Smart Automotive Steering System Market Size & Share, by Technology (Radar & LiDAR); Vehicle Type (Heavy Commercial Vehicle, Light Commercial Vehicle, Passenger Vehicle) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 1964
  • Published Date: Nov 27, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Smart Automotive Steering System Market size is estimated to reach USD 47 Billion by the end of 2036, growing at a CAGR of over 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of smart automotive steering system was around USD 30 Billion. The growth of the market can be attributed to the increasing integration of electric power steering (EPS) and electric hydraulic power steering (EHPS) systems. Based on installation volume in vehicle production, the predicted EPS system to be installed in 2035 is more than 99 thousand units by 2035 across the globe. Nexteer, a global steering specialist, has produced more than 70 million EPS systems for over 60 customers worldwide.

In addition to these, factors that are believed to fuel the growth of smart automotive steering system market are expanding the product pipeline of the smart steering system. LeddarTech, a global pioneer in ADAS and AD sensing technology has introduced LeddarSteer, a digital beam steering solution for LiDAR smart sensor makers and first and second-tier automotive suppliers. Additionally, the rising establishment of engineering facilities is also driving market growth. For instance, to support its software-centric product developments, Robert Bosch Engineering and Business Solutions (RBEI) has created a new smart campus at HITEC City in India.


Smart Automotive Steering System Market Overview
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Smart Automotive Steering System Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Integration of ADAS System in the Vehicle- Since the majority of road accidents are caused by human error, ADAS are designed to automate, evolve, and improve vehicle technology for safety and smarter driving. ADAS has been shown to reduce road fatalities by reducing human error. Currently, the ADAS technology is at Level 2.5 autonomy and heading closer to Level 3, when taking one's eyes off the road allows drivers to function as just another passenger by automating full steering control. Demand for advanced driver assistance systems (ADAS) is at a record-breaking level, as is the necessity for the automotive industry to evolve production and sourcing processes. It takes a lot of effort to develop ADAS technology that will eventually allow for fully autonomous driving.
  • Rising Focus on Vehicle Safety- Nowadays, customers in the place a high value on vehicle safety ratings when determining which vehicle to purchase. The rising demand from customers for improved vehicles is going to increase the adoption of more advanced technology not in just luxury models but in standard models as well. Predictive braking systems, cameras, lane departure alerts, and electronic stability control are already standard technologies in today's vehicles. More potential advancements await in the future, numerous of which will be prompted by consumers themselves.
  • Growing Interest of Consumer in Future Automotive- The car is losing its clout as a status symbol, but it is gaining clout as a solution based on user experience, which is becoming increasingly reliant on digital elements. Consumers who are automobile enthusiasts have a strong interest in digital technology and everything car-related, as well as a strong involvement in the driving experience. Furthermore, the cautious driver group is highly involved in the driving experience but is too apprehensive about new technologies. In addition to this, around Fifty-three percent of working families with children who exhibit interest in self-driving cars are also automobile enthusiasts.

Challenges

  • Consumer is Still Sticking to Traditional Cars – Smart automotive steering systems, desperate for their numerous capability to bring about changes in unprecedented ways. The sector still faces challenges at the consumer end. There is a vast pool of consumers that still want to stick to traditional cars, for multiple reasons. The primary reason is unaffordability, smart driving features are still part of luxury vehicles which is not economical for consumers. Moreover, some enjoy manually driven vehicles and do not want to shift to automatic steering systems.
  • Lack of adequate manufacturing infrastructure
  • High cost of the integration of a smart automatic steering system

Smart Automotive Steering System Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~5%

Base Year Market Size (2023)

~ USD 30 Billion

Forecast Year Market Size (2036)

~ USD 47 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Smart Automotive Steering System Segmentation

Technology (Radar & LiDAR)

The radar segment in the smart automotive steering system market is estimated to gain the largest revenue share of about 60% in the year 2036. The growth of the segment can be attributed to the growing popularity of smart vehicles especially the one integrated with the ADAS radar system. Today, more than half of all new cars include one or more radar sensors. Furthermore, the affordability of this technology brings a more lucrative opportunity for the segment. These solid-state sensors cost manufacturers less than USD 100 each and are small enough to be hidden around the vehicle. The radars are utilized for running several functions, such as adaptive cruise control, automatic emergency braking, lane keeping, and other advanced driver-assistance operations.

