Passenger Car Intelligent Steering Market Size & Share 2024 to 2032
Market Size by Vehicle Type (Sedan, SUV, Hatchback, Crossovers), by Component (Hardware {Electronic Control Unit, Sensors [LiDAR, Infrared, Ultrasonic, RADAR], Motor}, Software), Distribution Channel & Forecast.
Report ID: GMI7886
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Published Date: January 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Passenger Car Intelligent Steering Market Size
Passenger Car Intelligent Steering Market was valued at USD 18.8 billion in 2023 and is likely to grow at a CAGR of over 18% from 2024 to 2032, credited to an increased emphasis on vehicle safety and regulations. Stringent safety regulations and standards are pivotal in propelling the integration of advanced steering systems in the automotive industry. Mandates for enhanced vehicle safety have pushed manufacturers to adopt cutting-edge steering technologies, such as lane-keeping assistance and collision avoidance systems.
Passenger Car Intelligent Steering Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Intense competition among automotive manufacturers and suppliers drives continuous innovation in steering technologies to gain a competitive edge. The quest for differentiation and improved performance fuels the development of intelligent steering solutions.
Quoting an instance, in January 2024, Lumotive, a trailblazer in optical semiconductor technology, revealed its collaboration with three leading tech giants to exhibit its acclaimed digital beam steering capabilities at the upcoming Consumer Electronics Show (CES). Lumotive's groundbreaking Light Control Metasurface (LCM) technology, set to receive a prestigious CES 2024 Innovation Award, will drive hands-on demonstrations showcasing products from Sony Semiconductor Solutions, Seoul Robotics, and Adaps at the eminent tech event in Las Vegas.
That being said, the implementation of advanced intelligent steering systems often involves sophisticated technologies and sensors, leading to higher production costs. Consumers may be hesitant to adopt vehicles with intelligent steering features due to concerns about increased upfront costs and potential maintenance expenses.
Passenger Car Intelligent Steering Market Trends
AI and machine learning integration in passenger car intelligent steering systems are poised to favour the market growth. These technologies enhance the adaptive capabilities of steering systems by learning from driver behavior, road conditions, and various inputs. Improved predictive algorithms enable more precise and context-aware steering assistance, contributing to enhanced safety and driving experiences.
The continuous evolution of AI and machine learning in intelligent steering ensures dynamic responsiveness, positioning it as a key driver for the expanding adoption of advanced steering technologies in the automotive industry.
Passenger Car Intelligent Steering Market Analysis
The hardware segment held a major market share and is expected to grow significantly. The demand for hardware components in the passenger car intelligent steering industry. The increasing integration of advanced driver assistance systems (ADAS) and autonomous driving technologies necessitates sophisticated sensors, actuators, and control units. Hardware components such as sensors (camera, LiDAR, radar), electronic control units (ECUs), and electric motors form the backbone of intelligent steering systems. Additionally, consumer preferences for enhanced safety features, connectivity, and seamless driving experiences propel automakers to invest in high-quality hardware components, contributing to the rising demand in the evolving automotive landscape.
The OEM segment captured around 92% market share in 2023. The growth of original equipment manufacturers (OEMs) as a prominent distribution channel for passenger car intelligent steering is favoured by their established industry presence, direct integration capabilities, and seamless coordination with vehicle production. OEMs possess in-depth knowledge of automotive technologies, allowing for the efficient incorporation of intelligent steering systems during the manufacturing process. Their direct involvement in the supply chain ensures consistent quality, compatibility, and adherence to safety standards. This direct association with vehicle production positions OEMs as key facilitators, enabling a streamlined and widespread adoption of intelligent steering technologies across various car models.
North America passenger car intelligent steering market size surpass USD 6.5 billion in 2023 and is poised for significant growth, due to a confluence of factors. Stringent safety regulations and a robust automotive industry push manufacturers to adopt advanced steering technologies. The region's strong focus on innovation and technological advancements, coupled with increasing consumer demand for advanced driver assistance systems, drives the adoption of intelligent steering solutions. Moreover, the presence of key players investing in research and development further accelerates market growth. The region's affinity for electric and autonomous vehicles further propels the integration of intelligent steering, making North America a fertile ground for the thriving passenger car intelligent steering business.
Passenger Car Intelligent Steering Market Share
NSK Ltd. holds the around 10% of the total market share as it provides cutting-edge solutions. Leveraging advanced technologies, NSK contributes to the development of innovative and reliable intelligent steering systems. These major companies in the passenger car intelligent steering industry employ various strategies to fortify their positions. These include technological innovation, partnerships with tech leaders, compliance with safety regulations, customer-centric product development, and global market expansion, fostering a competitive edge in this dynamic automotive sector.
Passenger Car Intelligent Steering Market Companies
Major players operating in the global passenger car intelligent steering industry are:
Passenger Car Intelligent Steering Industry News
This passenger car intelligent steering market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
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Market, By Vehicle Type
Market, By Component
Market, By Distribution Channel
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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