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The commercial vehicle steering system market size is estimated to grow by USD 4.06 billion at a CAGR of 5.58% between 2022 and 2027. Market growth is shaped by various factors, notably the adoption of electrification in automotive components, leading to enhanced control and efficiency. The rising utilization of driver-assisted technologies in commercial vehicles is also contributing positively by improving safety and productivity levels. Moreover, there's a noticeable trend toward the use of commercial vehicles for freight transportation, which is a key driver of market expansion. This shift underscores the increasing demand for efficient and reliable solutions in goods transportation. Collectively, these factors illustrate a dynamic landscape where technological advancements and changing preferences converge to drive the growth trajectory of the market, catering to the evolving needs of industries reliant on transportation and logistics.
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The market encompasses advanced technologies in Manual Steering and steering-mounted electronics for Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. These systems play a crucial role in ensuring fuel efficiency and pollution control. In the context of the automotive industry, Manufacturing plants and Business areas are significant contributors to this market. However, travel bans and market contraction can impact the demand. The integration of Electric Motor and Hydraulic Pump in steering systems is a notable trend. Logistics and Supply chain rely on these vehicles for raw material shipments and operational plants' smooth functioning. The advent of Electric Vehicles and Autonomous Driving Controls is further expanding the market scope.
Commercial Vehicle Steering Systems are essential for effective vehicle handling and safety. They are integral to the functioning of the automotive industry, particularly in the context of Light and Heavy Commercial Vehicles. The market's growth is driven by the increasing demand for advanced braking systems and the need for improved fuel efficiency and emissions reduction. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. Automotive steering torque sensors play a crucial role in enhancing the precision and responsiveness of commercial vehicle steering systems. These sensors provide accurate measurement of steering torque, enabling efficient control and maneuverability, which are critical for ensuring safety and optimizing vehicle performance. A holistic analysis of these sensors' impact on steering system technology will help companies refine their marketing strategies to gain a competitive advantage in the evolving commercial vehicle market landscape.
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 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 forecasting 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 market growth analysis strategies.
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 market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 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 (LCV) 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 8.51 billion in 2018. One of the main light commercial vehicles used 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 43% 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 research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is a significant sector in the automotive industry. This market encompasses various components such as power steering systems, electric steering systems, and hydraulic steering systems. The demand for commercial vehicles is on the rise due to increasing trade activities and economic growth. Steering systems play a crucial role in ensuring vehicle maneuverability and safety. The market landscape depends on Automotive steering system market, Global Automotive Steering Market, Global automotive steering system market, Automotive Exterior Products Research, Automotive Steering Market, Steering Column, rack and pinion steering system, automatic steering system, response to the driver, sales of automobiles. Commercial vehicles, including buses, trucks, and trailers, require robust steering systems to navigate complex road conditions. The steering system market caters to this need by providing advanced solutions like electric power steering (EPS) and hydraulic power steering (HPS).
Moreover, these systems offer benefits like improved fuel efficiency, reduced emissions, and enhanced vehicle handling. Moreover, the integration of advanced technologies like sensors, electronics, and software in steering systems is driving market growth. The market landscape depends on Automotive Steering System Market Size, Automotive Steering System Market Analysis, ASR and DSR, Torque sensor, Steering wheel speed sensor, Position sensor, LeddarTech, Lightweight steering systems, and Electric Vehicle Market. These technologies enable features like vehicle stability control, power assist, and regenerative braking. Additionally, the growing trend toward autonomous and electric commercial vehicles is expected to create new opportunities for steering system manufacturers. In conclusion, the market is a dynamic and evolving sector. It is driven by factors like increasing demand for commercial vehicles, technological advancements, and regulatory requirements. Steering system manufacturers must stay abreast of these trends to remain competitive and cater to the evolving needs of the industry.
Furthermore, the market is witnessing a significant surge, and this growth extends to the market as well. Automotive research and auto parts research have shown a clear trend toward advanced steering technologies, especially in electrically assisted steering systems. Commercial vehicles are increasingly adopting electric power hydraulic steering (EPHS) and fully electric power steering (EPS) systems to enhance engine performance and improve passenger comfort. Research and development programs are focusing on automatic steering systems that offer swift response to the driver's inputs, enhancing overall vehicle performance. Moreover, the market is witnessing a rise in the adoption of mechatronic iRWS systems and Steer by Wire (SbW) technology, integrating software and electronics for efficient steering control. In line with the trend towards fuel-efficient cars and electric vehicles, the market is also embracing innovations such as ASR (Advanced Steering Response) and DSR (Dynamic Steering Response). These systems utilize advanced ECU, torque sensors, steering wheel speed sensors, and position sensors to optimize steering performance.
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Market Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
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Market growth 2024-2028 |
USD 4.06 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.18 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, Mexico, Canada, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 |
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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 forecast period |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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