Light Duty Truck Steering System Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Light-Duty Truck Steering System Market was valued at USD 2.8 billion in 2023, with a projected CAGR of more than 2% from 2024 to 2032. The increasing popularity of light-duty trucks for personal and commercial use drives the demand for advanced steering systems. These trucks offer versatility, balancing cargo capacity with urban maneuverability, leading to a rise in demand for reliable steering systems that enhance driving comfort and performance.

Steering systems are evolving to integrate autonomous driving features. As the automotive industry advances towards higher vehicle automation, steering systems now support lane-keeping, automated parking, and full self-driving capabilities. This requires precise steering control, driving innovation in steering technologies. Manufacturers focus on enhancing steering systems to meet the needs of autonomous vehicles, marking this as a critical growth area.

The overall light-duty truck steering system industry is classified based on the steering system, vehicle, technology, sales channel, and region.

The market segments steering systems into manual and power categories. In 2023, power steering dominated with an 84% market share due to its benefits in driving comfort and vehicle handling. Power steering systems reduce the physical effort needed for steering, making it easier to maneuver trucks, especially in urban environments and during parking. This ease of use is crucial for light-duty trucks, which often operate in diverse conditions. Modern power steering systems, such as electric power steering (EPS), improve fuel efficiency by eliminating the need for a constantly running hydraulic pump. Their integration with advanced driver assistance systems (ADAS) and autonomous technologies makes them the preferred choice for manufacturers, providing the necessary precision and responsiveness.

The market categorizes vehicles into pickup trucks and vans. In 2023, pickup trucks held a 74% market share, driven by their widespread popularity and versatile applications. Pickup trucks are favored for personal transportation and heavy-duty commercial work, excelling in off-road driving, towing, and hauling. This broad usage drives the demand for robust steering systems that perform under varying conditions. Pickup trucks are increasingly equipped with advanced technologies, including modern power steering systems that enhance maneuverability and driving comfort. As demand for pickup trucks grows, particularly in regions like North America, they dominate the light-duty truck steering system market.

In 2023, Asia Pacific led the light-duty truck steering system market with a 38% share. Rapid urbanization, industrial growth, and an expanding automotive industry drive this dominance. Countries like China, India, and Japan are major vehicle manufacturers, contributing significantly to global light-duty truck production. The growing middle class, infrastructure development, and booming e-commerce sector increase demand for light-duty trucks. Additionally, stricter emissions and fuel efficiency regulations in the Asia-Pacific region prompt manufacturers to adopt advanced steering systems like EPS to meet these standards.

Product Code: 10754

Chapter 1 Methodology and Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Raw material suppliers
- 3.2.2 Component manufacturers
- 3.2.3 System integrators
- 3.2.4 OEMs
- 3.2.5 Distributors and retailers
- 3.2.6 End Users
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Increasing adoption of advanced driver assistance systems
  - 3.8.1.2 Growth in light-duty truck production volumes
  - 3.8.1.3 Enhanced safety regulations and standards
  - 3.8.1.4 Technological advancements in steering system designs
- 3.8.2 Industry pitfalls and challenges
  - 3.8.2.1 High cost of advanced steering technologies
  - 3.8.2.2 Supply chain disruptions affecting component availability
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share
4.3 Competitive analysis of major market players
4.4 Competitive positioning matrix
4.5 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Steering System, 2021-2032 ($Bn, Units)

5.1 Key trends
5.2 Manual
5.3 Power
- 5.3.1 Hydraulic power steering (HPS)
- 5.3.2 Electric power steering (EPS)
- 5.3.3 Electro-hydraulic power steering (EHPS)

Chapter 6 Market Estimates and Forecast, By Vehicle, 2021-2032 ($Bn, Units)

6.1 Key trends
6.2 Pickup Trucks
- 6.2.1 Manual
- 6.2.2 Power
  - 6.2.2.1 Hydraulic power steering (HPS)
  - 6.2.2.2 Electric power steering(EPS)
  - 6.2.2.3 Electro-hydraulic power steering (EHPS)
6.3 Vans
- 6.3.1 Manual
- 6.3.2 Power
  - 6.3.2.1 Hydraulic power steering (HPS)
  - 6.3.2.2 Electric power steering (EPS)
  - 6.3.2.3 Electro-hydraulic power steering (EHPS)

Chapter 7 Market Estimates and Forecast, By Sales Channel, 2021-2032 ($Bn, Units)

7.1 Key trends
7.2 OEM
7.3 Aftermarket

Chapter 8 Market Estimates and Forecast, By Technology, 2021-2032 ($Bn, Units)

8.1 Key trends
8.2 Hydraulic steering
8.3 Electrically assisted steering
8.4 Autonomous steering

Chapter 9 Market Estimates and Forecast, By Region, 2021-2032 ($Bn, Units)

9.1 Key trends, by region
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.3.8 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 MEA
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 ATS Automation Tooling Systems Inc.
10.2 BorgWarner Inc.
10.3 Continental AG
10.4 Delphi Technologies
10.5 Denso Corporation
10.6 Hitachi Automotive Systems Ltd.
10.7 Hyundai Mobis Co., Ltd.
10.8 JTEKT Corporation
10.9 KYB Corporation
10.10 Mando Corporation
10.11 Maval Industries LLC
10.12 Nexteer Automotive Group Limited
10.13 NSK Ltd.
10.14 Robert Bosch GmbH
10.15 Schaeffler Group
10.16 Showa Corporation
10.17 Thyssenkrupp AG
10.18 Timken Company
10.19 TRW Automotive Holdings Corp.
10.20 ZF Friedrichshafen AG