PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503315
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503315
Commercial Vehicle Steering Systems Market Forecasts to 2030 - Global Analysis By Type, Sales Channel (Original Equipment Manufacturer and Aftermarket), Application and By Geography
According to Stratistics MRC, the Global Commercial Vehicle Steering Systems Market is accounted for $4.70 billion in 2024 and is expected to reach $7.28 billion by 2030 growing at a CAGR of 7.58% during the forecast period. The steering systems of commercial vehicles are essential for ensuring that trucks, buses, and other heavy-duty vehicles can maneuver safely and effectively. These systems are designed to withstand the heavy load and variety of operating environments that come with commercial vehicles. Moreover, to lessen the effort needed for steering, particularly when maneuvering around tight turns or carrying large loads, they usually use power-assisted systems like hydraulic or electric power steering.
According to the American Trucking Associations (ATA), the trucking industry plays a crucial role in the economy by transporting goods safely and efficiently across the nation, serving as the backbone of commerce and supply chains.
Market Dynamics:
Driver:
Growing worldwide demand for commercial vehicles
The demand for commercial vehicles is rising globally due to the growing need for the transportation of people and goods across a variety of industries, including construction, logistics, and public transportation. Urbanization, the expansion of e-commerce, and the development of infrastructure are some of the factors that drive up demand for trucks, buses, and other commercial vehicles. Additionally, this in turn drives up demand for sophisticated steering systems that guarantee safe and effective operation.
Restraint:
Excessive up-front and ongoing costs
The hefty upfront costs of these technologies are one of the main barriers to the widespread use of sophisticated steering systems in commercial cars. At the time of original vehicle purchase or retrofitting, advanced steering systems like electric power steering (EPS) or steer-by-wire solutions frequently require a sizable financial outlay. Furthermore, fleet operators may incur higher ongoing operating costs if these systems need specialized maintenance and repair procedures.
Opportunity:
Growing interest in autonomous and electric vehicles
Manufacturers of steering systems have a lot of opportunities due to the growing interest in electric and autonomous commercial vehicles. Because of their compatibility with cutting-edge vehicle control systems and potential for increased energy efficiency, steer-by-wire and electric power steering (EPS) technologies are well-suited for integration into electric and autonomous vehicle platforms. Moreover, innovative steering solutions that are suited to the particular needs of these new vehicle segments are becoming more and more in demand as the use of electric and autonomous vehicles grows.
Threat:
Component shortages and supply chain disruptions
The market for steering systems for commercial vehicles is dependent on intricate international supply chains that include a range of parts, raw materials, and production techniques. Production delays and shortages of essential components can result from supply chain disruptions caused by natural disasters, geopolitical conflicts, or unforeseen events like the COVID-19 pandemic. Additionally, the ability of steering system manufacturers to meet customer demand and uphold contractual obligations may be impacted by these disruptions, which may also lengthen lead times, disrupt manufacturing operations, and affect product availability.
Covid-19 Impact:
Due to supply chain disruptions, a decrease in vehicle production, and a decline in demand, the COVID-19 pandemic had a significant effect on the market for commercial vehicle steering systems. Lockdown protocols, travel bans, and financial instability caused a global drop in fleet operations and sales of commercial vehicles, which in turn reduced demand for steering system components. Furthermore, a lack of workers and logistical difficulties forced some manufacturing facilities to temporarily close or reduce production, which disrupted the supply chain and caused delays in the delivery of steering system components.
The Electronic Power Steering segment is expected to be the largest during the forecast period
The Electronic Power Steering (EPS) segment holds the largest market share in the commercial vehicle steering systems market. This market has grown significantly because of its benefits over conventional hydraulic systems. In comparison to hydraulic power steering, electronic power steering (EPS) provides increased fuel efficiency, precise control, and lower maintenance needs. Additionally, EPS systems are a popular option for commercial vehicle manufacturers looking to improve performance and safety because they seamlessly integrate with contemporary vehicle electronics and assistive technologies.
The Light Commercial Vehicles segment is expected to have the highest CAGR during the forecast period
The Commercial Vehicle Steering Systems Market's LCV segment is anticipated to hold the highest CAGR. Numerous factors that are fueling the demand for LCVs worldwide can be blamed for this growth. The need for efficient last-mile delivery solutions, e-commerce growth, and urbanization have driven demand for last-mile delivery vehicles (LCVs), which has in turn increased demand for steering systems designed specifically for these vehicles. Moreover, this rise has also been accelerated by technological developments, such as the incorporation of electronic power steering (EPS) systems in light-duty vehicles.
Region with largest share:
In terms of market share for commercial vehicle steering systems, the Asia-Pacific region is projected to hold the largest share. There are a number of reasons for this dominance, including the quick industrialization and urbanization of nations like China and India, which has raised the need for commercial vehicles in a number of industries, including transportation, construction, and logistics. Additionally, favorable government policies that encourage the expansion of manufacturing sectors and the development of infrastructure also serve to increase demand for commercial vehicles and the related steering systems in the area.
Region with highest CAGR:
North America is the region with the highest CAGR in the commercial vehicle steering systems market. The region is growing because of things like building activity, infrastructure development projects, and the growing demand for commercial vehicles brought on by the thriving e-commerce sector. Furthermore, the need for cutting-edge steering systems in commercial vehicles is being driven by the adoption of cutting-edge technologies like autonomous driving features and electric power steering (EPS). Stricter laws designed to increase vehicle safety and fuel economy are also pushing advanced steering system adoption, which is boosting market expansion.
Key players in the market
Some of the key players in Commercial Vehicle Steering Systems market include Mahindra and Mahindra Ltd, Hitachi Ltd, Nexteer Automotive Corp., ATS Automation Tooling Systems Inc, Robert Bosch GmbH, ZF Friedrichshafen AG, Global Steering Systems LLC, Mitsubishi Electric Corp, Hyundai Mobis Co. Ltd., R. H. Sheppard Co. Inc, China Automotive Systems Inc, Knorr Bremse AG, Unique Metal Products Inc, Mando Corp and Thyssenkrupp AG.
Key Developments:
In June 2024, Hitachi Ltd. and Microsoft Corp. announced a projected multibillion-dollar collaboration over the next three years that will accelerate social innovation with generative AI. Through this strategic alliance, Hitachi will propel growth of the Lumada business, with a planned revenue of 2.65 trillion yen (18.9 billion USD)*1 in FY2024, and will promote operational efficiency and productivity improvements for Hitachi Group's 270,000 employees.
In February 2024, Mahindra & Mahindra Ltd. (M&M) and Volkswagen Group have signed the first supply agreement on components of Volkswagen's MEB for Mahindra's purpose-built electric platform INGLO, taking a definitive step further on their joint vision for e-mobility collaboration. The deal covers the supply of certain electric components as well as unified cells.
In July 2023, ZF Friedrichshafen AG has announced a 50-50 partnership with Hon Hai Technology Group (Foxconn) for passenger car chassis systems, a key move to accelerate and expand automotive and supply chain opportunities with top-tier customers.
Types Covered:
- Electronic Power Steering
- Hydraulic Power Steering
- Electro-Hydraulic Power Steering
- Other Types
Sales Channels Covered:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Applications Covered:
- Light Commercial Vehicles
- Medium Commercial Vehicles
- Heavy Commercial Vehicles
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Commercial Vehicle Steering Systems Market, By Type
- 5.1 Introduction
- 5.2 Electronic Power Steering
- 5.3 Hydraulic Power Steering
- 5.4 Electro-Hydraulic Power Steering
- 5.5 Other Types
6 Global Commercial Vehicle Steering Systems Market, By Sales Channel
- 6.1 Introduction
- 6.2 Original Equipment Manufacturer (OEM)
- 6.3 Aftermarket
7 Global Commercial Vehicle Steering Systems Market, By Application
- 7.1 Introduction
- 7.2 Light Commercial Vehicles
- 7.3 Medium Commercial Vehicles
- 7.4 Heavy Commercial Vehicles
- 7.5 Other Applications
8 Global Commercial Vehicle Steering Systems Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Mahindra and Mahindra Ltd
- 10.2 Hitachi Ltd
- 10.3 Nexteer Automotive Corp.
- 10.4 ATS Automation Tooling Systems Inc
- 10.5 Robert Bosch GmbH
- 10.6 ZF Friedrichshafen AG
- 10.7 Global Steering Systems LLC
- 10.8 Mitsubishi Electric Corp
- 10.9 Hyundai Mobis Co. Ltd.
