Latest News- Commercial Vehicle Steering System Market: Light commercial vehicle is expected to lead the Application segment during 2025-2029

The Commercial Vehicle Steering System Market is being driven by Electrification of automotive components for precise and accurate steering control

The Commercial Vehicle Steering System Market is expected to grow at a CAGR of 5.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 4427.5 million. In response to increasing environmental regulations aimed at reducing vehicular emissions, automotive steering system manufacturers are innovating to improve performance and ensure compliance. Advanced design and technology integrations have been key areas of focus, with the automotive steering system market witnessing significant progress in this regard. The incorporation of electronics and safety systems into steering systems is a notable trend, driven by the growing prevalence of such technologies in modern vehicles. This fusion of technology and safety features is set to redefine the automotive steering system landscape. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Light commercial vehicle
  • Medium and heavy commercial vehicle
• Type
  • Electronic power steering
  • Electro-hydraulic power steering
  • Hydraulic power steering
• Propulsion
  • Diesel vehicle
  • Gasoline vehicle
  • Electric vehicle
  • Hybrid vehicle
• End-user
  • OEM
  • Aftermarket
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Electrification of automotive components for precise and accurate steering control
• Growing use of driver-assisted steering technologies in CVs
• Growing preference for CVs for freight transportation

However, the market also witnesses some limitations, which are as follows:

• Increasing cost pressure faced by OEMs
• Operational and design complexities involved in CV steering systems
• Recent development in commercial vehicle steering systems

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Market Scope in Commercial Vehicle Steering System Market Research Report

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Research Analysis Overview

The Commercial Vehicle Steering System Market encompasses advanced technologies such as electro-hydraulic steering, servo-assisted steering, and electro-mechanical steering, as well as active steering systems like four-wheel and all-wheel steering. These systems incorporate sensors including steering angle, yaw rate, lateral acceleration, road friction, driver fatigue, blind spot, parking assist, autonomous driving, and emergency braking. Additionally, features like adaptive front-lighting, night vision, head-up display, driver display, human machine interface, over-the-air updates, data analytics, remote diagnostics, aftermarket parts, component lifespan, failure modes, vibration analysis, and noise and vibration analysis are also part of this market.

Market Research Overview

The commercial vehicle steering system market is a significant segment of the larger automotive parts and equipment industry. This sector caters to the production of steering components for commercial vehicles, including heavy-duty trucks, buses, and vans. The market size is determined by the consolidated revenue generated by manufacturers of steering columns, steering gears, power steering systems (hydraulic and electric), and electronic power steering systems. Key growth drivers in this market include the increasing adoption of advanced technologies, such as electronic power steering systems, and the rising demand for fuel-efficient and eco-friendly commercial vehicles. Additionally, the growing sales of electric commercial vehicles are expected to significantly boost the demand for steering components in the coming years.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/