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Dynamic Steering Response System Market Size, Share & Industry Analysis, By Type (Hydraulic Power Steering System, Electric Power Steering System), By Application (Passenger Cars, Commercial Vehicles) and Regional Forecast, 2021-2028

Region : Global | Report ID: FBI102514 | Status : Ongoing

 

KEY MARKET INSIGHTS

Modern automotive safety systems have boosted the growth of the automotive industry. Advanced driver assistance technologies are witnessing increased adoption rates across the globe. High-efficiency rates of driver assistance technologies have reduced the number of fatalities and on-road accidents. This factor is likely to propel the development of dynamic steering response (DSR) systems. Dynamic steering is an advanced system that alters the characteristics of the steering system to adapt to present vehicle speed or on-road driving situations. DRS changes the steering ratio according to the car's speed and adjusts the steering torque to match the ratio. This ensures greater precision at the steering wheel & improved feedback on the road surface. DRS automatically compensates for unevenness in the road surface & eliminates vibration and involuntary steering wheel movement. Strict vehicle safety norms and push by manufacturers to improve driver safety are fueling the widespread adoption of dynamic steering systems.


Key Market Driver -

Increased awareness regarding vehicle and driver safety and demand for optimized driving experience is expected to drive the growth of this market.

Key Market Restraint -

Increased awareness regarding vehicle and driver safety and demand for optimized driving experience is expected to drive the growth of this market.


Design complexity and high cost of this system, coupled with more significant maintenance costs, are expected to restrain the growth of this market. An increased number of components that add to vehicle weight is also expected to restrain the growth of this market.


Market Segmentation:


Globally, the dynamic steering response system has been segmented by type, by application, and by region. By type, the market is segmented into the hydraulic power steering system and electric power steering system. The electric power steering segment is projected to show significant growth in this market. Increased demand for fuel efficiency improvement and the growing production of passenger cars is likely to fuel the growth of this segment. The hydraulic power steering segment, which provides a better feel of the driving situation, is also expected to show steady growth owing to greater reliability for heavy-duty and highway vehicles. By application, the market is segmented into passenger cars and commercial vehicles. The passenger car segment is expected to dominate this market over the forecast period. Factors such as strict vehicle safety standards and regulations implemented by the government, increased demand for driver assistance technologies in vehicles, and rising share of sports utility vehicles and luxury cars are expected to fuel the growth of dynamic steering systems in this segment. The commercial vehicles segment is projected to show significant growth in this market owing to the need for improving directional stability on highways and reducing on-road accidents, particularly in the trucking sector. DSR allows truck drivers to reduce muscular strain & avoid repetitive strain injuries and hence is likely to boost the growth in this segment.


Key Players Covered:


The major companies in the global dynamic steering response system market include Volvo, Ford Motor Company, BMW AG, ZF Friedrichshafen AG, Audi AG, Knorr-Bremse AG, among others.


Key Insights



  • New Advancements in Dynamic Steering Response

  • Number of Products, Key Countries, 2018

  • New Product Launches, Key Players


Regional Analysis:


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Geographically, the dynamic steering response system market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Europe is anticipated to hold the largest market share for this technology owing to improved transportation services, strict safety norms, and star ratings for driver and vehicular safety, and increased demand for driver assistance technologies. North America is expected to show significant growth in this market over the forecast period. The broad market share of luxury vehicles coupled with high demand for premium SUVs and multi-purpose vehicles is expected to drive the market growth in this region. Asia-Pacific is also projected to show significant growth in this market over the forecast period owing to increased demand for vehicle safety, rising customer awareness, and increased disposable income in this region.


Segmentation






















 ATTRIBUTE


 DETAILS

By Type




  • Hydraulic Power Steering System

  • Electric Power Steering System



By Application




  • Passenger Cars

  • Commercial Vehicles



By Region




  • North America (USA, Canada, and Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World



Dynamic Steering Response Industry Developments



  • September 2019: Volvo Trucks introduced Volvo Dynamic Steering to the North American heavy-duty truck market for the Volvo VNL and VNR models. VDS helps improve vehicle stability control, lessen the steering force by a significant margin, reduce driver fatigue & increase road safety.

  • September 2017: ZF Friedrichshafen AG introduced its ReAX electronic steering system to the North American commercial vehicle market. This system can fully integrate with other advanced vehicle systems to assist the driver, boost safety, and vehicle control.


Dynamic Steering Response System Market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019

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