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Light Duty Truck Steering System Market Trends

  • Report ID: GMI10754
  • Published Date: Aug 2024
  • Report Format: PDF

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.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of light duty truck steering system reached USD 2.8 billion in 2023 and is set to register over 2% CAGR between 2024 and 2032, due to the increasing adoption of advanced driver assistance systems.

The power segment held 84% revenue share in 2023, owing to its ability to significantly enhance driving comfort and vehicle handling.

Asia Pacific market accounted for 38% revenue share in 2023, attributed to rapid urbanization, industrial growth, and the expanding automotive industry.

Bosch, Hyundai Mobis Co., Ltd., Mando Corporation, NSK Ltd., Thyssenkrupp AG, TRW Automotive Holdings Corp., and ZF Friedrichshafen AG, among others.

Light Duty Truck Steering System Market Scope

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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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