Passenger Car Intelligent Steering Market Size & Share, By Vehicle Type (Sedan, SUV, Hatchback, Crossovers), Component (Hardware {Electronic Control Unit, Sensors [LiDAR, Infrared, Ultrasonic, RADAR], Motor}, Software), Distribution Channel, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Passenger Car Intelligent Steering Market surpassed USD 19.36 Billion in 2023 and is expected to exceed USD 83.53 Billion by end of the year 2032, witnessing more than 18.5% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 19.36 Billion
• CAGR (2024-2032): 18.5%
• Forecast Year Value (2032): USD 83.53 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One major growth driver for the Passenger Car Intelligent Steering Market is the increasing focus on driver safety and comfort. As consumers become more conscious of their safety while on the road, there is a growing demand for advanced steering systems that can help minimize accidents and enhance overall driving experience. Intelligent steering systems, equipped with features such as lane-keeping assist and adaptive cruise control, are becoming increasingly popular among car manufacturers and consumers alike.

Another significant growth driver for the market is the rising adoption of electric vehicles (EVs). As the market for electric cars continues to expand, there is a growing need for steering systems that can accommodate the unique requirements of electric drivetrains. Intelligent steering systems can help optimize the performance and efficiency of EVs, making them even more attractive to environmentally-conscious consumers.

Furthermore, the increasing focus on autonomous driving technology presents a promising opportunity for the Passenger Car Intelligent Steering Market. As car manufacturers work towards developing fully autonomous vehicles, there is a growing demand for advanced steering systems that can facilitate autonomous driving capabilities. Intelligent steering systems with features such as self-parking and automated lane-changing are crucial components of autonomous driving technology.

Report Scope

Report Coverage	Details
Segments Covered	Vehicle Type, Component And Distribution Channel
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	China Automotive Systems, CTS, Delphi Technologies, Denso, GKN Automotive Limited, Hitachi Automotive Systems, Hyundai Mobis, Infineon Technologies, JTEKT, Knorr-Bremse, LORD, Mando, Nexteer Automotive, NSK., Pailton Engineering., Robert Bosch, Schaeffler AG, thyssenkrupp AG, WABCO Holdings, ZF Friedrichshafen AG

Industry Restraints:

Despite the promising growth prospects, there are certain restraints that could hinder the progression of the Passenger Car Intelligent Steering Market. One major restraint is the high cost associated with implementing advanced steering systems in passenger cars. The development and integration of intelligent steering systems require significant investment in research and development, which can drive up the overall cost of passenger cars. This could deter price-sensitive consumers from opting for vehicles equipped with advanced steering technology.

Another major restraint for the market is the lack of standardized regulations and guidelines for intelligent steering systems. As these systems become more complex and advanced, there is a growing need for clear regulations and standards to ensure their safe and effective operation. The absence of unified regulations can lead to inconsistencies in the implementation of intelligent steering systems across different regions, creating challenges for car manufacturers and potentially hindering market growth.

Regional Forecast:

North America:

The North America passenger car intelligent steering market is expected to witness significant growth due to the increasing demand for advanced safety features in vehicles. The United States and Canada are the key countries driving the market in this region. The adoption of advanced driver assistance systems (ADAS) and autonomous driving technology is increasing in the region, which is expected to drive the demand for intelligent steering systems in passenger cars.

Asia Pacific:

In the Asia Pacific region, countries like China, Japan, and South Korea are expected to dominate the passenger car intelligent steering market. China, in particular, is witnessing rapid growth in the automotive sector and is investing heavily in autonomous driving technology. This is expected to boost the demand for intelligent steering systems in passenger cars in the country. Japan and South Korea are also key markets in the region, with a strong presence of automotive manufacturers and a growing focus on vehicle safety.

Europe:

Europe is another key region in the passenger car intelligent steering market, with countries like the United Kingdom, Germany, and France leading the way. The European automotive industry is known for its focus on innovation and safety, which is driving the adoption of intelligent steering systems in passenger cars. The United Kingdom, Germany, and France are home to several key automotive manufacturers and technology companies that are actively developing and implementing advanced steering technologies in vehicles.

Segmentation Analysis:

In terms of segmentation, the global passenger car intelligent steering market is analyzed on the basis of Vehicle Type, Component And Distribution Channel

Passenger Car Intelligent Steering Market Size & Share by Vehicle Type:

The Passenger Car Intelligent Steering market is segmented by vehicle type into sedan, SUV, hatchback, and crossovers. Among these, the SUV segment dominates the market in terms of volume and revenue. The increasing popularity of SUVs among consumers due to their spacious interiors, off-road capabilities, and safety features is driving the growth of the intelligent steering market in this segment. Sedans also hold a significant share of the market, especially in developed regions where they are preferred for their sleek design and comfortable driving experience. The hatchback and crossover segments are also witnessing steady growth due to the rising demand for compact and fuel-efficient vehicles.

Passenger Car Intelligent Steering Market Size & Share by Component:

The market for Passenger Car Intelligent Steering is segmented by component into hardware (electronic control unit, sensors [LiDAR, infrared, ultrasonic, RADAR], motor) and software. The hardware segment holds the largest share of the market, driven by the increasing adoption of advanced sensors such as LiDAR, infrared, and RADAR in intelligent steering systems to improve vehicle safety and performance. The electronic control unit plays a crucial role in processing sensor data and controlling the steering system, making it an essential component of intelligent steering technology. The software segment is also witnessing significant growth with the advancements in artificial intelligence and machine learning algorithms that enhance the accuracy and responsiveness of intelligent steering systems.

Passenger Car Intelligent Steering Market Size & Share by Distribution Channel:

The Passenger Car Intelligent Steering market is segmented by distribution channel into OEMs and aftermarket. The OEMs segment dominates the market, accounting for the majority of sales of intelligent steering systems in passenger cars. OEMs have collaborations with technology providers to integrate intelligent steering technology into their vehicles, offering a seamless driving experience to consumers. The aftermarket segment is also growing steadily, driven by the increasing demand for retrofitting existing vehicles with intelligent steering systems to enhance safety and convenience. The growing awareness about the benefits of intelligent steering technology is expected to drive the aftermarket segment in the coming years.

Competitive Landscape:

The Passenger Car Intelligent Steering Market is highly competitive and constantly evolving with rapid advancements in technology. Major players in the market are continuously investing in research and development to enhance their product offerings and stay ahead of the competition. Some key factors influencing the competitive landscape include product innovation, pricing strategies, partnerships, and mergers and acquisitions.

Top Market Players:

1. ThyssenKrupp

2. ZF Friedrichshafen

3. Nexteer Automotive

4. NSK Ltd.

5. JTEKT Corporation

6. Mando Corporation

7. Showa Corporation

8. Robert Bosch GmbH

9. NSK Ltd.

10. Denso Corporation