Smart Automotive Steering System Market Size

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.