- 10.10 R. H. Sheppard Co. Inc
- 10.11 China Automotive Systems Inc
- 10.12 Knorr Bremse AG
- 10.13 Unique Metal Products Inc
- 10.14 Mando Corp.
- 10.15 Thyssenkrupp AG
List of Tables
- Table 1 Global Commercial Vehicle Steering Systems Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Commercial Vehicle Steering Systems Market Outlook, By Type (2022-2030) ($MN)
- Table 3 Global Commercial Vehicle Steering Systems Market Outlook, By Electronic Power Steering (2022-2030) ($MN)
- Table 4 Global Commercial Vehicle Steering Systems Market Outlook, By Hydraulic Power Steering (2022-2030) ($MN)
- Table 5 Global Commercial Vehicle Steering Systems Market Outlook, By Electro-Hydraulic Power Steering (2022-2030) ($MN)
- Table 6 Global Commercial Vehicle Steering Systems Market Outlook, By Other Types (2022-2030) ($MN)
- Table 7 Global Commercial Vehicle Steering Systems Market Outlook, By Sales Channel (2022-2030) ($MN)
- Table 8 Global Commercial Vehicle Steering Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2022-2030) ($MN)
- Table 9 Global Commercial Vehicle Steering Systems Market Outlook, By Aftermarket (2022-2030) ($MN)
- Table 10 Global Commercial Vehicle Steering Systems Market Outlook, By Application (2022-2030) ($MN)
- Table 11 Global Commercial Vehicle Steering Systems Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
- Table 12 Global Commercial Vehicle Steering Systems Market Outlook, By Medium Commercial Vehicles (2022-2030) ($MN)
- Table 13 Global Commercial Vehicle Steering Systems Market Outlook, By Heavy Commercial Vehicles (2022-2030) ($MN)
- Table 14 Global Commercial Vehicle Steering Systems Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 15 North America Commercial Vehicle Steering Systems Market Outlook, By Country (2022-2030) ($MN)
- Table 16 North America Commercial Vehicle Steering Systems Market Outlook, By Type (2022-2030) ($MN)
- Table 17 North America Commercial Vehicle Steering Systems Market Outlook, By Electronic Power Steering (2022-2030) ($MN)
- Table 18 North America Commercial Vehicle Steering Systems Market Outlook, By Hydraulic Power Steering (2022-2030) ($MN)
- Table 19 North America Commercial Vehicle Steering Systems Market Outlook, By Electro-Hydraulic Power Steering (2022-2030) ($MN)
- Table 20 North America Commercial Vehicle Steering Systems Market Outlook, By Other Types (2022-2030) ($MN)
- Table 21 North America Commercial Vehicle Steering Systems Market Outlook, By Sales Channel (2022-2030) ($MN)
- Table 22 North America Commercial Vehicle Steering Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2022-2030) ($MN)
- Table 23 North America Commercial Vehicle Steering Systems Market Outlook, By Aftermarket (2022-2030) ($MN)
- Table 24 North America Commercial Vehicle Steering Systems Market Outlook, By Application (2022-2030) ($MN)
- Table 25 North America Commercial Vehicle Steering Systems Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
- Table 26 North America Commercial Vehicle Steering Systems Market Outlook, By Medium Commercial Vehicles (2022-2030) ($MN)
- Table 27 North America Commercial Vehicle Steering Systems Market Outlook, By Heavy Commercial Vehicles (2022-2030) ($MN)
- Table 28 North America Commercial Vehicle Steering Systems Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 29 Europe Commercial Vehicle Steering Systems Market Outlook, By Country (2022-2030) ($MN)
- Table 30 Europe Commercial Vehicle Steering Systems Market Outlook, By Type (2022-2030) ($MN)
- Table 31 Europe Commercial Vehicle Steering Systems Market Outlook, By Electronic Power Steering (2022-2030) ($MN)
- Table 32 Europe Commercial Vehicle Steering Systems Market Outlook, By Hydraulic Power Steering (2022-2030) ($MN)
- Table 33 Europe Commercial Vehicle Steering Systems Market Outlook, By Electro-Hydraulic Power Steering (2022-2030) ($MN)
- Table 34 Europe Commercial Vehicle Steering Systems Market Outlook, By Other Types (2022-2030) ($MN)
- Table 35 Europe Commercial Vehicle Steering Systems Market Outlook, By Sales Channel (2022-2030) ($MN)
- Table 36 Europe Commercial Vehicle Steering Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2022-2030) ($MN)
- Table 37 Europe Commercial Vehicle Steering Systems Market Outlook, By Aftermarket (2022-2030) ($MN)
- Table 38 Europe Commercial Vehicle Steering Systems Market Outlook, By Application (2022-2030) ($MN)
- Table 39 Europe Commercial Vehicle Steering Systems Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
- Table 40 Europe Commercial Vehicle Steering Systems Market Outlook, By Medium Commercial Vehicles (2022-2030) ($MN)
