Commercial Vehicle Steering System Market Overview:
As per MRFR analysis, the Commercial Vehicle Steering System Market Size was estimated at 12.01 (USD Billion) in 2022. The Commercial Vehicle Steering System Market Industry is expected to grow from 12.41(USD Billion) in 2023 to 16.6 (USD Billion) by 2032. The Commercial Vehicle Steering System Market CAGR (growth rate) is expected to be around 3.29% during the forecast period (2024 - 2032).
Key Commercial Vehicle Steering System Market Trends Highlighted
Several key trends are being observed in the steering system market for commercial vehicles. Another emerging trend is the repayment of advanced driver-assistance systems into commercial vehicles, like the adoption of features that allow some degree of autonomous driving. This arises out of the quest for greater safety and efficiency in the transport sector.
One area of opportunity for growth in the market for the steering system for commercial vehicles is in hitherto untapped markets where there is anticipated growth in the uptake of modern commercial vehicles. In addition, the increasing need for customized vehicles, such as off-road trucks and construction equipment, presents a market for specific steering system designs.
Other recent developments are steer by wire systems that are reliable and have improved turning ability. Moreover, steering systems are also being developed that contain machine learning and artificial intelligence (AI) for better response and stability. This development is intended to improve the normal driving experience of drivers, which will inevitably affect the performance and safety of commercial vehicles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial Vehicle Steering System Market Drivers
Increasing Demand for Enhanced Safety Features and Regulations
Focus on Road Safety and Government Regulations Boosting Demand for Advanced Steering Systems in Commercial Vehicles Governments across the globe are levying stricter safety standards in commercial vehicles. They are mandating the incorporation of systems such as lane departure warning, electronic stability control and adaptive cruise control, among others. The aforementioned amenities are completely reliant on sophisticated steering components, ensuring that the latter are highly in demand.Advanced steering systems provide commercial vehicles with enhanced handling capabilities, and staying true to the prescribed safety standards ensures that accidents become much less likely.
Advancements in Autonomous Driving Technology
The emergence of autonomous driving technology is offering new avenues for business in the Commercial Vehicle Steering System Market Industry. With the extensive application of autonomous vehicles, the need for accurate, reliable, and safe steering systems is increasing. As such, the industry players are shifting towards investing enormous resources into developing advanced technologies of steering mechanisms such as steer-by-wire and Active Steering Systems.
Growing Popularity of Electric and Hybrid Commercial Vehicles
An opportunity for the development of specialized steering systems is the ever-increasing adoption of electric and hybrid commercial vehicles. These vehicles have distinct differences in their powertrain configuration and weight distribution compared to traditional combustion engine systems. For these reasons, existing steering devices are often insufficient when trying to get the most out of an electric system. As a result of the trend, steering product manufacturers have developed an interest in the creation of unique commercial vehicle steering devices.
Commercial Vehicle Steering System Market Segment Insights:
Commercial Vehicle Steering System Market System Type Insights
The Commercial Vehicle Steering System Market is segmented by System Type into Hydraulic Steering System, Mechanical Steering System, and Electric Power Steering System. The Hydraulic Steering System segment held the largest market share in 2023, accounting for over 50% of the Commercial Vehicle Steering System Market revenue. The reason for the dominance of hydraulic steering systems is that these systems are highly reliable and durable and are capable of supplying the precise control required in heavy-duty steering applications. However, it is expected that the market share of hydraulic steering systems will diminish due to the increasing popularity of electric power steering systems.The Electric Power Steering System segment is expected to grow at the highest CAGR during the forecast period 20234-2032. The increasing popularity of electric vehicles and the growing demand for environmentally friendly and fuel-efficient steering systems will facilitate the growth of this segment. The advantage of the electric power steering system over the hydraulic system is that electric power steering systems reduce fuel consumption, provide better handling, and result in lower vehicle emissions. The Mechanical Steering System segment is expected to grow at a moderate CAGR during the forecast period 2024-2032.As mechanical steering systems are very simple and relatively cheap, they are very popular in low-cost commercial vehicles. Nevertheless, they do not provide the efficiency and precision of hydraulic and electric steering systems. The demand for this type of steering system will increase as the number of commercial vehicles rises and as advanced steering technologies are introduced.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial Vehicle Steering System Market Vehicle Type Insights
The Commercial Vehicle Steering System Market is segmented by vehicle type into light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles. Light commercial vehicles are expected to hold the largest market share in 2023, owing to their widespread use in urban areas for the transportation of goods and passengers. The medium commercial vehicle segment is projected to witness significant growth during the forecast period due to the increasing demand for efficient and reliable transportation solutions for inter-city logistics.Heavy commercial vehicles are anticipated to account for a substantial portion of the market revenue, primarily driven by the growth in the construction and mining industries. The increasing adoption of advanced steering technologies, such as electric power steering and lane departure warning systems, is expected to further drive the growth of the commercial vehicle steering system market.
Commercial Vehicle Steering System Market Propulsion System Insights
Propulsion System is a key segment in the Commercial Vehicle Steering System Market. Diesel Vehicles hold the largest market share due to their high fuel efficiency and torque, making them suitable for heavy-duty applications. In 2023, Diesel Vehicles accounted for approximately 60% of the Commercial Vehicle Steering System Market revenue. Gasoline Vehicles follow with a significant share, primarily driven by their lower initial cost and wider availability of fuel. However, Electric Vehicles and Hybrid Vehicles are gaining traction due to increasing environmental concerns and government regulations promoting sustainable transportation.The Commercial Vehicle Steering System Market for Electric Vehicles is projected to grow at a CAGR of 15.2% from 2024 to 2032, while Hybrid Vehicles are expected to grow at a CAGR of 10.5% during the same period.
Commercial Vehicle Steering System Market Steering Gear Type Insights
The Commercial Vehicle Steering System Market is segmented by Steering Gear Type into Rack and Pinion, Recirculating Ball, and Worm and Roller. In 2023, the Rack and Pinion segment held the largest market share of 45.8%, owing to its advantages such as high efficiency, low maintenance, and compact design. The Recirculating Ball segment is expected to grow at a CAGR of 3.6% during the forecast period due to its cost-effectiveness and wide usage in heavy-duty commercial vehicles. The Worm and Roller segment is projected to hold a market share of 22.5% in 2032, owing to its durability and ability to withstand high loads.The increasing demand for commercial vehicles, particularly in emerging economies, is expected to drive the growth of the Commercial Vehicle Steering System Market in the coming years.
Commercial Vehicle Steering System Market Regional Insights
The Commercial Vehicle Steering System Market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest share of the global market in 2023, owing to the presence of major automotive manufacturers in the region. The market in Europe is expected to follow North America, driven by the increasing demand for commercial vehicles in the region. The market in APAC is expected to grow at a significant rate during the forecast period due to the rising demand for commercial vehicles in emerging economies such as China and India.The market in South America is expected to grow at a moderate rate during the forecast period, owing to the increasing demand for commercial vehicles in the region. The market in MEA is expected to grow at a slow rate during the forecast period due to the political and economic instability in the region.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial Vehicle Steering System Market Key Players and Competitive Insights:
Major players in the Commercial Vehicle Steering System Market industry are constantly striving to gain a competitive edge by developing innovative products and expanding their global presence. Leading Commercial Vehicle Steering System Market players are focusing on strategic partnerships and acquisitions to strengthen their market position and enhance their product offerings. The development of the Commercial Vehicle Steering System Market is driven by the increasing demand for advanced steering systems in commercial vehicles, stringent safety regulations, and technological advancements. The Commercial Vehicle Steering System Market Competitive Landscape is characterized by intense competition, with major players investing heavily in research and development to gain market share. The entry of new players and the expansion of existing players into new markets are further intensifying the competitive landscape.ZF is a leading global player in the Commercial Vehicle Steering System Market. Headquartered in Germany, ZF offers a comprehensive range of steering systems for commercial vehicles, including hydraulic, electric, and electro-hydraulic systems. The company has a strong presence in Europe, North America, and Asia-Pacific regions. ZF is known for its innovative steering solutions, such as the Servocom and Servolectric steering systems, which enhance vehicle stability and maneuverability. The company's commitment to quality and customer satisfaction has earned it a strong reputation in the industry.One of ZF's major competitors in the Commercial Vehicle Steering System Market is TRW Automotive. Headquartered in the United States, TRW Automotive is a global supplier of automotive safety systems, including steering systems for commercial vehicles. The company has a strong presence in North America, Europe, and Asia-Pacific regions. TRW Automotive is known for its advanced steering systems, such as the Electric Power Steering (EPS) system and the Active Steering Control (ASC) system, which provide improved handling and stability. The company's focus on safety and innovation has made it a trusted partner for commercial vehicle manufacturers worldwide.
