Global Steering Robot Market Overview
As per MRFR analysis, the Steering Robot Market Size was estimated at 9.16 (USD Billion) in 2022.The Steering Robot Market Industry is expected to grow from 10.06 (USD Billion) in 2023 to 23.5 (USD Billion) by 2032. The Steering Robot Market CAGR (growth rate) is expected to be around 9.89% during the forecast period (2024 - 2032).
Key Steering Robot Market Trends Highlighted
The Steering Robot Market is witnessing significant growth due to rising demand for advanced driver-assistance systems (ADAS) and the increasing adoption of autonomous vehicles. The integration of steering robots in automotive systems enhances safety, reduces driver fatigue, and improves the overall driving experience. Key market drivers include stringent government regulations for vehicle safety, technological advancements in sensor and communication technologies, and rising consumer awareness about the benefits of autonomous driving. Opportunities for growth lie in the development of steering robots for commercial vehicles, the integration of AI and machine learning for enhanced decision-making capabilities, and the expansion of the market in emerging economies. Recent trends include the development of standardized interfaces for steering robots, the adoption of cloud-based services for data analysis and software updates, and the emergence of new market players offering innovative solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steering Robot Market Drivers
Technological Advancements in Automation and Robotics
Steering Robot Market Industry is in the phase of fast and steady transformation because of the rising penetration of automation and robotics in various industries. Steering robots are becoming more and more advanced with the capability of performing complex and high-precision activities, possessing high accuracy. Steering robots are finding their application across the broad end-use segment, driving the market of Steering Robot Market Industry that includes manufacturing, logistics, and healthcare, among others.Additionally, the integration of modern and advanced technologies such as artificial intelligence, machine learning, Internet of Things is further enriching the capability of steering robots, and these robots can be more effectively and efficiently used in different working environments or situations, making them more versatile or adaptable. This technological advancement is anticipated to proliferate the growth of the Steering Robot Market Industry in the upcoming time periods.
Rising Demand for Collaborative Robots
Collaborative Robots, also called cobots, have been created to operate in close proximity to and side by side with humans, helping them minimize risks and toil. The burgeoning use of cobots in the Steering Robot Market Industry, where they facilitate the acceleration of efficiency and reduction of operational costs, is arising. In addition, cobots contribute to the increase in safety while performing dull, dangerous, and difficult-to-automate work.Cobots are especially useful in manufacturing, healthcare, and logistics, where they perform duties such as welding, material handling, and assembly. The Steering Robot Market Industry’s prosperous development in the years to come is anticipated since the behest for cobots is rising.
Growing Adoption of Electric Vehicles
The Steering Robot Market Industry is witnessing growing opportunities due to the rising adoption of electric vehicles. Considering that such vehicles need special steering systems to work properly with electric motors that have some special features, such as high torque and the possibility of regenerative braking, robots that help maintain optimal steering are in high demand. Such robots can be easily integrated into the steering systems used with electric vehicles and provide highly accurate control of the steering input.The rise of electric vehicles and the growing awareness of their advantages among the population should keep driving the demand for steering robots, especially in the automotive sector.
Steering Robot Market Segment Insights
Steering Robot Market Steering Type Insights
Steering Type segment of the Steering Robot Market is further categorized into Column-Mounted, Pedal-Operated, Hand-Operated, and Hybrid. Column-Mounted Steering Robots dominated the market in 2023, accounting for around 45% of the Steering Robot Market revenue. The growth of this segment can be attributed to factors such as the ease of use and increased precision offered by column-mounted steering robots, making them ideal for various industrial applications. Pedal-Operated Steering Robots are expected to witness significant growth during the forecast period, owing to their cost-effectiveness and suitability for applications requiring high maneuverability.Hand-Operated Steering Robots are preferred in applications where precise control and dexterity are essential and are expected to hold a steady share of the market. Hybrid Steering Robots, which combine the features of different steering types, offer versatility and adaptability and are gaining traction in the market. The growth of the Steering Robot Market is attributed to rising demand from industries such as automotive, electronics, and healthcare, as well as technological advancements and increasing adoption of automation solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steering Robot Market Vehicle Type Insights
Vehicle Type Segment Insights The Steering Robot Market is segmented based on vehicle type into passenger vehicles, commercial vehicles, and industrial vehicles. Among these segments, the passenger vehicles segment held the largest market share in 2023 and is projected to remain dominant throughout the forecast period. This can be attributed to the increasing adoption of autonomous driving technologies in passenger cars, coupled with the rising demand for intelligent safety and convenience features. The commercial vehicles segment is expected to grow significantly over the coming years due to the increasing adoption of steering robots in applications such as fleet management and logistics.The industrial vehicles segment is also expected to grow at a moderate pace as the demand for automated material handling and logistics operations increases in various industries.
