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The commercial vehicle steering system market size is estimated to grow by USD 3.80 billion at a CAGR of 5.5% between 2022 and 2027. The growth of the market is influenced by several factors, including the electrification of automotive components, which enhances control and efficiency. The increasing use of driver-assisted technologies in commercial vehicles improves safety and productivity. Additionally, the growing preference for commercial vehicles for freight transportation is driving market expansion, reflecting the demand for efficient goods transportation solutions. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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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.
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.
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The light commercial vehicle segment was the largest segment and was valued at USD 8.21 billion 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.
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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 that is significantly contributing to the growth of the global 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 these systems.
Furthermore, the increasing focus on fuel efficiency and the growing demand for power 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.
The market is undergoing significant changes driven by factors such as pollution control, fuel efficiency, and the rise of electric vehicles (EVs). Traditional hydraulic power steering (HPS) systems are being replaced by electric power steering (EPS) and electro-hydraulic power steering (EHPS) systems, enhancing fuel efficiency and emission control. Advanced braking systems and electrically assisted steering systems are becoming standard in both passenger cars and light commercial vehicles, improving safety and maneuverability. Steer by wire (SbW) technology is a notable advancement, allowing for autonomous driving controls. As the industry shifts toward electrification, manufacturers are focusing on new product developments in steering-mounted electronics and electric motors. However, challenges such as market contraction and travel bans due to global events impact manufacturing plants and supply chains. To adapt, businesses are investing in logistics and raw material shipments to ensure operational continuity and meet the changing demands of the automotive industry. 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 transportation of cargo is the limited number of rail services within the country, exacerbated by factors such as travel bans, which restrict the movement of goods across borders. Additionally, the efficiency and flexibility offered by road transport in terms of steering systems, logistics, supply chain, and raw material shipments play a significant role in the preference for roadways over railways for freight transportation.
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 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 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 market, especially in terms of the design and integration of safety technologies with these systems. Such initiatives are mainly undertaken to enhance the functionality of the overall safety systems in automobiles. These advancements in the technology of electronic 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 technologies are one of the key challenges hindering the market. There is a significant rise in the cost of advanced systems mainly due to the increase in the price of product development, designing, and maintaining these system technologies. 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 these 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 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 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 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 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.
The market is experiencing significant advancements, particularly in electrically assisted steering systems. These systems, including electric power steering (EPS) and electric power hydraulic steering (EPHS), are enhancing steering precision and response to the driver, leading to improved engine performance and passenger comfort. The market is also witnessing the adoption of Steer by Wire (SbW) technology, which eliminates the need for a physical connection between the steering wheel and the steering column. This innovation, along with mechatronic iRWS systems and software and electronics enhancements, is driving the growth of the market. As the demand for fuel-efficient cars and electric vehicles rises, manufacturers are focusing on developing lightweight steering systems integrated with advanced steering-mounted electronics. Despite challenges such as pollution control regulations and travel bans, the market is expected to expand due to ongoing research and development programs and the increasing sales of commercial vehicles.
Furthermore, the market is witnessing significant advancements in steering technology, including hydraulic power steering (HPS) and fully electric power steering (EPS). These innovations, along with rack and pinion steering systems, are enhancing the performance and safety of heavy commercial vehicles. The market is also benefiting from automotive research and development, particularly in automatic systems and sensors like torque, wheel speed, and position sensors. Companies like LeddarTech are driving innovation, leading to improved logistics and sales of commercial vehicles.
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 3.80 billion |
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 Forecasting, 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. |
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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
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