Key Companies in the Commercial Vehicle Steering System Market Include:
Commercial Vehicle Steering System Market Industry Developments
The Commercial Vehicle Steering System Market is poised to reach a valuation of USD 16.6 billion by 2032, expanding at a CAGR of 3.29% from 2024 to 2032. Technological advancements, such as the integration of electric power steering systems and advanced driver assistance systems (ADAS), are driving market growth.Recent developments include ZF Friedrichshafen AG's launch of the ReAX steer-by-wire system for commercial vehicles, enhancing safety and efficiency. Additionally, WABCO Holdings Inc.'s acquisition of R.H. Sheppard Co., Inc. strengthens its position in the commercial vehicle steering market. These developments underscore the industry's focus on innovation and customer-centric solutions.
Commercial Vehicle Steering System Market Segmentation Insights
| Report Attribute/Metric |
Details |
| Market Size 2022 |
12.01(USD Billion) |
| Market Size 2023 |
12.41(USD Billion) |
| Market Size 2032 |
16.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.29% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
BorgWarner Inc., Nexteer Automotive Group, Hyundai Mobis, ThyssenKrupp AG, NSK Ltd., Continental AG, Showa Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, TRW Automotive Holdings Corp., JTEKT Corporation, Mando Corporation, Hitachi Automotive Systems Ltd. |
| Segments Covered |
System Type, Vehicle Type, Propulsion System, Steering Gear Type, Regional |
| Key Market Opportunities |
1 Electrification of steering systems2 Integration of advanced safety features3 Growing demand for autonomous vehicles4 Increasing focus on fuel efficiency |
| Key Market Dynamics |
1 Increasing demand for autonomous driving features2 Growing popularity of electric vehicles3 Stringent emission regulations4 Technological advancements in steering systems5 Expansion of the aftermarket segment |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global market for commercial vehicle steering systems is expected to reach USD 16.6 billion by 2032, growing at a CAGR of 3.29% from 2024 to 2032.
North America is the largest market for commercial vehicle steering systems, accounting for over 40% of the global market share.
The increasing demand for commercial vehicles, rising safety concerns, and advancements in steering technologies are the major factors driving the growth of the market.
The electric power steering (EPS) segment is expected to witness the highest growth in the market, owing to its advantages, such as improved fuel efficiency and reduced emissions.
ZF Friedrichshafen, Bosch, Mando, NSK, and JTEKT are the key competitors in the Commercial Vehicle Steering System Market.
The global market for commercial vehicle steering systems is expected to be valued at USD 12.41 billion in 2023.
The market is projected to grow at a CAGR of 3.29% from 2024 to 2032.
Asia Pacific is expected to have the highest growth rate in the market, owing to the increasing demand for commercial vehicles in the region.
Commercial vehicle steering systems are used in various applications, such as trucks, buses, construction vehicles, and agricultural vehicles.
The key trends in the market include the increasing adoption of electronic steering systems and the growing demand for safety features such as lane departure warning and lane keeping assist.
