Global Light-Duty Truck Steering System Market to Reach USD 1.70 Billion by 2032

February 2025 | 285 pages | ID: GC674D6B1261EN
Bizwit Research & Consulting LLP

Abstracts

The Global Light-Duty Truck Steering System Market was valued at approximately USD 1.4 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 2.2% over the forecast period 2024-2032. The surging demand for fuel-efficient and lightweight steering mechanisms, coupled with increasing regulatory pressures for enhanced vehicle maneuverability and safety, is driving the expansion of this market. Automakers are actively integrating advanced electronic power steering (EPS) systems in light-duty trucks to optimize control, improve fuel economy, and reduce carbon emissions.

The market is witnessing a technological revolution as automakers transition from hydraulic steering systems to electronically controlled steering solutions. This shift is primarily fueled by the push toward electrification of vehicles and the need for enhanced precision and driver assistance features. Additionally, manufacturers are heavily investing in steer-by-wire technology, which eliminates the need for mechanical connections, thereby reducing vehicle weight and increasing overall efficiency. Such advancements are significantly reshaping the light-duty truck steering system landscape.

The increasing adoption of pick-up trucks and vans for commercial and personal applications is further propelling market demand. Logistics and e-commerce companies are expanding their fleets to accommodate growing delivery needs, intensifying the focus on steering system efficiency and durability. Furthermore, the rising preference for aftermarket steering solutions, particularly in fleet management, is fostering lucrative opportunities for OEM and third-party component manufacturers. However, high costs associated with advanced steering technologies and the complexity of integrating electronic control units (ECUs) with existing truck architectures may pose challenges to widespread adoption.

Regionally, North America dominates the market due to the strong presence of light-duty truck manufacturers and a growing preference for advanced steering technologies in commercial vehicle fleets. Meanwhile, Europe is witnessing steady growth due to stringent vehicle safety regulations and increased adoption of electrified steering systems. In contrast, Asia Pacific is expected to record the fastest growth, driven by rising production of light-duty trucks, government initiatives to modernize transportation, and expanding logistics networks across China and India.

Major market players included in this report are:

• JTEKT Corporation
• Nexteer Automotive Group Limited
• ZF Friedrichshafen AG
• Robert Bosch GmbH
• NSK Ltd.
• Mando Corporation
• ThyssenKrupp AG
• Showa Corporation
• Hitachi Automotive Systems
• Hyundai Mobis Co., Ltd.
• Sona Comstar
• ATS Automation Tooling Systems Inc.
• Global Steering Systems LLC
• Rane (Madras) Ltd.
• Knorr-Bremse AG

The detailed segments and sub-segment of the market are explained below:

By Type

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

By Vehicle Type

• Pick-Up Truck
• Vans

By Sales Channel

• OEM
• Aftermarket

By Region:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Years considered for the study are as follows:

• Historical Year – 2022
• Base Year – 2023
• Forecast Period – 2024 to 2032

Key Takeaways:

• Market estimates & forecasts spanning 10 years from 2022 to 2032.
• Annualized revenue analysis at regional and segment levels.
• Comprehensive competitive landscape assessment of major industry players.
• Strategic business recommendations for future market growth.
• In-depth analysis of market trends, technological advancements, and investment opportunities.
• Demand-side and supply-side market analysis to understand industry dynamics.

Contents

CHAPTER 1. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET EXECUTIVE SUMMARY

1.1. Global Light-Duty Truck Steering System Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
  1.3.1. By Type
  1.3.2. By Vehicle Type
  1.3.3. By Sales Channel
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

CHAPTER 2. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET DEFINITION AND RESEARCH ASSUMPTIONS

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
  2.3.1. Inclusion & Exclusion
  2.3.2. Limitations
  2.3.3. Supply Side Analysis
    2.3.3.1. Availability
    2.3.3.2. Infrastructure
    2.3.3.3. Regulatory Environment
    2.3.3.4. Market Competition
    2.3.3.5. Economic Viability (Consumer’s Perspective)
  2.3.4. Demand Side Analysis
    2.3.4.1. Regulatory Frameworks
    2.3.4.2. Technological Advancements
    2.3.4.3. Environmental Considerations
    2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

CHAPTER 3. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET DYNAMICS

3.1. Market Drivers
  3.1.1. Increasing Demand for Fuel-Efficient and Lightweight Steering Systems
  3.1.2. Growing Adoption of Advanced Electronic Power Steering (EPS) Systems
  3.1.3. Advancements in Steer-by-Wire Technology and Vehicle Electrification
3.2. Market Challenges
  3.2.1. High Costs Associated with Advanced Steering Technologies
  3.2.2. Complexity in Integrating Electronic Control Units (ECUs)
3.3. Market Opportunities
  3.3.1. Expansion in Logistics and E-Commerce Sectors
  3.3.2. Rising Demand for Aftermarket Steering Solutions
  3.3.3. Government Initiatives to Enhance Vehicle Safety and Modernization

