Passenger Car Intelligent Steering Market Size

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.

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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.