Vehicle Type (Heavy Commercial Vehicle, Light Commercial Vehicle, Passenger Vehicle)

The passenger vehicle segment in the smart automotive steering system market is expected to garner a significant share of around 40% in the year 2036. The growth of the segment is expected on account of rising demand for passenger vehicles especially autonomous ones. Automakers continue to stretch out AV launch dates, while consumer adoption remains stable. According to this scenario, only 4% of new passenger cars delivered in 2030 will be equipped with L3+ AD features, which will further reach 17% in 2035. Moreover, by 2030, around 12 percent of new passenger cars sold will have L3+ autonomous technologies, and nearly 37 percent will have advanced AD technologies by 2035.

Our in-depth analysis of the global market includes the following segments:

          Vehicle Type

  • Heavy Commercial Vehicle
  • Light Commercial Vehicle
  • Passenger Vehicle

          Technology

  • Radar
  • LiDAR
 

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Smart Automotive Steering System Industry - Regional Synopsis

North American Market Forecast

The smart automotive steering system market in North America is projected to be the largest with a share of about 37% by the end of 2036. The growth of the market can be attributed majorly to the increasing government regulation to ensure the safety of vehicles and fuel-efficient vehicles, which will increase the demand for electric steering systems. The National Highway Traffic Safety Administration (NHTSA) of the United States Department of Transportation has established minimum safety standards for commercial vehicles, including regulations for steering columns. In addition to this, the Environmental Protection Agency (EPA) of the United States establishes minimum emissions criteria for commercial vehicles, which must be maintained by all manufacturers to be marketed in the United States.

APAC Market Statistics

The Asia Pacific smart automotive steering system market is estimated to be the second largest, registering a share of about 26% by the end of 2036. The growth of the market can be attributed majorly to the rising demand for vehicles and rapid manufacturing. Last year, India's domestic passenger vehicle market reached an all-time high of about 4 million units, propelling the country to third place in the world, following only the United States and China. Moreover, the yearly passenger vehicle market in India is expected to grow to 6 to 7 million units by FY31.

Research Nester
Smart Automotive Steering System Market Region
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Companies Dominating the Smart Automotive Steering System Landscape

top-features-companies
    • NSL Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Nexteer Automotive Group Limited
    • Schaeffler AG
    • Singular XYZ
    • Titan
    • Hyundai Mobis Co., Ltd.
    • Magna International
    • Robert Bosch GmbH
    • Continent AG
    • HELLA GmbH & Co. KgaA

In-the-news

In The News

  • September 2023: Titan has announced the launch of an innovative electric steering system suitable for everything from commercial vehicles to hypercars for specialized low-volume vehicle makers. The high-tech steer-by-wire system is the outcome of research and development at the company's Cambridgeshire, UK location. Titan, which began manufacturing race vehicles in the 1960s, claims that the new technology was planned, established, and manufactured entirely in-house, with the business holding much of the intellectual property essential.
  • April 2023: Nexteer Automotive has unveiled its Modular rack-assisted electric Power Steering (mREPS) system, enhancing the company's low-cost, modular EPS options. Nexteer's mREPS delivers the versatility needed to suit OEMs' diverse requirements for improved steering systems in heavier cars such as EVs and light commercial vehicles. The mREPS from Nexteer also has a full-cylindrical integrated powerpack that delivers superior safety and dependability in small packaging for SAE ADAS Levels 3 to 5.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 1964
  • Published Date: Nov 27, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing adoption of electric steering systems and rising demand for vehicle safety are the major factors driving the market growth.

The market size of smart automotive steering system is anticipated to attain a CAGR of around 5% over the forecast period, i.e., 2024-2036.

The major players in the market are Titan, Nexteer Automotive Group Limited, Schaeffler AG, Singular XYZ, NSL Ltd., Hyundai Mobis Co., Ltd, Magna International, Robert Bosch GmbH, Continent AG, HELLA GmbH & Co., KgaA.

The RADAR segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Smart Automotive Steering System Market Report Scope
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