Global Commercial Vehicle Steering System Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global commercial vehicle steering system market encompasses a diverse range of technologies and applications, catering to the specific needs and requirements of different vehicle types and usage scenarios. Segmentation by type and application provides valuable insights into the market dynamics and demand drivers shaping the adoption of steering system solutions in the commercial vehicle sector.

In terms of type, the market offers several options tailored to the varying preferences and technological advancements in steering system design. Electronic power steering (EPS) stands out as a leading choice, characterized by its efficiency, precision, and responsiveness. EPS systems utilize electric motors to provide steering assistance, offering advantages such as improved fuel efficiency, reduced energy consumption, and enhanced control over traditional hydraulic systems. These systems are increasingly favored in modern commercial vehicles for their ability to adapt to driving conditions, integrate with advanced driver assistance features, and support future autonomous driving capabilities.

Electro-hydraulic power steering (EHPS) represents another segment within the market, combining the benefits of hydraulic and electric power assistance. EHPS systems utilize hydraulic pressure generated by an electrically driven pump to assist steering efforts, offering a balance between hydraulic performance and electric efficiency. These systems are well-suited for commercial vehicles requiring robust steering assistance, such as heavy-duty trucks and buses, where precise control and maneuverability are essential for safe operation.

Hydraulic power steering (HPS) remains a prevalent choice in certain segments of the commercial vehicle market, particularly in applications where simplicity, reliability, and cost-effectiveness are prioritized. HPS systems utilize hydraulic fluid to transmit steering assistance, providing reliable performance and robustness in demanding operating environments. While HPS systems may lack the energy efficiency and advanced features of EPS and EHPS systems, they continue to find favor in medium and heavy-duty commercial vehicles (M&HCVs) where durability and ruggedness are paramount.

When considering segmentation by application, the market caters to the distinct requirements of light commercial vehicles (LCVs) and medium and heavy-duty commercial vehicles (M&HCVs). LCVs, including delivery vans, pickup trucks, and utility vehicles, require steering systems optimized for agility, maneuverability, and ease of use in urban and suburban environments. Steering systems for LCVs prioritize compactness, efficiency, and compatibility with electronic stability control (ESC) and driver assistance systems, enhancing vehicle safety and driver comfort in diverse operating conditions.

On the other hand, M&HCVs encompass a wide range of vehicles, including trucks, buses, and specialty vehicles used for long-haul transportation, construction, and logistics applications. Steering systems for M&HCVs must withstand heavy loads, high torque transmissions, and harsh operating environments, requiring robustness, durability, and precise control. Manufacturers tailor steering systems for M&HCVs to deliver reliable performance, stability, and maneuverability, supporting the efficiency and safety of commercial vehicle fleets in demanding applications.

Segmentation by type and application in the global commercial vehicle steering system market reflects the diverse needs and preferences of commercial vehicle operators across different vehicle categories and usage scenarios. By offering a range of steering system solutions optimized for electronic power assistance, hydraulic assistance, and varying application requirements, manufacturers can address the unique challenges and demands of the commercial vehicle industry, driving innovation, performance, and customer satisfaction in steering system technology.

Global Commercial Vehicle Steering System Segment Analysis

In this report, the Global Commercial Vehicle Steering System Market has been segmented by Type, Application and Geography.

Global Commercial Vehicle Steering System Market, Segmentation by Type

The Global Commercial Vehicle Steering System Market has been segmented by Type into Electronic power steering, Electro-hydraulic power steering and Hydraulic power steering.

Electronic Power Steering (EPS) emerges as a pioneering force within this segmentation. Leveraging electric motors for steering assistance, EPS systems epitomize efficiency, precision, and adaptability. Their integration with advanced driver assistance systems (ADAS) enables enhanced safety features such as lane-keeping assist and automated parking, appealing to a market increasingly focused on driver convenience and vehicle safety. Moreover, EPS systems offer notable fuel efficiency gains compared to traditional hydraulic systems, aligning with the industry's sustainability goals and regulatory requirements. As commercial vehicle manufacturers seek to optimize performance and differentiate their offerings, EPS systems represent a leading choice for steering system solutions across various vehicle segments.

Complementing EPS is the Electro-Hydraulic Power Steering (EHPS) segment, which bridges the gap between hydraulic and electric power assistance. EHPS systems harness hydraulic pressure generated by electrically driven pumps to enhance steering efforts, blending hydraulic reliability with electric efficiency. This hybrid approach appeals to commercial vehicle applications requiring robust steering performance, such as heavy-duty trucks and buses operating in challenging environments. EHPS systems offer a balance between responsiveness, durability, and energy efficiency, catering to the diverse needs of fleet operators seeking reliable and adaptable steering solutions for their vehicles.