Steering Robot Market Level of Automation Insights
Level of Automation is a crucial segmentation factor in the Steering Robot Market, influencing market growth and industry dynamics. Level 1, Level 2, Level 3, Level 4, and Level 5 represent different degrees of automation in steering robots. According to market data, Level 1 systems provide assisted driving capabilities, such as lane keeping and adaptive cruise control, while Level 2 systems offer partial automation, enabling hands-off driving under specific conditions. As per industry statistics, Level 2 systems held a significant revenue share in 2023 and are projected to maintain their dominance in the coming years.Level 3 systems, which allow for conditional automation, are anticipated to witness substantial growth due to their enhanced safety features and reduced driver workload. Level 4 systems, offering high automation and the ability to handle most driving tasks, have the potential to transform the industry landscape. Level 5 systems, representing full automation, are still in the development phase but hold immense promise for revolutionizing the transportation sector. Ongoing research and advancements in sensor technology, artificial intelligence, and data processing capabilities are driving the progress and adoption of higher levels of automation in steering robots.
Steering Robot Market Propulsion System Insights
The Propulsion System segment of the Steering Robot Market is classified into Electric, Hydraulic, and Pneumatic systems. Electric systems are projected to dominate the market share in 2023, owing to their advantages in terms of energy efficiency, compactness, and controllability. The Steering Robot Market revenue for Electric Propulsion Systems is expected to reach USD 6.5 billion by 2032, growing at a CAGR of 10.2% during the forecast period. Hydraulic systems are widely used in heavy-duty applications due to their high power density and reliability, while Pneumatic systems offer cost-effective solutions for low-power applications.The market data suggests that the demand for Electric Propulsion Systems is increasing rapidly, driven by the growing adoption of electric vehicles and the increasing focus on energy efficiency.
Steering Robot Market Application Insights
The Steering Robot Market segmentation by Application segment includes Automotive, Agriculture, Mining, and Construction. The Automotive segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of the Automotive segment can be attributed to the increasing demand for autonomous vehicles and the rising adoption of advanced driver assistance systems (ADAS). The Agriculture segment is also expected to witness significant growth during the forecast period due to the growing adoption of precision farming techniques and the need for increased productivity.The Mining and Construction segments are also expected to contribute to the overall growth of the Steering Robot Market, driven by the increasing demand for automation and efficiency in these industries.
Steering Robot Market Regional Insights
The regional segmentation of the Steering Robot Market offers valuable insights into the geographical distribution of market growth. North America is projected to hold a significant share of the market in 2024, driven by the presence of key automotive manufacturers and the increasing adoption of advanced driving assistance systems (ADAS). Europe is another prominent region, with a growing demand for steering robots in the automotive and industrial sectors. Asia-Pacific (APAC) is expected to witness substantial growth over the forecast period, fueled by rising automotive production and the expanding industrial automation industry.South America and the Middle East and Africa (MEA) are expected to contribute a smaller share to the overall market, but they offer potential growth opportunities due to the increasing adoption of automation technologies in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steering Robot Market Key Players And Competitive Insights
Major players in the Steering Robot Market industry are constantly striving to maintain their leading positions by introducing new technologies and expanding their product portfolios. Leading Steering Robot Market players are investing heavily in research and development to gain a competitive edge while also focusing on strategic partnerships and acquisitions to strengthen their market presence. The Steering Robot Market development is expected to be driven by increasing demand from the automotive and industrial sectors, as well as government regulations mandating the use of advanced safety features in vehicles. The Steering Robot Market Competitive Landscape is expected to remain highly competitive, with established players and new entrants vying for market share.A leading company in the Steering Robot Market is Bosch, which offers a comprehensive range of steering robots for various applications. Bosch has a strong global presence and a well-established distribution network, allowing it to reach a wide customer base. The company's focus on innovation and quality has earned it a reputation for excellence in the industry. Bosch's commitment to research and development enables it to stay at the forefront of technological advancements and meet the evolving needs of its customers.A competitor company in the Steering Robot Market is ZF Friedrichshafen AG, which also offers a diverse portfolio of steering robots. ZF Friedrichshafen AG has a strong presence in the automotive industry and is known for its expertise in driveline and chassis systems. The company's focus on providing integrated solutions and its global manufacturing capabilities give it a competitive edge. ZF Friedrichshafen AG's commitment to sustainability and its investment in autonomous driving technologies position it well for future growth in the Steering Robot Market.
Key Companies in the Steering Robot Market Include
- NachiFujikoshi Corporation
- Omron Corporation
- Yaskawa Motoman
- Rockwell Automation
- Staubli International
- Kawasaki Heavy Industries
- KUKA
- Universal Robots
- Mitsubishi Electric Corporation
- Stäubli TecSystems
- Epson Robots
- FANUC
- YASKAWA ELECTRIC
- Denso Corporation
- ABB
Steering Robot Market Industry Developments
The Steering Robot Market is anticipated to reach a valuation of USD 23.5 billion by 2032, expanding at a 9.89% CAGR during the forecast period of 2024-2032. Growing demand for autonomous driving systems, advancements in sensor technology, and increasing government initiatives to promote electric vehicles are driving market growth. Key players include Waymo, Tesla, and Cruise Automation. Recent developments include Waymo's expansion of its autonomous ride-hailing service in San Francisco and Cruise's partnership with General Motors to develop self-driving cars.
Steering Robot Market Segmentation Insights
- Steering Robot Market Steering Type Outlook
- Column-Mounted
- Pedal-Operated
- Hand-Operated
- Hybrid
- Steering Robot Market Vehicle Type Outlook
- Passenger Vehicles
- Commercial Vehicles
- Industrial Vehicles
- Steering Robot Market Level of Automation Outlook
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
- Steering Robot Market Propulsion System Outlook
- Electric
- Hydraulic
- Pneumatic
- Steering Robot Market Application Outlook
- Automotive
- Agriculture
- Mining
- Construction
| Report Attribute/Metric |
Details |
| Market Size 2022 |
9.16 (USD Billion) |
| Market Size 2023 |
10.06 (USD Billion) |
| Market Size 2032 |
23.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.89% (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 |
NachiFujikoshi Corporation, Omron Corporation, Yaskawa Motoman, Rockwell Automation, Staubli International, Kawasaki Heavy Industries, KUKA, Universal Robots, Mitsubishi Electric Corporation, Stäubli TecSystems, Epson Robots, FANUC, YASKAWA ELECTRIC, Denso Corporation, ABB |
| Segments Covered |
Steering Type, Vehicle Type, Level of Automation, Propulsion System, Application, Regional |
| Key Market Opportunities |
Autonomous driving Industrial automation Agricultural mechanization Logistics and transportation Healthcare |
| Key Market Dynamics |
Rising demand for automation Technological advancements Growing adoption in the automotive industry Emphasis on safety and reliability Increasing investments in research and development. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Steering Robot Market is anticipated to reach a valuation of USD 10.06 billion in 2023.
The market is expected to expand at a CAGR of 9.89% from 2024 to 2032.
By 2032, the market is projected to reach a valuation of USD 23.5 billion.
North America is anticipated to account for the largest share of the market in 2023.
Steering robots are primarily used in automotive manufacturing and assembly lines.
Prominent players in the market include ABB, Yaskawa Electric Corporation, Kawasaki Heavy Industries, and Fanuc Corporation.
Increasing demand for automation and efficiency in manufacturing processes is a key growth driver.
High initial investment costs and the need for skilled labor pose challenges to market growth.
Advancements in AI and IoT technologies present opportunities for market expansion.
The market is anticipated to witness increased adoption of collaborative robots and AI-powered steering systems.
