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

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

Global Passenger Car Intelligent Steering Market will witness more than 18% CAGR over 2024-2032, propelled by the introduction of smart car launches and initiatives by leading companies. As automotive manufacturers prioritize innovation, intelligent steering systems are becoming increasingly integral to vehicle design.

For instance, in January 2024, XPeng Inc, a prominent Chinese manufacturer of smart electric vehicles (Smart EVs), officially unveiled the XPENG X9, a spacious 7-seater MPV, as its flagship model for the Chinese market. Built on the SEPA2.0 next-generation technology architecture, the X9 series offered various versions priced between RMB 359,800 and 419,800, with immediate availability for customers. Featuring XPENG's advanced XNGP ADAS and the cutting-edge in-car operating system, XOS Tianji, the XPENG X9 leads the way in intelligent automotive technology, revolutionizing the market in China.

These systems enhance driving comfort, safety, and efficiency through features such as lane-keeping assistance and adaptive cruise control. With a focus on enhancing the driving experience and advancing autonomous driving capabilities, the demand for passenger car intelligent steering solutions continues to rise, driving market growth and innovation in the automotive sector.

The overall Passenger Car Intelligent Steering Market share is classified based on the component, distribution channel, and region.

Software segment will undergo appreciable development from 2024 to 2032. As vehicles become more interconnected and autonomous features become commonplace, intelligent steering systems rely heavily on sophisticated software algorithms. These software-driven solutions enable features such as lane-keeping assistance, adaptive cruise control, and automated parking. With a growing emphasis on enhancing driver assistance systems and autonomous capabilities, the demand for passenger car intelligent steering systems powered by advanced software continues to rise, driving innovation and growth in the market.

Passenger car intelligent steering market size from the aftermarket segment will register a noteworthy CAGR from 2024 to 2032. As automotive companies strive to enhance vehicle safety, comfort, and driving experience, intelligent steering systems have become integral components of modern vehicles. OEMs integrate these systems into their vehicles to offer advanced driver assistance features, such as lane-keeping assistance and adaptive cruise control. With OEMs prioritizing innovation and technology integration, the demand for intelligent steering solutions continues to grow, driving market expansion in collaboration with automotive manufacturers.

Asia Pacific passenger car intelligent steering industry will showcase a commendable CAGR from 2024 to 2032. As countries in the Asia Pacific witnessed rapid urbanization and increasing disposable income, there is a growing demand for advanced automotive technologies. Intelligent steering systems, offering features like lane-keeping assistance and adaptive cruise control, are increasingly sought after by consumers in the region for improved safety and driving experience.

With automotive manufacturers focusing on innovation and catering to evolving consumer preferences, the demand for intelligent steering solutions continues to rise, driving market growth in Asia Pacific. For instance, in July 2023, In China, several domestic companies are already offering robotaxi ride-hailing services in selected pilot cities. A passenger uses their mobile phone to request a ride-hailing service, and soon after, a driverless robotaxi arrives to pick them up. Once the journey is complete, the fare is automatically deducted from the passenger's online account. This once-futuristic scenario is now becoming increasingly commonplace in everyday life.