Enjoy complimentary customisation on priority with our Enterprise License!
The commercial vehicle steering system market size is estimated to grow at a CAGR of 5.5% between 2022 and 2027. The market size is forecast to increase by USD 3,807.87 million. The growth of the market depends on several factors such as the electrification of automotive components for precise and accurate steering control, the growing use of driver-assisted steering technologies in CVs, and the growing preference for CVs for freight transportation.
This commercial vehicle steering system market report extensively covers market segmentation by application (light commercial vehicle, medium, and heavy commercial vehicle), type (electronic power steering, electro-hydraulic power steering, and hydraulic power steering), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the growing preference for CVs for freight transportation. There is an increasing preference for road transportation in developing countries such as China and India. Thus, the rapid rise in the use of heavy, medium, and light commercial vehicles is expected to decrease the use of railways in freight transportation. The main reason for the increasing adoption of roadways for the r transporting cargo is the limited number of rail services within the country.
Furthermore, there is an increasing preference by companies to opt for roadways as an option for the transportation of their products due to the lack of sufficient rail freight services. Some of the main types of vehicles that are e extensively used for transporting cargo in China include heavy, medium, and light-duty commercial vehicles. Additionally, factors such as the high volume of railway freight, poor last-mile connectivity, and the lack of availability of freight trains are expected to drive market growth during the forecast period.
A key factor shaping the commercial vehicle steering system market growth is the continuous advances in automotive steering technology. Several countries are undertaking initiatives to reduce vehicular emissions due to the rise in environmental pollution. The high investment in R&D to enhance engine efficiency and reduce vehicle emission levels is one of the significant measures undertaken by several countries. As a result, several manufacturers are amending their designs and technology to enhance performance and ease compliance with the latest emission norms.
Additionally, there are significant advancements in technology in the automotive steering system market, especially in terms of the design and integration of safety technologies with steering systems. Such initiatives are mainly undertaken to enhance the functionality of the overall safety systems in automobiles. These advancements in the technology of electronic steering systems have allowed automotive manufacturers to enhance the comfort, efficiency, handling, and safety of a vehicle, as it enhances the driving experience for all types of vehicles. Hence, such factors are driving the market growth during the forecast period.
High development costs of driver-assisted steering technologies are one of the key challenges hindering the commercial vehicle steering system market growth. There is a significant rise in the cost of advanced automotive steering systems mainly due to the increase in the price of product development, designing, and maintaining steering system technologies and systems. Some of these components include sensors, control modules, and processors, among others.
Additionally, there is an increase in prices of several raw materials which are used to manufacture steering systems such as steel, electronic components, and plastics. As a result of these price hikes, it has forced several manufacturers to reconsider before integrating such technologies into commercial vehicles. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Commercial Vehicle Steering System Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ATS Automation Tooling Systems Inc: The company offers commercial vehicle steering systems such as hydraulic power steering and electronic power steering.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The light commercial vehicle segment is estimated to witness significant growth during the forecast period. The light commercial vehicle segment can be referred to as a gross vehicle weight (GVW) of less than 3.5 tons. This segment is mainly used for the transportation of goods or passengers. There is an increasing adoption of the LCV segment especially in the US and China. The adoption of LCVs can be attributed to the growth of small businesses.
Get a glance at the market contribution of various segments View the PDF Sample
The light commercial vehicle segment was the largest segment and was valued at USD 8,219.16 million in 2017. There is an increase in the growth of small businesses in China due to the significant increase in GDP and strong domestic market. One of the main commercial vehicles in this segment is the pick-up trucks which are widely used for the final delivery of time-critical goods, high-value goods, and support services. These types of commercial vehicles are mainly used in space-strapped urban areas. Some of the main regions with dominant market share for the LCVs segment include Europe and North America. Hence, such factors are e expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the major countries which is significantly contributing to the growth of the global commercial vehicle steering system market is the US. The main factor that is fuelling the growth in the US is the high adoption of commercial vehicles in the region. Additionally, the rise in sales of commercial vehicles such as SUVs and other light-duty trucks, such as pick-up trucks and crossovers are fuelling demand for the commercial vehicles steering system.
Furthermore, the increasing focus on fuel efficiency and the growing demand for power steering systems is fuelling the demand for EPS, leading to the phasing out of HPS. Furthermore, the retail sector contributes to the increasing demand for pick-up trucks, SUVs, and crossovers, whereas other business houses contribute to the vans and trucks demand. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global commercial vehicle steering system market witnessed a significant slowdown due to the temporary lockdowns and the shutdown of several automotive components manufacturing plants in the region and the shifting focus of several OEMs on manufacturing PPEs in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The commercial vehicle steering system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Commercial Vehicle Steering System Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
171 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
|
Market growth 2023-2027 |
USD 3,807.87 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
5.0 |
|
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 41% |
|
Key countries |
US, Mexico, Canada, China, and Japan |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ATS Automation Tooling Systems Inc., China Automotive Systems Inc., Global Steering Systems LLC, GreenSteering, Hitachi Ltd., HL Mando Co. Ltd., JTEKT Corp., Knorr Bremse AG, Mahindra and Mahindra Ltd., Mitsubishi Electric Corp., Nexteer Automotive Group Ltd., NSK Ltd., OGNIBENE POWER SPA, Pailton Engineering Ltd., R. H. Sheppard Co. Inc., Robert Bosch GmbH, ST System Truck Spa, thyssenkrupp AG, Unique Metal Products Inc., and ZF Friedrichshafen AG |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
