Light-duty Truck Steering System Market Size, Share & Trends Analysis Report By Type, By Vehicle Type (Pick Up Truck, Vans), By Sales Channel, By Region, And Segment Forecasts, 2024 - 2030

Light-duty Truck Steering System Market Size, Share & Trends Analysis Report By Type, By Vehicle Type (Pick Up Truck, Vans), By Sales Channel, By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global light-duty truck steering system market size was estimated at USD 1.42 billion in 2023 and is projected to grow at a CAGR of 2.2% from 2024 to 2030. The market growth is primarily driven by the increasing demand for light-duty trucks in various industries such as logistics, construction, and agriculture. These vehicles are essential for transporting goods and materials, making them indispensable in these sectors. In addition, the rise in e-commerce has led to a surge in delivery services, further boosting the demand for light-duty trucks and, consequently, their steering systems. The emphasis on driver safety and comfort is another significant driver, as manufacturers focus on developing steering systems that offer better handling, control, and reduced driver fatigue.

Technological advancements have significantly transformed light-duty truck steering systems, leading to enhanced performance and safety features. The integration of electronic power steering (EPS) systems has replaced traditional hydraulic steering, offering improved fuel efficiency, reduced weight, and easier maintenance. Advanced driver assistance systems (ADAS) are also being incorporated into steering systems, enabling features like lane-keeping assist and automatic parking. Furthermore, the development of steer-by-wire technology, which replaces mechanical linkages with electronic controls, promises to revolutionize the market by providing more precise steering responses and facilitating the integration of autonomous driving systems

Government initiatives aimed at reducing vehicle emissions and improving road safety are playing a crucial role in shaping the global market. Regulations that mandate the reduction of CO2 emissions have pushed manufacturers to develop more efficient steering systems that contribute to overall vehicle fuel economy. In addition, safety regulations that require the incorporation of advanced safety features, such as ADAS, have driven the adoption of new steering technologies. Incentives and subsidies for the development and adoption of electric and hybrid light-duty trucks are also encouraging innovation in steering systems to support these eco-friendly vehicles.

Manufacturers are increasingly focusing on the development of innovative steering systems for light-duty trucks to meet the evolving demands of the market. Companies are investing in research and development to create systems that enhance vehicle performance, safety, and driver comfort. The shift towards electric and autonomous vehicles is pushing manufacturers to develop steering systems that are compatible with these new technologies. Collaborations and partnerships with technology firms are also becoming more common as manufacturers seek to integrate advanced electronics and software into their steering systems. The focus on reducing the overall weight of steering systems to improve fuel efficiency is another area where manufacturers are concentrating their efforts.

The market presents several key opportunities for growth. The increasing adoption of electric vehicles (EVs) and hybrid light-duty trucks is creating a demand for new steering systems that are compatible with these powertrains. The expansion of the logistics and e-commerce sectors, particularly in emerging markets, offers significant opportunities for market growth as the demand for efficient and reliable light-duty trucks rises. In addition, the growing interest in autonomous driving technology provides an avenue for the development of advanced steering systems that can support self-driving capabilities. Besides, the need for efficient last-mile delivery solutions presents opportunities for manufacturers to develop compact and highly maneuverable steering systems for urban light-duty trucks.

Global Light-duty Truck Steering System Market Report Segmentation

The report forecasts revenue growth at global, regional, and at country level and provides an analysis on the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global light-duty truck steering system market report based on type, vehicle type, sales channel, and region:

• Vehicle Type Outlook (Revenue, USD Million, 2018 - 2030)
• Pick Up Truck
• Vans
• Type Outlook (Revenue, USD Million, 2018 - 2030)
• Hydraulic Power Steering (HPS)
• Electric Power Steering (EPS)
• Electro-Hydraulic Power Steering (EHPS)
• Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)
• OEM
• Aftersales
• Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• MEA
• KSA
• UAE
• South Africa

Please note The report will be delivered in 4-8 business days upon order notification.