LONDON--(BUSINESS WIRE)--The global automotive dynamic steering system market is projected to grow to 12.97 million units by 2021, at a CAGR of just above 13% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global automotive dynamic steering system market for 2017-2021. By vehicle type, the market is divided into passenger car and commercial vehicle segments.
|The high efficiency of modern day driver-assisted safety systems has greatly increased road safety. The improved steering and yaw motion control of dynamic steering systems result in reduced roll-over accidents, which is driving its swift adoption in the automotive industry.|
Technavio’s research study segments the global automotive dynamic steering system market into the following regions:
Europe: largest automotive dynamic steering system market segment
“Europe is currently the largest regional segment of the automotive dynamic steering system market, responsible for generating 41% of the overall revenue. The large market share of luxury cars, improved transportation services, and developed communication infrastructure are responsible for the market dominance of this segment,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
Advanced driver-assisted technologies such as dynamic steering response, active steering, and advanced driver assistance systems (ADAS) are witnessing swift adoption rates in Western Europe. Also, strict vehicle safety norms and star ratings awarded on vehicle safety and security are further driving the growth of the market in the region.
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Americas: large market for luxury cars driving growth of the market segment
The automotive dynamic steering system market in the Americas is growing swiftly and is expected to occupy the largest share of the market by the end of the forecast period. The high demand for premium sports utility vehicles (SUVs) and multi-purpose vehicles (MPVs) is the major factor driving the growth of the market segment. Also, the large market for luxury cars in the Americas creates a significant demand for the dynamic steering system market. The large consumer base for automobiles, growing automotive industry in Latin America, and attractive domestic demand for free trade agreements will be other factors to impact the growth of the market segment positively.
APAC: fastest growing automotive dynamic steering system market segment
“APAC is the fastest growing market segment, projected to showcase a CAGR of close to 18% over the forecast period. The growing demand for vehicle safety and convenience in the region combined with the improving customer awareness is responsible for the impressive growth of the market segment,” says Siddharth.
Developing economies such as China, India, Japan, and Korea currently dominate the rapidly growing market for luxury cars, which will result in high demand for automotive dynamic steering system market. Also, the rising per capita and disposable incomes will positively impact the market.
The top vendors in the global automotive dynamic steering system market highlighted in the report are:
- Ford Motor
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