- Table 41 Europe Commercial Vehicle Steering Systems Market Outlook, By Heavy Commercial Vehicles (2022-2030) ($MN)
- Table 42 Europe Commercial Vehicle Steering Systems Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 43 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Country (2022-2030) ($MN)
- Table 44 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Type (2022-2030) ($MN)
- Table 45 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Electronic Power Steering (2022-2030) ($MN)
- Table 46 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Hydraulic Power Steering (2022-2030) ($MN)
- Table 47 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Electro-Hydraulic Power Steering (2022-2030) ($MN)
- Table 48 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Other Types (2022-2030) ($MN)
- Table 49 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Sales Channel (2022-2030) ($MN)
- Table 50 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2022-2030) ($MN)
- Table 51 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Aftermarket (2022-2030) ($MN)
- Table 52 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Application (2022-2030) ($MN)
- Table 53 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
- Table 54 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Medium Commercial Vehicles (2022-2030) ($MN)
- Table 55 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Heavy Commercial Vehicles (2022-2030) ($MN)
- Table 56 Asia Pacific Commercial Vehicle Steering Systems Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 57 South America Commercial Vehicle Steering Systems Market Outlook, By Country (2022-2030) ($MN)
- Table 58 South America Commercial Vehicle Steering Systems Market Outlook, By Type (2022-2030) ($MN)
- Table 59 South America Commercial Vehicle Steering Systems Market Outlook, By Electronic Power Steering (2022-2030) ($MN)
- Table 60 South America Commercial Vehicle Steering Systems Market Outlook, By Hydraulic Power Steering (2022-2030) ($MN)
- Table 61 South America Commercial Vehicle Steering Systems Market Outlook, By Electro-Hydraulic Power Steering (2022-2030) ($MN)
- Table 62 South America Commercial Vehicle Steering Systems Market Outlook, By Other Types (2022-2030) ($MN)
- Table 63 South America Commercial Vehicle Steering Systems Market Outlook, By Sales Channel (2022-2030) ($MN)
- Table 64 South America Commercial Vehicle Steering Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2022-2030) ($MN)
- Table 65 South America Commercial Vehicle Steering Systems Market Outlook, By Aftermarket (2022-2030) ($MN)
- Table 66 South America Commercial Vehicle Steering Systems Market Outlook, By Application (2022-2030) ($MN)
- Table 67 South America Commercial Vehicle Steering Systems Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
- Table 68 South America Commercial Vehicle Steering Systems Market Outlook, By Medium Commercial Vehicles (2022-2030) ($MN)
- Table 69 South America Commercial Vehicle Steering Systems Market Outlook, By Heavy Commercial Vehicles (2022-2030) ($MN)
- Table 70 South America Commercial Vehicle Steering Systems Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 71 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Country (2022-2030) ($MN)
- Table 72 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Type (2022-2030) ($MN)
- Table 73 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Electronic Power Steering (2022-2030) ($MN)
- Table 74 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Hydraulic Power Steering (2022-2030) ($MN)
- Table 75 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Electro-Hydraulic Power Steering (2022-2030) ($MN)
- Table 76 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Other Types (2022-2030) ($MN)
- Table 77 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Sales Channel (2022-2030) ($MN)
- Table 78 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Original Equipment Manufacturer (OEM) (2022-2030) ($MN)
- Table 79 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Aftermarket (2022-2030) ($MN)
- Table 80 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Application (2022-2030) ($MN)
- Table 81 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Light Commercial Vehicles (2022-2030) ($MN)
- Table 82 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Medium Commercial Vehicles (2022-2030) ($MN)
- Table 83 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Heavy Commercial Vehicles (2022-2030) ($MN)
- Table 84 Middle East & Africa Commercial Vehicle Steering Systems Market Outlook, By Other Applications (2022-2030) ($MN)
