The global automotive steering system market was valued at almost 81 thousand units in 2016 and is expected to surpass 97 thousand units by 2021, says Technavio.
Technavio has announced thousand latest market research report on the global automotive steering system market, under its powertrain portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Bosch, Nexteer, and thyssenKrupp.
According to Siddharth Jaiswal, a lead analyst for powertrain research at Technavio, “Driver state monitoring system is gaining attention these days due to increased fatalities and road crashes incidents. A driver state monitoring system that analyses driver state physically and mentally works with a camera directed toward driver’s face, analyzing in real-time the driver’s state, and if any discrepancies are found immediate alarm signal will activate thereby preventing accidents and loss of life. DSMS estimates driver state from head position, eyelid distance, gaze direction, eye closure, and yawning.”
A driver state monitoring system (DSMS) is an in-vehicle tool adopted to analyze driver state while driving, thereby by preventing fatalities or injuries if distractions are observed. It is an electronic system used in automobiles that works based on parameters regarding measuring inactiveness, drowsiness, or fatigue.
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Increased global automobile sales to lead to growth in the steering and steering-mounted electronics space
Demand for passenger cars is rising in emerging economies like Brazil, China, and India due to the elevated purchasing power of consumers and significant economic growth. The economic growth in BRIC nations has fueled rapid growth rates for the auto industry in recent years. Intense vendor competition and saturated markets are prompting many global vehicle manufacturers to shift their focus to these countries. This is expected to open up opportunities for various automotive steering-mounted electronics vendors to promote their products and solutions across emerging markets.
Adoption of advanced human-machine interfaces (HMI) in mass segment vehicles to positively influence the growth of the steering-mounted electronics space
Consumers are changing their preferences to shift to low-cost, compact cars because of the increasing traffic jams and their tendency to quickly switch between car options for newest models. Suppliers in the market space, such as Continental, are working closely with OEMs to develop low-cost systems for the medium-sized cars and compact cars segment as these volumetric segments will help HMI systems vendors to attain economies of scale and further bring down the price of HMI systems.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Steering System Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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