Light-duty Truck Steering System Market (By Type; By Vehicle Type: Pick Up Truck, Vans; By Sales Channel) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

Light-duty Truck Steering System Market Size and Trends 

The global light-duty truck steering system market size was valued at USD 1.45 billion in 2023 and is anticipated to reach around USD 1.81 billion by 2033, growing at a CAGR of 2.23% from 2024 to 2033. The light-duty truck steering system market is a crucial segment within the automotive industry, focusing on systems designed to ensure precise vehicle control, safety, and driver comfort. These systems are integral to the performance and handling of light-duty trucks, which are widely used for both commercial and personal purposes.

Key Pointers

• Asia Pacific dominated the market with the largest market share of 43% in 2023.
• The North American light-duty truck steering system market is projected to grow at the highest CAGR of 1.83% from 2024 to 2033.
• By Type, the hydraulic power steering (HPS) segment captured the maximum market share of 57% in 2023.
• By Type, the electric power steering (EPS) segment is projected to experience the fastest growth rate over the forecast period.
• By Vehicle Type, the pickup trucks segment generated the maximum market share of 68% in 2023.
• By Sales Channel, the OEM segment contributed the largest market share of 86% in 2023.
• By Sales Channel, The aftermarket segment is anticipated to grow significantly over the forecast period.

What are the Growth Factors of Light-duty Truck Steering System Market?

The growth of the light-duty truck steering system market is primarily fueled by an increasing adoption of light-duty trucks across various sectors, including logistics and personal transportation, is driving demand for advanced steering solutions. Technological advancements, particularly the integration of electric power steering (EPS) and steer-by-wire systems, are enhancing steering precision and vehicle safety, further stimulating market growth. Additionally, stringent regulatory requirements related to vehicle safety and emissions are compelling manufacturers to develop and incorporate innovative steering technologies to comply with these standards. Consumer expectations for improved driving comfort and vehicle handling are also pushing the demand for sophisticated steering systems. Together, these factors contribute to the expanding market for light-duty truck steering systems.

What are the Trends in Light-duty Truck Steering System Market?

• Rising Adoption of Electric Power Steering (EPS): The market is witnessing a shift towards electric power steering systems due to their benefits, such as improved fuel efficiency, reduced weight, and enhanced control compared to traditional hydraulic systems.
• Integration of Advanced Driver Assistance Systems (ADAS): The growing incorporation of ADAS features, such as lane-keeping assist and adaptive cruise control, is driving demand for steering systems that can support these technologies, enhancing overall vehicle safety and functionality.
• Increasing Focus on Vehicle Electrification: As the automotive industry moves towards electrification, the demand for advanced steering systems that align with electric and hybrid vehicles is rising. These systems are designed to optimize performance and compatibility with electric powertrains.
• Development of Steer-by-Wire Technologies: Steer-by-wire systems, which eliminate the need for mechanical linkages between the steering wheel and wheels, are gaining traction. These systems offer greater flexibility in vehicle design and improved driving dynamics.
• Growing Emphasis on Vehicle Comfort and Convenience: There is a heightened focus on enhancing driver comfort and convenience, leading to advancements in steering system technologies that offer smoother operation and better feedback.

What are the Key Challenges Faced by Light-duty Truck Steering System Market?

• High Cost of Advanced Technologies: The development and implementation of advanced steering technologies, such as electric power steering and steer-by-wire systems, involve significant costs. This high investment can be a barrier for manufacturers and may impact market adoption.
• Integration Complexity: Integrating new steering systems with existing vehicle architectures can be complex and challenging. Ensuring compatibility with various vehicle models and existing components requires careful engineering and design efforts.
• Technological Obsolescence: Rapid advancements in steering technologies can lead to obsolescence of existing systems. Manufacturers must continuously innovate to keep pace with technological developments and avoid outdated solutions.
• Regulatory Compliance: Adhering to stringent regulatory standards and safety requirements can be demanding. Manufacturers need to ensure their steering systems meet all relevant regulations, which can increase development and certification costs.

Which Region Dominates the Light-duty Truck Steering Market in 2024?

Asia Pacific held the largest revenue share of 43% in the light-duty truck steering system market in 2023. The market growth in this region is driven by rapid urbanization, industrialization, and the expansion of e-commerce, which is increasing the demand for efficient light-duty trucks. Emerging economies like China and India are experiencing significant growth in their automotive sectors, fueled by rising disposable incomes and government initiatives promoting domestic manufacturing. The region's increasing adoption of electric and hybrid vehicles is also impacting market growth, as manufacturers develop systems compatible with these vehicles. Additionally, the focus on vehicle safety and new regulations requiring advanced safety features are driving the adoption of advanced steering systems in light-duty trucks.

What is the Contribution of Asia Pacific to Light-duty Truck Steering System Market?

Which Region is Expanding at the Fastest CAGR?

The North American light-duty truck steering system market is projected to grow at the highest CAGR of 1.83% from 2024 to 2033. The strong demand for light-duty trucks, especially in the United States and Canada, is driving this growth. This demand is supported by a preference for pickup trucks for both personal and commercial use. The region’s robust automotive manufacturing base and advancements in steering technologies like electric power steering (EPS) also support market growth. Stringent safety regulations and consumer demand for enhanced driving comfort and safety features are driving innovation and adoption of advanced steering systems in this market.

In Europe, the light-duty truck steering system market is primarily driven by stringent environmental regulations and a strong emphasis on vehicle safety and efficiency. European consumers’ preference for technologically advanced and environmentally friendly vehicles has led to increased demand for electric and hybrid light-duty trucks, which require sophisticated steering systems. The presence of leading automotive manufacturers in countries like Germany, France, and Italy, who are investing heavily in innovative steering technologies, further fuels market growth. Additionally, the push towards autonomous driving and the development of smart cities are encouraging the adoption of advanced steering systems that integrate with broader vehicle automation and connectivity features.

Type Insights

By type, the hydraulic power steering (HPS) segment led the market with a substantial revenue share of 57% in 2023. HPS continues to dominate due to its proven reliability, strong performance, and widespread use in the industry. This system delivers consistent steering feedback and robust assistance, particularly in vehicles requiring high torque, making it a favored choice for light-duty trucks. HPS operates by using hydraulic fluid to enhance the driver’s steering input, offering improved control and maneuverability. Despite the rise of newer technologies, HPS remains popular due to its established durability and the long-standing confidence of manufacturers and consumers in its performance under challenging conditions.

In contrast, the electric power steering (EPS) segment is projected to experience the fastest growth rate over the forecast period. This trend is attributed to the automotive industry's broader shift towards electrification and greater energy efficiency. Unlike HPS, EPS utilizes an electric motor to assist steering, eliminating the need for hydraulic pumps, hoses, and fluid, which results in lower maintenance costs and better fuel efficiency. The growing focus on reducing emissions and enhancing fuel economy accelerates EPS adoption, particularly as it aligns with trends toward more sustainable and lightweight vehicle designs. Technological advancements in EPS, such as variable assistance and integration with advanced driver-assistance systems (ADAS), also make it an appealing option for modern light-duty trucks, driving its market expansion.

Vehicle Type Insights

Among vehicle types, the pickup trucks segment dominated the market with a significant revenue share of 68% in 2023. Pickup trucks lead the market due to their versatile use across various industries and consumer sectors. These vehicles are prized for their robust performance and capability to handle both personal and commercial tasks efficiently. High demand for pickup trucks, particularly in North America where they are a common sight, has resulted in a large market share for steering systems tailored for these vehicles. Furthermore, advancements in steering technology have led to more sophisticated systems that enhance the driving experience, sustaining the strong market presence of pickup trucks.

The vans segment has seen notable growth due to the rising demand for effective urban delivery and passenger transport solutions. With the surge in e-commerce, there is a greater need for reliable and agile vehicles to navigate urban areas. This demand has driven innovation in steering systems for vans, focusing on maneuverability, fuel efficiency, and driver comfort. Additionally, the growing market for electric vans, driven by stringent emissions regulations and increased environmental awareness, has further fueled the expansion of this segment. As both businesses and consumers prioritize sustainability and efficiency, the vans segment is expected to continue its robust growth in the global market.

Sales Channel Insights

In terms of sales channels, the OEM segment led the market with a dominant revenue share of 86% in 2023. The Original Equipment Manufacturer (OEM) segment's dominance is due to the rising demand for new vehicles and rapid adoption of advanced steering technologies. OEMs benefit from established relationships with automakers, allowing for the seamless integration of the latest innovations into new vehicle models. The focus on safety and efficiency in vehicle design has prompted OEMs to develop steering systems that meet stringent regulatory standards. As automakers aim to enhance vehicle performance and driving experience, the demand for high-quality, reliable steering systems from OEMs is expected to remain strong.

The aftermarket segment is anticipated to grow significantly over the forecast period. As vehicles age, the need for replacement parts, including steering systems, increases, boosting the aftermarket sector. Many consumers prefer extending the life of their current vehicles rather than buying new ones, leading to increased demand for aftermarket steering components. The segment also benefits from cost-effective solutions and the trend of vehicle customization among truck owners. Additionally, the growing presence of e-commerce platforms has made aftermarket parts more accessible, contributing to the sector's rapid expansion.

Who are the Top Manufactures in Light-duty Truck Steering System Market?

• Robert Bosch GmbH
• JTEKT Corporation
• Nexteer Automotive Group Limited
• Knorr-Bremse AG
• NSK Ltd.
• Thyssenkrupp AG
• Showa Corporation
• Mando Corporation
• Zhejiang Wanda Steering Gear Co. Ltd.
• TRW Automotive Holdings Corp.

Light-duty Truck Steering System Market Segmentation:

By Vehicle Type

• Pick Up Truck
• Vans

By Type

• Hydraulic Power Steering (HPS)
• Electric Power Steering (EPS)
• Electro-Hydraulic Power Steering (EHPS)

By Sales Channel

• OEM
• Aftersales

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• MEA