Commercial Vehicle Steering System Market Key Findings by 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
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Commercial Vehicle Steering System Market: Strategic Insights
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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 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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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The leading players operating in the commercial vehicle steering system market are ZF Friedrichshafen AG, Mitsubishi Electric Corporation, HYUNDAI MOBIS Co., Ltd., Showa Corporation, JTEKT Corporation, NSK Ltd., ThyssenKrupp AG, and China Automotive Systems Inc.
An increase in sales of high-end commercial vehicles is anticipated to play a significant role in the global commercial vehicle steering system market in the coming years.
The global commercial vehicle steering system market is expected to grow at a CAGR of 5.8% during the forecast period 2023 - 2031.
The rapid technological advancement in the automotive sector is one of the major factors driving the commercial vehicle steering system market.
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Commercial Vehicle Steering System Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Commercial Vehicle Steering System Market - By Steering System Type
3.2.2 Commercial Vehicle Steering System Market - By Vehicle Type
3.2.3 Commercial Vehicle Steering System Market - By Sales Channel
3.2.4 Commercial Vehicle Steering System Market - By Region
3.2.4.1 By Countries
3.3 PEST Analysis
3.3.1 North America - PEST Analysis
3.3.2 Europe - PEST Analysis
3.3.3 Asia Pacific - PEST Analysis
3.3.4 Middle East and Africa - PEST Analysis
3.3.5 South America - PEST Analysis
4 Commercial Vehicle Steering System Market - Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 Commercial Vehicle Steering System Market Analysis- Global
5.1 Global Commercial Vehicle Steering System Market Overview
5.2 Global Commercial Vehicle Steering System Market Forecasts and Analysis
6 Commercial Vehicle Steering System Market Revenue and Volume Forecasts to 2028 - Steering System Type
6.1 Overview
6.2 Steering System Type Market Forecasts and Analysis
6.3 Electronic Power Steering Market
6.3.1 Overview
6.3.2 Electronic Power Steering Market Forecasts and Analysis
6.4 Hydraulic Power Steering Market
6.4.1 Overview
6.4.2 Hydraulic Power Steering Market Forecasts and Analysis
6.5 Electro-hydraulic Power Steering Market
6.5.1 Overview
6.5.2 Electro-hydraulic Power Steering Market Forecasts and Analysis
7 Commercial Vehicle Steering System Market Revenue and Volume Forecasts to 2028 - Vehicle Type
7.1 Overview
7.2 Vehicle Type Market Forecasts and Analysis
7.3 Heavy Commercial Vehicles Market
7.3.1 Overview
7.3.2 Heavy Commercial Vehicles Market Forecasts and Analysis
7.4 Medium Commercial Vehicles Market
7.4.1 Overview
7.4.2 Medium Commercial Vehicles Market Forecasts and Analysis
7.5 Light Commercial Vehicles Market
7.5.1 Overview
7.5.2 Light Commercial Vehicles Market Forecasts and Analysis
8 Commercial Vehicle Steering System Market Revenue and Volume Forecasts to 2028 - Sales Channel
8.1 Overview
8.2 Sales Channel Market Forecasts and Analysis
8.3 OEM Market
8.3.1 Overview
8.3.2 OEM Market Forecasts and Analysis
8.4 AfterMarket Market
8.4.1 Overview
8.4.2 AfterMarket Market Forecasts and Analysis
9 Commercial Vehicle Steering System Market Revenue and Volume Forecasts to 2028 - Geographical Analysis
9.1 North America
9.1.1 North America Commercial Vehicle Steering System Market Overview
9.1.2 North America Commercial Vehicle Steering System Market Forecasts and Analysis
9.1.2.1 North America Market Forecasts and Analysis - By Countries
9.1.2.1.1 US market
9.1.2.1.2 Canada market
9.1.2.1.3 Mexico market
9.1.2.2 North America Market Forecasts and Analysis - By Steering System Type
9.1.2.3 North America Market Forecasts and Analysis - By Vehicle Type
9.1.2.4 North America Market Forecasts and Analysis - By Sales Channel
9.2 Europe
9.2.1 Europe Commercial Vehicle Steering System Market Overview
9.2.2 Europe Commercial Vehicle Steering System Market Forecasts and Analysis
9.2.2.1 Europe Market Forecasts and Analysis - By Countries
9.2.2.1.1 France market
9.2.2.1.2 Germany market
9.2.2.1.3 Italy market
9.2.2.1.4 Spain market
9.2.2.1.5 UK market
9.2.2.2 Europe Market Forecasts and Analysis - By Steering System Type
9.2.2.3 Europe Market Forecasts and Analysis - By Vehicle Type
9.2.2.4 Europe Market Forecasts and Analysis - By Sales Channel
9.3 Asia pacific (APAC)
9.3.1 Asia Pacific Commercial Vehicle Steering System Market Overview
9.3.2 Asia Pacific Commercial Vehicle Steering System Market Forecasts and Analysis
9.3.2.1 Asia Pacific Market Forecasts and Analysis - By Countries
9.3.2.1.1 Australia market
9.3.2.1.2 China market
9.3.2.1.3 India market
9.3.2.1.4 Japan market
9.3.2.2 Asia Pacific Market Forecasts and Analysis - By Steering System Type
9.3.2.3 Asia Pacific Market Forecasts and Analysis - By Vehicle Type
9.3.2.4 Asia Pacific Market Forecasts and Analysis - By Sales Channel
9.4 Middle East and Africa (MEA)
9.4.1 Middle East and Africa Commercial Vehicle Steering System Market Overview
9.4.2 Middle East and Africa Commercial Vehicle Steering System Market Forecasts and Analysis
9.4.2.1 Middle East and Africa Market Forecasts and Analysis - By Countries
9.4.2.1.1 South Africa market
9.4.2.1.2 Saudi Arabia market
9.4.2.1.3 UAE market
9.4.2.2 Middle East and Africa Market Forecasts and Analysis - By Steering System Type
9.4.2.3 Middle East and Africa Market Forecasts and Analysis - By Vehicle Type
9.4.2.4 Middle East and Africa Market Forecasts and Analysis - By Sales Channel
9.5 South America (SAM)
9.5.1 South America Commercial Vehicle Steering System Market Overview
9.5.2 South America Commercial Vehicle Steering System Market Forecasts and Analysis
9.5.2.1 South America Market Forecasts and Analysis - By Countries
9.5.2.1.1 Brazil market
9.5.2.2 South America Market Forecasts and Analysis - By Steering System Type
9.5.2.3 South America Market Forecasts and Analysis - By Vehicle Type
9.5.2.4 South America Market Forecasts and Analysis - By Sales Channel
10 Industry Landscape
10.1 Mergers & acquisitions
10.2 Market Initiatives
10.3 New developments
10.4 Investment scenarios
11 Competitive Landscape
11.1 Competitive Product mapping
11.2 Market Positioning/ Market Share
12 Commercial Vehicle Steering System Market, Key Company Profiles
12.1 ZF Friedrichshafen AG
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Mitsubishi Electric Corporation
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 HYUNDAI MOBIS Co., Ltd.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Showa Corporation
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Robert Bosch Automotive Steering GmbH
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 JTEKT Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 NSK Ltd.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 thyssenkrupp AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 China Automotive Systems Inc.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Mando Corporation
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13 Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
13.3 Research Methodology
List of Companies
1. ZF Friedrichshafen AG
2. Mitbushi Electric Corporation
3. HYUANDI MOBIS Co., Ltd.
4. Robert Bosch Automotive Steering GmbH
5. Showa Corporation
6. JTEKT Corporation
7. NSK Ltd.
8. thyseenkrupp AG
9. China Automotive Systems Inc
10. Mando Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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