Meanwhile, Hydraulic Power Steering (HPS) systems continue to hold prominence, particularly in certain segments of the commercial vehicle market. Despite the rise of electrically assisted steering technologies, HPS systems remain favored in applications prioritizing simplicity, durability, and cost-effectiveness. Their reliance on hydraulic fluid transmission ensures consistent steering assistance under demanding operating conditions, making them well-suited for medium and heavy-duty commercial vehicles (M&HCVs) where ruggedness and reliability are paramount. While lacking the energy efficiency and advanced features of EPS and EHPS systems, HPS solutions continue to find favor among commercial vehicle operators seeking dependable steering performance without compromising on durability or maintenance simplicity.

In essence, the segmentation by type in the global commercial vehicle steering system market reflects a diverse landscape of technological choices, each tailored to meet the specific requirements and preferences of commercial vehicle manufacturers and operators. By offering a range of steering system solutions optimized for electronic, hydraulic, and hybrid power assistance, manufacturers can address the multifaceted needs of the commercial vehicle industry, driving innovation, performance, and customer satisfaction in steering system technology.

Global Commercial Vehicle Steering System Market, Segmentation by Application

The Global Commercial Vehicle Steering System Market has been segmented by Application into LCVs and M and HCVs.

Light Commercial Vehicles (LCVs) constitute a significant portion of the market, encompassing a variety of vehicles such as delivery vans, pickup trucks, and utility vehicles used for transportation, distribution, and service applications. Steering systems for LCVs prioritize agility, maneuverability, and ease of operation, catering to the demands of urban and suburban driving environments. These vehicles often require compact, efficient steering solutions that enhance driver control and responsiveness while navigating congested streets, narrow alleys, and tight parking spaces. As urbanization and e-commerce drive the demand for last-mile delivery and urban mobility solutions, steering system manufacturers focus on developing solutions optimized for LCVs, offering precise control, enhanced safety features, and compatibility with advanced driver assistance systems (ADAS) to meet the evolving needs of commercial vehicle operators.

In contrast, Medium and Heavy Commercial Vehicles (M&HCVs) represent another key segment of the market, comprising trucks, buses, and specialty vehicles used for long-haul transportation, construction, and logistics applications. Steering systems for M&HCVs must withstand heavy loads, high torque transmissions, and harsh operating conditions, requiring robustness, durability, and precise control. Manufacturers tailor steering solutions for M&HCVs to deliver reliable performance, stability, and maneuverability, supporting the efficiency and safety of commercial vehicle fleets in demanding applications. Whether traversing highways, navigating construction sites, or hauling goods across rugged terrain, steering systems play a critical role in enhancing vehicle control, driver comfort, and operational efficiency in M&HCVs.

The segmentation by application highlights the diverse usage scenarios and industry-specific requirements shaping the demand for steering system solutions in the commercial vehicle sector. By offering specialized solutions tailored to the unique needs of LCVs and M&HCVs, manufacturers can address the evolving challenges and opportunities in the commercial vehicle market, supporting the efficiency, reliability, and performance of commercial vehicle fleets worldwide.

Global Commercial Vehicle Steering System Market, Segmentation by Geography

In this report, the Global Commercial Vehicle Steering System Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Commercial Vehicle Steering System Market Share (%), by Geographical Region, 2023

North America represents a significant market for commercial vehicle steering systems, driven by the presence of a robust automotive industry, extensive commercial vehicle fleet operations, and technological advancements in vehicle control systems. The region's stringent safety standards and regulations contribute to the adoption of advanced steering system technologies in commercial vehicles. Moreover, the growing demand for light trucks, delivery vans, and specialized vehicles in sectors such as logistics, construction, and transportation further fuels market growth in North America.

Asia Pacific emerges as a rapidly growing market for commercial vehicle steering systems, fueled by economic growth, urbanization, and infrastructure development. Countries such as China, Japan, India, and South Korea are witnessing increasing demand for commercial vehicles across various sectors, including transportation, logistics, construction, and manufacturing. The adoption of advanced steering system technologies in Asia Pacific is driven by the need for improved vehicle performance, efficiency, and safety, as well as the integration of electric and autonomous vehicle technologies in commercial vehicle fleets.

