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Passenger Car Intelligent Steering Market Size

Report ID: GMI7886
Published Date: Jan 2024
Report Format: PDF

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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.

Passenger Car Intelligent Steering Market Report Attributes
Report Attribute	Details
Base Year:	2023
Passenger Car Intelligent Steering Market Size in 2023:	USD 18.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	18%
2032 Value Projection:	USD 81.1 Billion
Historical Data for:	2018 - 2023
No. of Pages:	300
Tables, Charts & Figures:	279
Segments covered:	Vehicle Type, Component and Distribution Channel
Growth Drivers:	Increasing demand for advanced driver assistance systems (ADAS) Government regulations and safety standards Increase in consumer preference for comfort and convenience Technological advancements and innovation
Pitfalls & Challenges:	Sophisticated technology involved with cost constraints Intense competition and price wars

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of passenger car intelligent steering was worth USD 18.8 billion in 2023 and is anticipated to register over 18% CAGR between 2024 and 2032, attributed to an increased emphasis on vehicle safety and regulations.

The OEM segment held around 92% market share in 2023 and is poised for significant growth through 2032, owing to the established presence, direct integration capabilities, and seamless coordination with vehicle producers.

North America passenger car intelligent steering market size surpassed USD 6.5 billion in 2023 and is poised for significant growth, as stringent safety regulations and a robust automotive sector pushes manufacturers to adopt advanced steering technologies.

Denso Corporation, JTEKT Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG.