Commercial Vehicle Steering System Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The commercial vehicle steering system market is expected to register a CAGR of 5.8% during 2023–2031. The evolution of advanced technologies and the introduction of high-end vehicles will likely remain a key trend in the market.

Commercial Vehicle Steering System Market Analysis

• Growing auto industries and increasing demand for high-end vehicles are factors enhancing market growth.
• Growing demand for comfortable driving and minimum wastage of fuel from consumers are the major growth factors of the commercial vehicle steering system market.
• Increasing commercial vehicle production worldwide is also one of the driving factors. However, the high cost of the system can hinder the market growth of the steering system.
• One of the latest trends in the commercial vehicle steering system market is the gaining popularity of steer-by-wire technology, which electronically steers the vehicle. This will further boost the market for the commercial vehicle steering system in the coming years.

Commercial Vehicle Steering System Market Overview

• The growing global demand for automobiles has been directly linked to the growth of the commercial vehicle steering system market.
• Numerous manufacturers are developing modern steering system technologies. The increasing demand for smooth driving is attributed to the widespread use of hybrid loaders and building equipment.
• Therefore, it is expected that this factor will support the growth of the commercial vehicle automotive steering system market. To deliver a smoother ride and better feedback, the modern steering system makes use of several additional assistance systems. This effective steering system increases the vehicle's fuel efficiency.
• Additionally, it is projected that growing consumer demand for fuel-efficient commercial vehicles will drive revenue growth in the commercial vehicle steering system market. The continuous evolution of the steering system has led to a significant replacement of the manual steering system with the power assist steering system.

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Commercial Vehicle Steering System Market: Strategic Insights

Commercial Vehicle Steering System Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Steering System Type

• Electronic Power Steering
• Hydraulic Power Steering and Electro-hydraulic Power Steering

Vehicle Type

• Heavy Commercial Vehicles
• Medium Commercial Vehicles and Light Commercial Vehicles

Sales Channel

• OEM
• Aftermarket

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Commercial Vehicle Steering System Market Drivers and Opportunities

Growing Demand for High-End Vehicles to Favor the Market

• Increasing demand from customers for maximum features possible from their car manufacturers, such as power steering, which increases responsiveness and boosts driving quality and comfort.
• Due to their uneven roads, developing nations require better steering systems for better driving experiences. In addition, developed nations have freeways where automobiles require adaptive steering systems to maintain control when traveling at high speeds.
• Customers find the drive to be comfortable as a result of these elements. Because consumers prefer to choose driving comfort, the market for Commercial steering systems is anticipated to grow.

Integration of advanced technologies

• The industry is expanding as a result of steering systems' integration of cutting-edge technologies like sensors, software, and electronics.
• Commercial steering system wheel speed, torque, position, ASR, DSR, LeddarTech, electric vehicle, and lightweight steering systems, the market all influence the market environment.
• These technologies enable features like regenerative braking, power assist, and vehicle stability control.
• Additionally, it is anticipated that the growing trend toward electric and driverless commercial vehicles will create new market opportunities for commercial vehicle steering system manufacturers.

Commercial Vehicle Steering System Market Report Segmentation Analysis

Key segments that contributed to the derivation of the commercial vehicle steering system market analysis are steering system type, vehicle type, and sales channel.

• Based on the steering system type, the commercial vehicle steering system market is divided into electronic power steering, hydraulic power steering, and electro-hydraulic power steering.
• based on the vehicle type, the market is divided into heavy commercial vehicles, medium commercial vehicles, and light commercial vehicles.
• Based on sales channel, the commercial vehicle steering system market is divided into OEM aftermarket.

Commercial Vehicle Steering System Market Share Analysis by Geography

• The commercial vehicle steering system market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering commercial vehicle steering system market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the commercial vehicle steering system market in these regions.

Commercial Vehicle Steering System Market Market Report Scope

Commercial Vehicle Steering System Market News and Recent Developments

The commercial vehicle steering system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the commercial vehicle steering system market are listed below:

• Bosch Global Software Technologies (BGSW), formerly known as Robert Bosch Engineering and Business Solutions (RBEI), inaugurated its new smart campus at HITEC City in Hyderabad to strengthen its software-centric product innovations. The Center of Excellence is a Technology and Innovation R&D center focused on Automotive Engineering and Digital Enterprise. In the Automotive Engineering domain, the facility will work on Classical Powertrain, Automotive Steering, e-mobility, Cross Domain Computing (ADAS, Autonomous Driving), Active and Passive Safety, and Digital Cockpit Systems. (Source: Bosch Global Software Technologies, Company Website, December 2022)
• Atlas Copco has acquired the compressed air business of Asven S.R.L. The company is in Rosario, in the Santa Fe province. (Source: Atlas Copco, Company Website, April 2023)

Commercial Vehicle Steering System Market Report Coverage and Deliverables

The “Commercial Vehicle Steering System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Commercial vehicle steering system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Commercial vehicle steering system market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Commercial vehicle steering system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the commercial vehicle steering system market
• Detailed company profiles