CHAPTER 4. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
  4.1.6. Futuristic Approach to Porter’s 5 Force Model
  4.1.7. Porter’s 5 Force Impact Analysis
4.2. PESTEL Analysis
  4.2.1. Political
  4.2.2. Economic
  4.2.3. Social
  4.2.4. Technological
  4.2.5. Environmental
  4.2.6. Legal
4.3. Top Investment Opportunity
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET SIZE & FORECASTS BY TYPE 2022-2032

5.1. Segment Dashboard
5.2. Global Light-Duty Truck Steering System Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  5.2.1. Hydraulic Power Steering (HPS)
  5.2.2. Electric Power Steering (EPS)
  5.2.3. Electro-Hydraulic Power Steering (EHPS)

CHAPTER 6. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET SIZE & FORECASTS BY VEHICLE TYPE 2022-2032

6.1. Segment Dashboard
6.2. Global Light-Duty Truck Steering System Market: Vehicle Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  6.2.1. Pick-Up Truck
  6.2.2. Vans

CHAPTER 7. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET SIZE & FORECASTS BY SALES CHANNEL 2022-2032

7.1. Segment Dashboard
7.2. Global Light-Duty Truck Steering System Market: Sales Channel Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  7.2.1. OEM
  7.2.2. Aftermarket

CHAPTER 8. GLOBAL LIGHT-DUTY TRUCK STEERING SYSTEM MARKET SIZE & FORECASTS BY REGION 2022-2032

8.1. North America Light-Duty Truck Steering System Market
  8.1.1. U.S. Light-Duty Truck Steering System Market
    8.1.1.1. Type Breakdown Size & Forecasts, 2022-2032
    8.1.1.2. Vehicle Type Breakdown Size & Forecasts, 2022-2032
  8.1.2. Canada Light-Duty Truck Steering System Market
8.2. Europe Light-Duty Truck Steering System Market
  8.2.1. UK Light-Duty Truck Steering System Market
  8.2.2. Germany Light-Duty Truck Steering System Market
  8.2.3. France Light-Duty Truck Steering System Market
  8.2.4. Spain Light-Duty Truck Steering System Market
  8.2.5. Italy Light-Duty Truck Steering System Market
  8.2.6. Rest of Europe Light-Duty Truck Steering System Market
8.3. Asia-Pacific Light-Duty Truck Steering System Market
  8.3.1. China Light-Duty Truck Steering System Market
  8.3.2. India Light-Duty Truck Steering System Market
  8.3.3. Japan Light-Duty Truck Steering System Market
  8.3.4. Australia Light-Duty Truck Steering System Market
  8.3.5. South Korea Light-Duty Truck Steering System Market
  8.3.6. Rest of Asia-Pacific Light-Duty Truck Steering System Market
8.4. Latin America Light-Duty Truck Steering System Market
  8.4.1. Brazil Light-Duty Truck Steering System Market
  8.4.2. Mexico Light-Duty Truck Steering System Market
  8.4.3. Rest of Latin America Light-Duty Truck Steering System Market
8.5. Middle East & Africa Light-Duty Truck Steering System Market
  8.5.1. Saudi Arabia Light-Duty Truck Steering System Market
  8.5.2. South Africa Light-Duty Truck Steering System Market
  8.5.3. Rest of Middle East & Africa Light-Duty Truck Steering System Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Key Company SWOT Analysis
  9.1.1. JTEKT Corporation
  9.1.2. Nexteer Automotive Group Limited
  9.1.3. ZF Friedrichshafen AG
9.2. Top Market Strategies
9.3. Company Profiles
  9.3.1. JTEKT Corporation
    9.3.1.1. Key Information
    9.3.1.2. Overview
    9.3.1.3. Financial (Subject to Data Availability)
    9.3.1.4. Product Summary
    9.3.1.5. Market Strategies
  9.3.2. Nexteer Automotive Group Limited
  9.3.3. ZF Friedrichshafen AG
  9.3.4. Robert Bosch GmbH
  9.3.5. NSK Ltd.
  9.3.6. Mando Corporation
  9.3.7. ThyssenKrupp AG
  9.3.8. Showa Corporation
  9.3.9. Hitachi Automotive Systems
  9.3.10. Hyundai Mobis Co., Ltd.
  9.3.11. Sona Comstar
  9.3.12. ATS Automation Tooling Systems Inc.
  9.3.13. Global Steering Systems LLC
  9.3.14. Rane (Madras) Ltd.
  9.3.15. Knorr-Bremse AG

CHAPTER 10. RESEARCH PROCESS

10.1. Research Process
  10.1.1. Data Mining
  10.1.2. Analysis
  10.1.3. Market Estimation
  10.1.4. Validation
  10.1.5. Publishing
10.2. Research Attributes