Commercial Vehicle Steering System Market size is set to grow by USD 4.06 billion from 2024-2028, Electrification of automotive components for precise and accurate steering control boost the market, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global commercial vehicle steering system market size is estimated to grow by USD 4.06 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.58%  during the forecast period. 

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Market Driver

The commercial vehicle steering system market has witnessed significant advancements, driven by the need to improve engine performance, reduce emissions, and enhance passenger comfort. Technologies such as power steering, automatic steering systems, and mechatronic iRWS systems have gained prominence. Integration of software and electronics, including sensors, ECUs, torque sensors, and position sensors, is a key trend.

Companies invest in hydraulic pumps, steering columns, and lightweight steering systems for fuel-efficient commercial vehicles. The Middle East & Africa market is growing due to increasing sales of automobiles, logistics demands, and the rise of electric vehicles. Advanced braking systems, manual steering, and steering-mounted electronics are also shaping the market. 

Market Challenges

• The commercial vehicle steering system market experiences intense pressure from demand-side quality requirements and cost constraints. Manufacturers must devise strategies to thrive in this challenging yet alluring industry. The bargaining power lies predominantly with the demand side. In the realm of power steering, particularly Electric Power Steering (EPS) for commercial vehicles, firms face immense pressure to balance costs and deliver superior quality components. These components must adhere to OEM and tier-1 supplier stringent quality control and tests.
• Concurrently, they must contain production costs to meet demand-side expectations while ensuring top-notch product quality, as they are accountable for any failures that may impact profitability. Key technologies shaping this market include mechatronic iRWS systems, software and electronics, hydraulic power steering, electric power steering, electric vehicles, fuel-efficient cars, advanced braking systems, and sensors.
• Additionally, trends such as lightweight steering systems, steering-mounted electronics, and advanced driver assistance systems (ASR and DSR) are gaining traction. The electric vehicle market, emissions regulations, and fuel efficiency are also significant factors influencing the automotive steering market.

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Segment Overview 

1. Application 
• 1.1 Light commercial vehicle
• 1.2 Medium and heavy commercial vehicle
2. Type 
• 2.1 Electronic power steering
• 2.2 Electro-hydraulic power steering
• 2.3 Hydraulic power steering
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Light commercial vehicle-  The Market Segmentation by Application in the Automotive Steering Market notably focuses on power steering and automatic steering systems. These systems significantly contribute to passenger comfort and the sales of automobiles, including passenger cars, light commercial vehicles, and heavy commercial vehicles. Mechatronic iRWS systems, which integrate software and electronics, are essential components of modern steering systems.

Hydraulic power steering and electric power steering are two primary types, with electric vehicles and fuel-efficient cars increasingly adopting the latter. Steering systems in commercial vehicles, such as logistics and transportation, employ advanced technologies like ASR and DSR, sensors, ECUs, torque sensors, and position sensors. Companies like LeddarTech and ZF are pioneering lightweight steering systems and steering-mounted electronics.

Advanced braking systems and manual steering also exist in the market. Automotive Research and Auto Parts Research continue to explore fuel efficiency, emissions, and engine performance in the context of steering systems. The Electric Vehicle Market is a significant growth area, with steering systems playing a crucial role in enhancing vehicle performance. Middle East & Africa are emerging markets for steering systems, with a focus on pollution control and heavy commercial vehicles.

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Research Analysis

The Commercial Vehicle Steering System Market encompasses advanced technologies such as Manual Steering and steering-mounted electronics in Passenger Cars and Light Commercial Vehicles. These systems ensure improved fuel efficiency and better control, contributing to pollution reduction. In Heavy Commercial Vehicles, Hydraulic Pumps play a crucial role in the steering system. Manufacturing plants in the automotive industry face challenges in Business areas due to travel bans and market contraction.

The shift towards Electric Motor-powered vehicles and Autonomous Driving Controls is transforming the landscape of the steering system market. Logistics and Supply chain operations heavily rely on the reliability and efficiency of these systems. Raw material shipments and operational plants also benefit from advanced steering systems, ensuring smooth transportation and reduced emissions.

Market Research Overview

The Commercial Vehicle Steering System market encompasses the production and supply of steering systems for large and heavy vehicles. These systems enable efficient and precise vehicle maneuverability, ensuring safety and productivity. The market is driven by factors such as increasing demand for commercial vehicles, advancements in technology leading to the development of fuel-efficient and eco-friendly steering systems, and stringent regulations regarding vehicle safety.

The steering systems in commercial vehicles are subjected to rigorous testing and must meet specific performance standards. The market is segmented based on vehicle type, technology, and region. Passive and active steering systems are the two main types of steering systems used in commercial vehicles. The market is expected to grow significantly in the coming years due to the increasing demand for commercial vehicles and the need for advanced steering technologies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Light Commercial Vehicle
• Medium And Heavy Commercial Vehicle
• Type
• Electronic Power Steering
• Electro-hydraulic Power Steering
• Hydraulic Power Steering
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio