Light Duty Truck Steering System Market Size

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.

To get key market trends

  Download Free Sample

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.