Home > Automotive > Automotive Parts > Transmission and Drivetrain > Medium Duty Truck Steering System Market

Medium Duty Truck Steering System Market Size

Report ID: GMI11886
Published Date: Oct 2024
Report Format: PDF

Download Free Sample

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.

To get key market trends

Download Free Sample

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.

Medium Duty Truck Steering System Market Report Attributes
Report Attribute	Details
Base Year:	2023
Medium Duty Truck Steering System Market Size in 2023:	USD 1.61 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.9%
2032 Value Projection:	USD 2.49 Billion
Historical Data for:	2021 - 2023
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Steering System, Class, Application, Sales Channel
Growth Drivers:	Increasing demand for fuel efficiency Rapid advancements in steering technologies Rising adoption of Advanced Driver Assistance Systems (ADAS) Stringent government regulations
Pitfalls & Challenges:	High costs of advanced steering systems Complexity of steering systems

Learn more about the key segments shaping this market

Download Free Sample

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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of medium-duty truck steering system reached USD 1.61 billion in 2023 and is set to grow at a 4.9% CAGR from 2024 to 2032, driven by the increasing adoption of Advanced Driver Assistance Systems (ADAS).

The OEM segment held around 70% of the market share in 2023, underscoring their pivotal role in vehicle manufacturing and their strong relationships with vehicle manufacturers.

The U.S. market accounted for over 80% of the revenue share in 2023 and is poised to reach over USD 450 million by 2032, led by high demand for logistics, transportation, and delivery services.

The major players in the industry include Aisin Seiki, Bosch, Delphi, Hitachi, Infineon, JTEKT, Mando, Nexteer, ThyssenKrupp, and ZF Friedrichshafen.