Latin America represents a growing market for commercial vehicle steering systems, driven by infrastructure investments, industrial growth, and expansion of commercial transportation networks. Countries such as Brazil, Mexico, and Argentina are key contributors to market growth, supported by increasing demand for heavy-duty trucks, buses, and specialty vehicles in construction, mining, and agriculture sectors. The adoption of advanced steering system technologies in Latin America is driven by the need for reliable vehicle control, maneuverability, and safety in diverse operating environments.

The Middle East and Africa offer untapped growth potential for commercial vehicle steering systems, driven by infrastructure development, urbanization, and investments in transportation and logistics infrastructure. Countries such as Saudi Arabia, the United Arab Emirates, and South Africa are witnessing increasing demand for commercial vehicles in construction, oil and gas, and logistics sectors. Steering system manufacturers can capitalize on opportunities in the region by offering tailored solutions for heavy-duty applications, harsh operating environments, and specialized vehicle configurations prevalent in Middle East and Africa markets.

This report provides an in depth analysis of various factors that impact the dynamics of Global Commercial Vehicle Steering System Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers :

• Safety and Driver Assistance
• Regulatory Compliance
• Demand for Fuel Efficiency

• Rise of Electric and Autonomous Vehicles - The rise of electric and autonomous vehicles represents a transformative shift in the automotive industry, with profound implications for the commercial vehicle sector. Electric vehicles (EVs) and autonomous vehicles (AVs) are reshaping the landscape of transportation, driven by technological advancements, environmental concerns, and changing consumer preferences. As these disruptive technologies gain momentum, they are poised to revolutionize the way commercial vehicles are designed, operated, and integrated into transportation networks.

  Electric vehicles offer numerous benefits for commercial fleets, including reduced emissions, lower operating costs, and enhanced energy efficiency. With advancements in battery technology, charging infrastructure, and government incentives, electric commercial vehicles are becoming increasingly viable alternatives to traditional internal combustion engine (ICE) vehicles. Fleet operators are increasingly embracing electric propulsion for urban delivery vans, light trucks, and shuttle buses, driven by regulatory pressures, fuel price volatility, and corporate sustainability goals. Electric powertrains offer opportunities for steering system manufacturers to develop specialized solutions optimized for electric vehicles, delivering precise control, efficiency, and compatibility with electric drivetrains.

  Autonomous vehicle technology holds immense promise for the commercial vehicle sector, offering potential benefits such as improved safety, productivity, and operational efficiency. Autonomous trucks and delivery vehicles equipped with advanced sensors, artificial intelligence, and connectivity features have the potential to revolutionize long-haul transportation, last-mile delivery, and logistics operations. By eliminating the need for human drivers, autonomous vehicles can operate around the clock, optimize route planning, and reduce labor costs, leading to significant improvements in fleet utilization and profitability. Steering system manufacturers play a crucial role in the development and integration of autonomous vehicle technologies, providing steering solutions optimized for autonomous driving functions, such as steer-by-wire systems and adaptive steering algorithms.

  The convergence of electric and autonomous vehicle technologies presents new opportunities and challenges for commercial vehicle steering systems. Electric power-assisted steering (EPAS) systems offer advantages such as improved energy efficiency, precise control, and compatibility with electric drivetrains, making them well-suited for electric vehicle applications. Meanwhile, steer-by-wire systems and adaptive steering technologies enable seamless integration with autonomous driving platforms, providing enhanced vehicle control, maneuverability, and safety in autonomous vehicle operations. Steering system manufacturers must innovate and adapt to meet the unique requirements of electric and autonomous vehicles, offering specialized solutions that optimize performance, reliability, and compatibility with emerging vehicle architectures and operational paradigms.

Restraints :

• Cost Constraints
• Compatibility Challenges
• Reliability and Durability Concerns

• Complexity and Maintenance - The increasing complexity of commercial vehicle steering systems presents challenges in terms of maintenance, diagnostics, and repair. As steering systems evolve to incorporate advanced technologies such as electric power assistance, steer-by-wire, and autonomous driving features, they become more intricate and reliant on electronic components, sensors, and control algorithms. This complexity introduces several maintenance-related considerations for fleet operators and service providers.

  Maintaining and servicing modern steering systems requires specialized technical expertise and training. Service technicians need to stay abreast of evolving technologies, diagnostic procedures, and repair techniques to effectively address issues and ensure optimal performance. The complexity of steering system components, such as electronic control units (ECUs), sensors, and actuators, necessitates a skilled workforce capable of diagnosing and repairing system faults accurately and efficiently.

