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The medium and heavy-duty truck steering system market share is expected to increase by 1401.00 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.05%.
This medium and heavy-duty truck steering system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medium and heavy-duty truck steering system market segmentation by application (medium-duty truck and heavy-duty truck), geography (APAC, North America, Europe, South America, and MEA), and type (hydraulic power steering, electro-hydraulic power steering, and electric power steering). The medium and heavy-duty truck steering system market report also offers information on several market vendors, including AB Volvo, China Automotive Systems Inc., Hyundai Motor Co., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Nexteer Automotive Group Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG among others.
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The dynamic steering for medium and heavy-duty trucks is notably driving the medium and heavy-duty truck steering system market growth, although factors such as high manufacturing cost of medium and heavy-duty trucks may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medium and heavy-duty truck steering system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Medium and Heavy-duty Truck Steering System Market Driver
One of the key factors driving growth in the medium and heavy-duty truck steering system market is the dynamic steering for medium and heavy-duty trucks. Earlier, buyers of commercial vehicles usually looked for features that were more functional in nature and offered better performance, reliability, and durability. However, fleet operators are now looking more at safety, comfort, and convenience features, like driver fatigue detection, collision avoidance, attention assist, dynamic steering systems, surround-view parking, and lane departure warning (LDW) systems. The integration of dynamic steering systems with stability assist and lane-keeping assist features has also been made possible by the manufacturers of dynamic steering systems. Therefore, advanced steering technologies such as dynamic steering aid in enhancing driver safety and comfort. Being a more advanced technology than the conventional steering system, the profit margins are higher in the dynamic steering system segment. These advantages are increasing the adoption of dynamic steering systems in medium and heavy-duty trucks, which will have a positive impact on the global medium and heavy-duty trucks steering system market in terms of revenue during the forecast period.
Key Medium and Heavy-duty Truck Steering System Market Trend
Truck platooning helps in the growth of automated steering wheels, which will be a key trend in the medium and heavy-duty truck steering system market. The truck platooning concept (enabled by automated driving technologies) has been hailed as the future of the transportation industry. With automated driving technology penetrating the passenger cars segment and commercial vehicle segment at a higher level, truck platooning will be viewed as an essential feature of the self-driven truck. The concept may even get standardized in self-driven trucks. This technology will play a huge part in the development of automated steering wheels, which is a rising trend in the medium and heavy-duty trucks steering system market. Truck platooning is currently being tested across the globe with the aim of commercializing such technologies soon. An increase in truck platooning activities will increase the adoption of automated steering systems, which will have a positive impact on the global medium and heavy-duty trucks steering system market in the near future.
Key Medium and Heavy-duty Truck Steering System Market Challenge
The high manufacturing cost of medium and heavy-duty trucks will be a major challenge for the medium and heavy-duty truck steering system market during the forecast period. The incorporation of advanced technologies in medium and heavy-duty trucks will increase their manufacturing cost, which would be partially pushed onto end-users. This will slow down the sales of new medium and heavy-duty trucks due to the rise in price, which will ultimately adversely affect the growth of the medium and heavy-duty trucks steering system market. The manufacture of medium and heavy-duty trucks is capital-intensive. Higher manufacturing costs have reduced the profit margins for automotive OEMs. Moreover, medium and heavy-duty trucks require continuous maintenance and repairs, which again increases the total cost of ownership. These factors, which increase the manufacturing costs, force manufacturers to pass on the increased cost to customers, which will reduce the sales of new medium and heavy-duty trucks. This will be a challenge for the global medium and heavy-duty trucks steering system market.
This medium and heavy-duty truck steering system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global medium and heavy-duty truck steering system market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medium and heavy-duty truck steering system market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the medium and heavy-duty truck steering system market encompasses successful business strategies deployed by the key vendors. The medium and heavy-duty truck steering system market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
AB Volvo - The company offers a Medium and Heavy Duty Truck Steering System designed to lessen steering force, helping reduce driver fatigue and increase road safety.
AB Volvo -The trucks segment focuses on manufacturing, development, and sales of trucks.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medium and heavy-duty truck steering system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the medium and heavy-duty truck steering system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive components and accessories market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Market Landscape
Executive Summary
Market Landscape
Market Sizing
Market Sizing
Five Forces Analysis
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Application
Market Segmentation by Type
Market Segmentation by Type
Geographic Landscape
Geographic Landscape
Vendor Landscape
Vendor Landscape
Vendor Analysis
Vendor Analysis
Appendix
Appendix
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