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

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