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Light Duty Truck Steering System Market Size - By Steering System (Manual, Power), By Vehicle (Pickup Trucks, Vans), By Technology (Hydraulic, Electrically Assisted, Autonomous), By Sales Channel (OEM, Aftermarket) & Forecast, 2024 - 2032
Report ID: GMI10754
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Published Date: August 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 20
Tables & Figures: 341
Countries covered: 25
Pages: 250
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Light Duty Truck Steering System Market Size
Light Duty Truck Steering System Market size was valued at USD 2.8 billion in 2023 and is estimated to register a CAGR of over 2% between 2024 and 2032. The growing popularity of light-duty trucks for both personal and commercial use is a significant factor driving the market for steering systems. These trucks are preferred for their versatility, combining the capacity to carry goods with the maneuverability needed for urban environments.
As consumers and businesses increasingly favor these vehicles for tasks ranging from daily commuting to last-mile delivery, the demand for reliable and advanced steering systems that enhance driving comfort and vehicle performance is rising.
In December 2023, Nexteer Automotive announced a major milestone, achieving global production of 100 million electric power steering (EPS) systems. This achievement highlights Nexteer's leadership in the EPS market, demonstrating its capacity to serve over 60 customers around the world.
Further, there is a growing emphasis on vehicle safety, driven both by consumer awareness and regulatory requirements. Steering systems play a critical role in vehicle safety, with modern systems offering features such as automated steering corrections and lane-keeping assistance. These technologies help prevent accidents by enhancing driver control and stability, particularly in challenging driving conditions. The increasing focus on safety is leading to higher adoption of advanced steering systems in light-duty trucks, which is positively impacting light duty truck steering system market growth.
The high cost associated with advanced steering technologies, systems such as electric power steering (EPS), and steer-by-wire involve sophisticated electronics, sensors, and motors, which drive up manufacturing costs compared to traditional hydraulic systems. This increased cost can be a barrier to widespread adoption, particularly in price-sensitive markets or among smaller manufacturers with limited budgets.
Additionally, the need for specialized maintenance and repair for these advanced systems can add to the overall cost of ownership, making it less attractive to consumers and fleet operators who prioritize affordability. As a result, balancing the benefits of advanced steering systems with cost considerations remains a critical challenge for manufacturers aiming to penetrate diverse market segments.
Light Duty Truck Steering System Market Trends
The integration of autonomous driving features into steering systems is gaining momentum. As the automotive industry moves towards higher levels of vehicle automation, steering systems are evolving to support functions such as lane-keeping, automated parking, and even full self-driving capabilities. These systems require precise and responsive steering control, driving innovation and development in the steering technology space. Manufacturers are increasingly focusing on enhancing steering systems to meet the demands of autonomous vehicles, making this a critical area of growth and competition.
In April 2024, ComNav Technology Ltd. introduced the AG502 Auto Steering System, an advanced solution aimed at boosting agricultural efficiency. The AG502 integrates high-precision satellite reception, positioning, navigation, and automatic driving features. It includes a GNSS tablet, an electric steering wheel, two angle sensors, and two GNSS antennas, all designed for straightforward installation and calibration.
A noticeable shift towards electrification in the light-duty truck market is significantly influencing steering system design and implementation. Electric Power Steering (EPS) systems are particularly well-suited for electric vehicles, due to their energy efficiency and integration with electronic vehicle architectures. As the adoption of electric light-duty trucks accelerates, driven by environmental regulations and consumer demand for greener vehicles, the demand for electric-compatible steering systems are also rising. This trend is pushing manufacturers to innovate and produce steering systems that are not only compatible with electric powertrains but also enhance the overall efficiency and driving experience of electric trucks.
Light Duty Truck Steering System Market Analysis
Based on the steering system, th market is divided into manual and power. In 2023, the power accounted for a market share of around 84% and dominated the light duty truck steering system market due to its ability to significantly enhance driving comfort and vehicle handling. These systems reduce the physical effort required to steer the vehicle, making it easier for drivers to maneuver trucks, especially in urban environments or during tasks such as parking and low-speed navigation. This ease of use is particularly important for light-duty trucks, which are often used in diverse conditions ranging from city streets to rural areas.
Additionally, modern power steering systems, such as electric power steering (EPS), offer improved fuel efficiency by eliminating the need for a constantly running hydraulic pump, further contributing to their popularity. The ability to integrate with advanced driver assistance systems (ADAS) and autonomous driving technologies makes power steering systems in the preferred choice for manufacturers, as they provide the necessary precision and responsiveness for these features. This combination of driver convenience, fuel efficiency, and technological compatibility has cemented power steering as the dominant steering system in the light-duty truck market.
Based on vehicle, the light duty truck steering system market is categorized into pickup trucks and vans. In 2023, the pickup trucks segment accounted for a market share of around 74% and dominated the market due to their widespread popularity and versatile applications. These vehicles are highly favored by both consumers and businesses for their ability to perform a wide range of tasks, from personal transportation to heavy-duty commercial work.
The versatility of pickup trucks, which can handle off-road driving, towing, and hauling, makes them an essential choice for a variety of industries, including construction, agriculture, and logistics. This broad usage drives the demand for robust and reliable steering systems that can perform under varying conditions.
Moreover, pickup trucks are increasingly being equipped with advanced technologies, including modern power steering systems that enhance maneuverability and driving comfort. As the demand for pickup trucks continues to grow, particularly in regions such as North America where they are a staple of both personal and professional life, they naturally dominate the market.
Asia Pacific dominated the light duty truck steering system market with a major share of around 38% in 2023, owing to a combination of factors including rapid urbanization, industrial growth, and the expanding automotive industry. Countries such as China, India, and Japan are major players in vehicle manufacturing, with a significant portion of global light-duty truck production occurring in this region. The burgeoning middle class, coupled with increased infrastructure development and a growing e-commerce sector, has led to a surge in demand for light-duty trucks for both personal and commercial use.
Additionally, governments in the Asia-Pacific region are implementing stricter emissions and fuel efficiency regulations, prompting manufacturers to adopt advanced steering systems such as Electric Power Steering (EPS) to meet these standards.
In the U.S., pickup trucks are a preferred choice for personal vehicles and essential tools in various industries such as construction, agriculture, and logistics. This strong cultural and economic affinity for pickup trucks drives high demand for advanced steering systems that enhance vehicle performance, safety, and driver comfort.
Additionally, the U.S. automotive market is characterized by a focus on innovation, with manufacturers frequently integrating cutting-edge technologies such as Electric Power Steering (EPS) and autonomous driving features into their vehicles. Stringent regulatory standards related to fuel efficiency and emissions further encourage the adoption of advanced steering systems that contribute to better fuel economy and lower emissions.
The Europe region dominates the light-duty truck steering system market, primarily due to its strong automotive industry, stringent environmental regulations, and a high focus on advanced technology. Countries, particularly Germany, France, and Italy, are home to some of the world’s leading automotive manufacturers, known for their emphasis on innovation, quality, and precision engineering. This has led to the development and adoption of advanced steering systems, such as electric power steering (EPS) and steer-by-wire technologies, which are integral to the region's light-duty truck offerings.
Light Duty Truck Steering System Market Share
Bosch, ZF Friedrichshafen AG and Hyundai Mobis Co., Ltd. hold a significant market share of around 29% in light duty truck steering system industry. Bosch, a leader in automotive technology, leverages its vast expertise in electronics and software to develop advanced steering systems such as electric power steering (EPS) and steer-by-wire, which are highly valued for their precision, efficiency, and integration with driver assistance systems.
ZF Friedrichshafen AG is renowned for its comprehensive range of steering solutions that cater to both conventional and electric vehicles, offering cutting-edge systems that enhance safety, handling, and fuel efficiency. Their strong emphasis on research and development ensures that they remain at the forefront of steering technology.
Hyundai Mobis Co., Ltd., a key player in the global automotive supply chain, benefits from its close ties with Hyundai Motor Company, allowing it to tailor its steering systems to meet the specific needs of light-duty trucks. Their focus on innovation, particularly in the development of steering systems for electric and autonomous vehicles, positions them as a leader in the market.
Light Duty Truck Steering System Market Companies
The major players operating in the light duty truck steering system industry are:
Light Duty Truck Steering System Industry News
The light duty truck steering system market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($Bn) & shipment (in Units) from 2021 to 2032 for the following segments:
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Market, By Steering System
Market, By Vehicle
Market, By Sales Channel
Market, By Technology
The above information is provided for the following regions and countries: