Smart Automotive Steering System Market Analysis

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: