Commercial Vehicle Steering System Market to grow by USD 4061 million between 2024-2028
According to a research report “ Commercial Vehicle Steering System Market” by Application (Light commercial vehicle, Medium and heavy commercial vehicle) Type (Electronic power steering, Electro-hydraulic power steering, Hydraulic power steering) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4061 million at a CAGR of over 5.58% during the forecast period. In the commercial vehicle sector, regulatory pressures have fueled innovation in steering systems. Compliance with safety and emissions norms necessitates advancements in steering technology. OEMs and suppliers are investing in electric power steering systems, advanced safety features, and integrated systems to enhance vehicle efficiency and reduce carbon emissions. Precision and accuracy are key priorities, driving the industry towards increased electronic content in commercial vehicle steering systems..
Browse market data tables, figures, and in-depth TOC on “Commercial Vehicle Steering System Market” by Application (Light commercial vehicle, Medium and heavy commercial vehicle) Type (Electronic power steering, Electro-hydraulic power steering, Hydraulic power steering) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028.
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By Application, the Light commercial vehicle segment is projected to dominate the market size in 2024.
The Commercial Vehicle Steering System Market represents a significant business sector, driven by the increasing demand for efficient and technologically advanced steering systems in commercial vehicles. Key players in this market focus on innovation and cost-effectiveness to cater to the diverse needs of customers, ensuring optimal vehicle performance and safety.
By Type, Electronic power steering segment is expected to hold the largest market size for the year 2024.
The Commercial Vehicle Steering System Market represents a significant business sector, driven by the increasing demand for efficient and technologically advanced steering systems in commercial vehicles. Key players in this market focus on innovation and cost-effectiveness to cater to the diverse needs of customers, ensuring optimal vehicle performance and safety.
North America is forecasted to hold the largest market size by region in 2024.
The Commercial Vehicle Steering System Market represents a significant business sector, driven by the increasing demand for efficient and technologically advanced steering systems in commercial vehicles. Key players in this market focus on innovation and cost-effectiveness to cater to the diverse needs of customers, ensuring optimal vehicle performance and safety.
The Commercial Vehicle Steering System Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the autonomous driving era, the commercial vehicle steering system market is experiencing significant shifts. Electric vehicles (EVs) are increasingly dominating the automotive industry, leading to the adoption of steering-mounted electronics in commercial vehicles. However, market contraction due to travel bans and business area closures has impacted operational plants, causing delays in raw material shipments and supply chain disruptions. Manufacturing plants producing steering systems for passenger vehicles, including hydraulic pumps and manual steering, have been affected. The transition to electric motor-driven steering systems in passenger cars and heavy commercial vehicles is underway for improved fuel efficiency and pollution control. Light commercial vehicles are also following suit. Advanced braking systems are also gaining traction to ensure safety in autonomous driving. Despite these challenges, the commercial vehicle steering system market is expected to recover, driven by the growing demand for electric and autonomous commercial vehicles. The market's future lies in the integration of advanced technologies to enhance safety, efficiency, and sustainability.
Market Research Overview
The Commercial Vehicle Steering System Market encompasses advanced technologies such as electric vehicle (EV) market's steering-mounted electronics, lightweight steering systems, and mechatronic iRWS systems. These systems include position sensors, torque sensors, and Electronic Control Units (ECUs) that work in conjunction with Automatic Steering Systems (ASR) and Dynamic Steering Systems (DSR). The market caters to logistics and commercial vehicles, focusing on passenger comfort and fuel efficiency. The Middle East & Africa region is a significant market for commercial vehicle steering systems due to the increasing sales of automobiles, especially heavy commercial vehicles. The market also integrates software and electronics, hydraulic pumps, and advanced braking systems to ensure engine performance and emissions control. The automotive research sector continually innovates, with manual steering making way for electric power steering and hydraulic power steering systems. The automotive steering market's growth is driven by the demand for fuel-efficient cars and passenger cars, as well as the need for pollution control in the transportation sector. Auto Parts Research plays a crucial role in understanding market trends and consumer preferences.
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