Medium Duty Truck Steering System Market Size - By Steering System, By Class, By Application, By Sales Channel, Forecast, 2024 - 2032

Medium Duty Truck Steering System Market Size

The global medium duty truck steering system market size was valued at USD 1.61 billion in 2023 and is projected to grow at a CAGR of 4.9% between 2024 and 2032. The growing use of Advanced Driver Assistance Systems (ADAS) is significantly impacting the market by increasing the demand for advanced steering technologies. ADAS includes safety features such as lane-keeping assist, adaptive cruise control, and automated emergency braking, all of which need precise and responsive steering.
 

This requirement has led manufacturers to develop advanced steering systems that integrate well with these technologies. Electric power steering is becoming popular due to its compatibility with ADAS, enhancing vehicle control and responsiveness. For instance, in September 2024, Gauzy unveiled its next-generation AI-powered Advanced Driver Assistance System (ADAS) specifically designed for commercial trucks at the IAA Transportation 2024 event, that took place from September 17 to 22, 2024, in Hannover, Germany. This innovative system, known as the Smart-Vision Camera Monitor System (CMS), aims to enhance safety and operational efficiency in the trucking industry.
 

Fuel efficiency demand is another key growth driver in the medium duty truck steering system industry, pushing manufacturers and fleet operators to adopt technologies that boost vehicle performance. With fuel prices fluctuating and environmental regulations tightening, medium-duty trucks face increasing pressure to enhance their efficiency. Steering systems are pivotal to this efficiency as these technological advancements can significantly cut energy consumption and refine vehicle dynamics.
 

Medium Duty Truck Steering System Market Trends

The medium duty truck steering system industry is currently undergoing several pivotal trends that are influencing its future direction. A prominent trend is the transition to electric power steering systems. EPS, in contrast to conventional hydraulic systems, not only boosts fuel efficiency and lightens vehicle weight but also enhances steering response and driver comfort. This transition is primarily fueled by an increasing focus on sustainability and cost-effectiveness in fleet operations. In response, manufacturers are channeling investments into EPS technologies, leading to the production of lighter and more efficient vehicles.
 

Moreover, the medium-duty truck sector is increasingly focusing on automation and connectivity. With the rise of connected vehicle technologies, fleet managers can now use real-time monitoring and data analytics to improve performance and maintenance schedules. Steering systems are also becoming part of this connected ecosystem, using sensors and software for better control and diagnostics. These advancements enhance vehicle efficiency and reliability, driving the market forward.
 

The high costs of advanced steering systems are hindering the growth of the medium duty truck steering system market. Manufacturers are trying to add new technologies such as electric power steering, advanced driver assistance systems (ADAS), and connected vehicle features. However, the initial investment for research, development, and production is high. This financial burden often leads to higher prices for consumers. These higher prices can discourage fleet operators, especially smaller businesses with limited budgets, from upgrading their vehicles or buying new models with these advanced systems.
 

Medium Duty Truck Steering System Market Analysis

Based on steering system, the market is segmented into manual and power. In 2023, the power segment accounted for over 80% of the market share and is expected to exceed USD 2 billion by 2032. Power steering systems dominate the steering segment of the medium duty truck steering system industry due to their advantages over traditional manual systems. A major benefit of power steering, especially electric and hydraulic, is the ease of steering.
 

This is important for medium-duty trucks, which often operate in challenging environments. These trucks frequently navigate tight urban areas and heavy traffic, where responsive steering is crucial for safe and efficient maneuvering. By reducing the physical effort needed from the driver, power steering systems make vehicle control easier, especially at low speeds or during complex maneuvers.
 

Based on sales channel, the medium duty truck steering system market is divided into OEM and aftermarket. The OEM segment held around 70% of the market share in 2023. OEMs dominate the sales channel segment, underscoring their pivotal role in vehicle manufacturing. As designers, producers, and installers of steering systems in new vehicles, OEMs are vital to the supply chain. Their strong ties with vehicle manufacturers allow them to deliver steering systems tailored to the distinct specifications and performance needs of medium-duty trucks.
 

Such collaboration not only ensures seamless integration with other vehicle components but also boosts overall performance and safety. Furthermore, OEMs leverage economies of scale, enabling them to manufacture steering systems more cost-effectively than aftermarket suppliers. This cost edge becomes crucial in a competitive landscape, particularly as fleet operators increasingly seek budget-friendly solutions.
 

U.S. region accounted for a medium duty truck steering system market share of over 80% in 2023 and is expected to reach over USD 450 million by 2032, driven by high demand for logistics, transportation, and delivery services. With a well-established network of highways and infrastructure, businesses rely heavily on medium-duty trucks for freight movement, creating a consistent demand for steering systems tailored to this segment.
 

Additionally, the presence of leading OEMs and a strong manufacturing base in the U.S. significantly influences the market dynamics. Major truck manufacturers, such as Freightliner, Ford, and International, are headquartered in the U.S. and have extensive operations within the country. This concentration of manufacturers fosters a competitive environment where advanced steering technologies are developed and implemented, further enhancing the market for steering systems.
 

Furthermore, North America regulatory frameworks are becoming stricter regarding safety and emissions standards. These regulations require manufacturers to adopt advanced technologies that ensure compliance and improve vehicle functionality. As a result, the demand for reliable and efficient steering systems that support these technologies is increasing.
 

Increasing focus on fuel efficiency and operational cost reduction is expected to propel the Europe market growth. As businesses seek to lower expenses, advanced steering systems that improve vehicle handling and reduce tire wear become essential. Moreover, the adoption of smart technologies, such as real-time vehicle monitoring and driver assistance systems, enhances safety and efficiency. These factors collectively drive demand for modern steering solutions in the medium-duty truck segment.
 

Asia-Pacific market growth is driven by rapid urbanization and increased demand for logistics and transportation services. Expanding e-commerce and infrastructure projects necessitate more efficient medium-duty trucks, leading to innovations in steering systems. Additionally, rising fuel efficiency regulations and a focus on vehicle safety are supporting manufacturers to adopt advanced technologies.
 

Medium Duty Truck Steering System Market Share

Bosch, ZF Friedrichshafen, and ThyssenKrupp collectively held a substantial market share of over 15% in the medium duty truck steering system industry in 2023. These companies are leaders in the automotive components industry, offering innovative steering solutions that improve vehicle performance, safety, and driver comfort. They continuously invest in research and development to enhance their products. By developing new steering technologies, such as automated steering systems and adaptive control algorithms, they aim to meet changing market needs and regulatory standards.
 

Bosch holds a significant share in the medium duty truck steering system industry due to its expertise in automotive technologies and focus on innovation. The company invests heavily in research and development to create advanced steering solutions, such as electronic power steering (EPS) and integrated steering systems that improve vehicle performance, safety, and fuel efficiency.
 

ZF Friedrichshafen is a leading player in the medium duty truck steering system industry, known for its technological advancements and wide range of products. The company focuses on developing innovative steering technologies, including adaptive steering systems and integrated solutions that enhance vehicle handling and safety.
 

ThyssenKrupp is a prominent player in the medium duty truck steering system market, recognized for its engineering expertise and focus on innovation. The company offers a wide range of steering systems, including advanced electronic steering solutions that improve vehicle performance and safety.
 

Medium Duty Truck Steering System Market Companies

Major players operating in the medium duty truck steering system industry are:

• Aisin Seiki
• Bosch
• Delphi
• Hitachi
• Infineon
• JTEKT
• Mando
• Nexteer
• ThyssenKrupp
• ZF Friedrichshafen
   

Medium Duty Truck Steering System Industry News

• In August 2024, Nexteer Automotive announced the launch of its Modular Pinion-Assist Electric Power Steering (mPEPS) system, expanding its range of cost-effective, modular electric power steering (EPS) solutions. This new system includes both Single-Pinion and Dual-Pinion configurations, enhancing flexibility for original equipment manufacturers (OEMs).
   
• In February 2024, Korea's HL Mando launched a joint venture with China's Tianrun Industrial Technology Co., named Tianrun Mando, to focus on the production of electric power steering systems for commercial vehicles. This partnership aims to expand HL Mando's global business footprint, particularly in the rapidly growing market for electric vehicle components. The joint venture is based in Shandong, China, and will initially target the Chinese market, the world's second-largest for commercial vehicles, before expanding to other regions
   

The  medium duty truck steering system market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and shipment (units) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Steering System

• Manual
• Power
  • Hydraulic Power Steering (HPS)
  • Electric Power Steering (EPS)
  • Electro-Hydraulic Power Steering (EHPS)

Market, By Class

• Class 4
• Class 5
• Class 6

Market, By Application

• Construction & mining
• Freight & logistics
• Others

Market, By Sales Channel

• OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa