighted
Automotive electronic automotive dynamic steering systems enhance vehicle handling and stability, particularly in challenging driving conditions. The rising demand for advanced driver-assistance systems (ADAS) and the growing adoption of autonomous vehicles are key market drivers.
Opportunities for growth lie in the integration of dynamic steering with other vehicle systems for automated driving and enhanced safety features. Technological advancements in sensor technology, algorithm development, and electric power steering systems are shaping the market. Recent trends include the adoption of steer-by-wire systems, reducing mechanical linkages and improving steering precision.
Additionally, the increasing use of electronic control units (ECUs) in-vehicle systems provides opportunities for integrating dynamic steering with other ADAS components, such as lane departure warnings and automatic emergency braking systems. The market is expected to witness significant growth as the automotive industry transitions towards autonomous driving and electrified vehicles.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Electronic Dynamic Steering System Market Drivers
Rising Demand for Enhanced Driving Experience
There are many drivers for the Automotive Electronic Dynamic Steering System Market Industry. One of the major factors is the growing demand for a better, more comfortable, and convenient driving experience. With the rise of consumer consciousness around vehicle performance, consumers are looking for vehicles with better rigidity, handling and rigidity.
Electronic automotive dynamic steering systems offer improved control and precision, which makes the driving experience equally less and more straining. They achieve this by changing steering ratio and effort when the vehicle is in motion, either by increasing the ratio for low speeds and heavy steering or decreasing the proportion for a high ratio for high speeds and light steering. Integration of technologies such as lane keeping assist and adaptive cruise control improves the user experience.
Increasing Adoption of Advanced Safety Features
The increasing adoption of advanced safety features in vehicles is another key driver of the Automotive Electronic Dynamic Steering System Market Industry. Electronic automotive dynamic steering systems play a crucial role in enhancing vehicle stability and control, thereby improving overall safety. These systems can intervene in critical situations, such as evasive maneuvers or sudden changes in road conditions, to help prevent accidents. By providing drivers with greater control and responsiveness, electronic automotive dynamic steering systems contribute to reducing the risk of collisions and enhancing passenger safety.
Government Regulations and Emissions Standards
Another factor contributing to the growth of the Automotive Electronic Dynamic Steering System Market Industry is government regulations and emissions standards. Government regulations across the globe are becoming stringent, forcing carmakers to adopt lightweight materials and technologies, and thereby reduce the weight of the vehicle. They require vehicles to comply with fuel efficiency standards and limit the emissions from the vehicles.
Electronic automotive dynamic steering systems enable vehicles to comply with the restraining standards as they are lightweight and do not have hydraulic pumps and related parts that add to the weight of the vehicles and draw energy. In addition, these systems improve handling and vehicles with better handling have reduced fuel consumption and emissions.
Automotive Electronic Dynamic Steering System Market Segment Insights
Automotive Electronic Dynamic Steering System Market Propulsion Type Insights
Automotive Electronic Dynamic Steering System Market is segmented by Propulsion Type into Electric, Hybrid, and Internal Combustion Engine. The electric segment is expected to witness significant growth over the forecast period on account of the rising adoption of electric vehicles. The hybrid segment is also projected to grow steadily on the back of better fuel efficiency and lower emissions than internal combustion engine vehicles. The internal Combustion segment is expected to remain the largest segment over the forecast period on the back of high installed base of internal combustion engine vehicles across the globe.
The electric segment is expected to hold a market share of around 28% of the market revenue in 2023. The hybrid segment is estimated to hold a market share of 22% of the market revenue during the year, and the internal combustion segment is expected to hold a market share of close to 50% of the global market. Growth in Electric and Hybrid segments is being driven by various government regulations and incentives being taken on to promote the consumption of electric and hybrid vehicles. Rising consumer demand for more fuel-efficient and environment-friendly vehicles is also contributing to the growth in these segments.Key players in the Global have such Supplier Automotive Electronic Dynamic Steering System Market include ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive, Inc., Mando Corporation, and Hyundai Mobis. These companies are adopting advanced technologies to develop new Automotive Electronic Automotive Dynamic Steering Systems.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Electronic Dynamic Steering System Market Vehicle Type Insights
The Vehicle Type segment of the Automotive Electronic Dynamic Steering System Market is classified into Passenger Cars and Commercial Vehicles, where the former had the highest market share in 2023, making up nearly three-fourths of the global market. The growing demand for a better driving experience and rising uses for safety features and fuel efficiency in passenger vehicles are some of the factors that have contributed to Passenger Cars dominance.
Moreover, the rise in disposable income levels and increasing urbanization across the world are expanding the growth of the passenger cars segment.On the other hand, commercial vehicles are expected to create a moderate growth rate during the forecast period, propelled by increasing demand for efficient and safe transportation solutions among commercial vehicles in the logistics and transportation industry. With a growing share of commercial vehicles being operated as fleet size, the demand for commercial vehicles is increasing, which, in turn, is driving the adoption of electronic automotive dynamic steering systems in commercial vehicles. The Automotive Electronic Dynamic Steering System Market revenues for Passenger Cars are expected to reach USD 3.45 billion by 2024, whereas the Commercial Vehicles segment is anticipated to generate revenue of USD 1.76 billion by the same year.
Automotive Electronic Dynamic Steering System Market Steering System Type Insights
The Steering System Type segment is bifurcated into Hydraulic, Electric, and Electro-Hydraulic. The Electric segment held the largest market share in 2023, accounting for over 60% of the Automotive Electronic Dynamic Steering System Market revenue. The growth of this segment can be attributed to the increasing adoption of electric power steering systems in new vehicles. Electric power steering systems offer several advantages over traditional hydraulic systems, such as improved fuel efficiency, reduced emissions, and enhanced handling.
The Electro-Hydraulic segment is expected to grow at the fastest CAGR during the forecast period. This growth can be attributed to the increasing demand for electro-hydraulic power steering systems in high-performance vehicles. Electro-hydraulic power steering systems offer the benefits of both electric and hydraulic systems, providing precise steering control and reduced energy consumption.
Automotive Electronic Dynamic Steering System Market Level of Automation Insights
The Level of Automation segment plays a crucial role in the Automotive Electronic Dynamic Steering System Market. In 2023, the Level 1 (Lane Keep Assist) sub-segment held the largest market share, accounting for around 45% of the global revenue. This is primarily attributed to the increasing adoption of advanced driver assistance systems (ADAS) in vehicles. The Level 2 (Adaptive Cruise Control) sub-segment is projected to witness significant growth over the forecast period, owing to the rising demand for autonomous driving features. The Level 3 (Conditional Automation) sub-segment is expected to gain traction in the coming years as automakers continue to develop and refine autonomous driving technologies.
Automotive Electronic Dynamic Steering System Market Regional Insights
Regionally, North America held the dominant position in the Automotive Electronic Dynamic Steering System Market in 2023, accounting for a revenue share of around 39.1%, owing to the presence of major automotive manufacturers and advanced automotive infrastructure. Europe stood as the second-largest market, capturing a revenue share of approximately 28.2%, driven by increasing demand for luxury and high-performance vehicles.
The APAC region is projected to witness the fastest growth over the forecast period, attributed to the rising production and sales of automobiles in emerging economies like China and India. South America and MEA are also expected to contribute to the overall market growth, although at a slower pace compared to other regions, as the adoption of advanced automotive technologies is still in its early stages.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Electronic Dynamic Steering System Market Key Players And Competitive Insights
Major players in Automotive Electronic Dynamic Steering System Market industry are continuously focusing on developing innovative technologies to meet the growing demand for advanced driver assistance systems. Leading Automotive Electronic Dynamic Steering System Market players are investing in research and development to enhance the performance and reliability of their products. The market is characterized by intense competition among established players and emerging startups, each vying for a larger market share.
Aisin Seiki is a leading Automotive Electronic Dynamic Steering System Market player with a strong global presence. The company offers a wide range of steering systems, including electric power steering, hydraulic power steering, and mechanical steering systems. Aisin Seiki has a strong focus on developing innovative technologies, such as its Steer-by-Wire system, which eliminates the mechanical connection between the steering wheel and the wheels. The company has a global network of manufacturing facilities and distribution channels, which enables it to meet the needs of customers worldwide. ZF Friedrichshafen is another leading competitor in the Automotive Electronic Dynamic Steering System Market. The company offers a comprehensive portfolio of steering systems, including active steering systems, passive steering systems, and electric power steering systems. ZF Friedrichshafen is known for its innovative technologies, such as its Active Steering System, which provides enhanced maneuverability and stability. The company has a strong focus on safety and quality, and it has received numerous awards for its products. ZF Friedrichshafen has a global presence, with manufacturing facilities and distribution channels in over 40 countries.
Key Companies in the Automotive Electronic Dynamic Steering System Market Include
- TRY
- Hyundai Mobis
- Robert Bosch
- Valeo
- Continental
- Daimler
- ZF
- Mando
- Denso
- Nexteer
- BorgWarner
- Hitachi
- JTEKT
- Nippon Seiki
- Koyo
Automotive Electronic Dynamic Steering System Market Industry Developments
The Automotive Electronic Dynamic Steering System Market is projected to reach USD 5.21 billion by 2032, exhibiting a CAGR of 7.24% during the forecast period of 2024-2032. Increasing demand for enhanced driving experience, growing adoption of advanced driver assistance systems (ADAS), and government regulations promoting vehicle safety are key factors driving market growth.
Key market players include Hyundai Mobis, Nexteer Automotive, JTEKT Corporation, and ZF Friedrichshafen AG, among others. Recent developments include the launch of advanced dynamic steering systems with features such as lane-keeping assist and adaptive steering, as well as collaborations between automakers and technology providers to develop next-generation steering systems.
Automotive Electronic Dynamic Steering System Market Segmentation Insights
Automotive Electronic Dynamic Steering System Market Propulsion Type Outlook
- Electric
- Hybrid
- Internal Combustion Engine
Automotive Electronic Dynamic Steering System Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
Automotive Electronic Dynamic Steering System Market Steering System Type Outlook
- Hydraulic
- Electric
- Electro-Hydraulic
Automotive Electronic Dynamic Steering System Market Level of Automation Outlook
- Level 1 (Lane Keep Assist)
- Level 2 (Adaptive Cruise Control)
- Level 3 (Conditional Automation)
Automotive Electronic Dynamic Steering System Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.59(USD Billion) |
| Market Size 2023 |
2.78(USD Billion) |
| Market Size 2032 |
5.21(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.24% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
TRW, Hyundai Mobis, Robert Bosch, Valeo, Continental, Daimler, ZF, Mando, Denso, Nexteer, BorgWarner, Hitachi, JTEKT, Nippon Seiki, Koyo |
| Segments Covered |
Propulsion Type, Vehicle Type, Steering System Type, Level of Automation, Regional |
| Key Market Opportunities |
Increasing demand for improved vehicle stability Enhanced driving experience Growing popularity of electric vehicles Technological advancements Rising safety concerns |
| Key Market Dynamics |
Rising fuel efficiency demand Increasing vehicle automation Growing demand for enhanced driving experience Advancements in sensor technology Government regulations for safety features. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Electronic Dynamic Steering System Market is projected to reach a valuation of approximately 2.78 USD Billion in 2023.
The Automotive Electronic Dynamic Steering System Market is projected to grow at a CAGR of approximately 7.24% from 2024 to 2032.
North America is expected to hold the largest market share in the Automotive Electronic Dynamic Steering System Market in 2032.
The passenger cars segment is expected to hold the largest market share in the Automotive Electronic Dynamic Steering System Market in 2032.