  Advanced diagnostic tools and equipment are essential for troubleshooting steering system issues and performing maintenance tasks effectively. Service providers require access to specialized diagnostic software, interface tools, and calibration equipment to diagnose system faults, adjust parameters, and perform software updates. Investing in state-of-the-art diagnostic tools and equipment enables service technicians to diagnose and rectify steering system problems promptly, minimizing vehicle downtime and ensuring fleet reliability.

  The availability of genuine OEM parts and components is critical for maintaining the reliability and performance of commercial vehicle steering systems. Service providers need to establish robust supply chain networks, partnerships with OEMs, and inventory management systems to ensure timely access to replacement parts and components. Proactive inventory management practices, such as predictive maintenance and just-in-time replenishment, help minimize lead times and optimize parts availability, reducing the risk of prolonged vehicle downtime due to steering system failures.

  Ongoing training and certification programs are essential for equipping service technicians with the knowledge and skills needed to maintain and repair modern steering systems effectively. Manufacturers, OEMs, and industry associations offer training programs, certification courses, and technical resources to support service technicians in staying current with the latest steering system technologies and maintenance practices. Investing in continuous training and professional development enables service providers to enhance their capabilities, improve service quality, and meet the evolving needs of commercial vehicle operators.

  Implementing proactive lifecycle management and predictive maintenance strategies can help optimize the performance and longevity of commercial vehicle steering systems. By monitoring system parameters, analyzing data from sensors and diagnostic tools, and leveraging predictive analytics algorithms, fleet operators can anticipate potential failures, schedule preventive maintenance tasks, and address issues before they escalate. Predictive maintenance reduces the likelihood of unexpected breakdowns, extends component life, and maximizes vehicle uptime, enhancing fleet reliability and operational efficiency.

Opportunities :

• Integration of Advanced Technologies
• Demand for Electric and Autonomous Vehicles
• Focus on Lightweighting and Fuel Efficiency

• Expansion into Emerging Markets - Expansion into emerging markets presents significant growth opportunities for commercial vehicle steering system manufacturers, driven by economic development, infrastructure investment, and increasing demand for transportation solutions. Emerging markets, including regions in Asia, Latin America, and Africa, offer untapped potential for market expansion and revenue growth. Here are several key factors driving the expansion of steering system manufacturers into emerging markets.

  Emerging markets are experiencing rapid urbanization and industrialization, leading to increased demand for commercial vehicles across various sectors, including transportation, logistics, construction, and manufacturing. As cities expand and economic activities intensify, there is a growing need for reliable and efficient transportation solutions, driving demand for commercial vehicles equipped with advanced steering systems.

  Government-led infrastructure development initiatives in emerging markets, such as road construction, port expansion, and urban transportation projects, create opportunities for commercial vehicle manufacturers and suppliers. Steering system manufacturers can capitalize on these infrastructure investments by supplying steering solutions optimized for local operating conditions and vehicle configurations, supporting the efficiency and safety of commercial vehicle fleets in emerging markets.

  The rising middle class and increasing disposable income levels in emerging markets drive demand for goods and services, leading to expansion in the retail, e-commerce, and delivery sectors. Commercial vehicles play a crucial role in supporting last-mile delivery, urban transportation, and logistics operations, creating opportunities for steering system manufacturers to supply steering solutions tailored to the needs of delivery vans, light trucks, and utility vehicles used in urban and suburban environments.

  Regulatory mandates and safety standards in emerging markets contribute to the adoption of advanced steering system technologies in commercial vehicles. Governments in emerging markets are increasingly focused on enhancing vehicle safety, reducing emissions, and improving transportation efficiency, driving demand for steering systems equipped with features such as electronic stability control (ESC), lane-keeping assist, and adaptive steering. Steering system manufacturers can leverage their expertise in developing advanced safety technologies to meet regulatory requirements and address market demand in emerging markets.

  Establishing partnerships and joint ventures with local stakeholders, including commercial vehicle manufacturers, suppliers, and distributors, is essential for successfully expanding into emerging markets. Collaborating with local partners enables steering system manufacturers to gain insights into market dynamics, customer preferences, and regulatory requirements, facilitating market entry and growth. By leveraging local expertise, networks, and resources, manufacturers can accelerate their expansion efforts and establish a strong presence in emerging markets.

Key players in Global Commercial Vehicle Steering System Market include :

• Hyundai Mobis Co. Ltd.
• JTEKT Corp.
• Knorr-Bremse AG
• Mando Corp.
• Melrose Industries Plc

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis