Light Commercial Vehicle power steering market to Grow with a CAGR of 6.8% through 2028

Growth in E-Commerce and Last-Mile Delivery, Safety Regulations and Driver Assistance Systems and fuel efficiency and diverse applications across industries are factors driving the Global Light Commercial Vehicle power steering Market in the forecast period 2024-2028.

According to TechSci Research report, “Light Commercial Vehicle Power Steering Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Light Commercial Vehicle power steering Market stood at USD 4 billion in 2022 and is anticipated to grow with a CAGR of 6.8% in the forecast period, 2024-2028. The light commercial vehicle (LCV) power steering market is a crucial and dynamic segment within the automotive industry, responsible for equipping small to mid-sized commercial vehicles such as vans, pickup trucks, and delivery vehicles with essential power steering systems. These systems enhance driver control, maneuverability, and safety, making them indispensable components of LCVs. In recent years, several factors have driven the evolution of the LCV power steering market. The demand for increased efficiency and reduced emissions, driven by environmental concerns and stringent fuel efficiency regulations, has led to a transition from traditional hydraulic power steering to more efficient electric power steering (EPS) systems. EPS consumes power only when needed, contributing to lower fuel consumption and emissions, aligning with the industry's sustainability goals. Furthermore, the integration of advanced driver assistance systems (ADAS) in LCVs has reinforced the importance of precise and responsive power steering systems. ADAS features such as lane-keeping assist and adaptive cruise control rely on power steering for their functionality, enhancing vehicle safety. This integration has prompted the development of power steering systems with enhanced electronic control units (ECUs) and software algorithms to support ADAS functionalities effectively.

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The light commercial vehicle (LCV) power steering market is a fundamental and dynamic sector within the broader automotive industry, playing a pivotal role in ensuring the efficiency, safety, and comfort of small to mid-sized commercial vehicles. LCVs, which encompass a wide range of vehicles like vans, pickup trucks, and delivery vehicles, rely heavily on power steering systems to enhance driver control and maneuverability. This comprehensive 1200-word analysis will delve into the key aspects of the LCV power steering market, including its drivers, challenges, trends, opportunities, and its critical role in the evolving automotive landscape.

In response to increasing environmental concerns and stringent fuel efficiency regulations, there is a growing demand for electric power steering (EPS) systems in LCVs. EPS is more energy-efficient compared to traditional hydraulic systems, as it only consumes power when steering assistance is required, contributing to reduced fuel consumption and emissions. Automakers are adopting EPS to align with sustainability goals and meet regulatory standards, thus driving the growth of this market segment.

LCVs are frequently equipped with advanced driver assistance systems (ADAS) that rely heavily on power steering for precise control. ADAS features, such as lane-keeping assist and adaptive cruise control, enhance vehicle safety by assisting drivers in various situations. The integration of these safety technologies has created a substantial demand for power steering systems that offer precise and responsive control, further underscoring the importance of this market in enhancing road safety.

As the automotive industry undergoes a significant shift towards vehicle electrification, LCVs are no exception. Electric and hybrid LCVs, which aim to reduce emissions and enhance energy efficiency, often opt for electric power steering due to its compatibility with electrified drivetrains. This trend is creating a new market segment for power steering solutions tailored to electric and hybrid vehicles, emphasizing the adaptability and flexibility of the market.

Emerging steer-by-wire technology is revolutionizing the LCV power steering market by eliminating the mechanical connection between the steering wheel and wheels, replacing it with electronic controls. Steer-by-wire systems offer design flexibility, improved safety, and the potential for innovation, making them particularly relevant in the context of autonomous and electric LCVs. While this technology presents challenges related to safety and regulatory approval, it also opens new avenues for market growth and innovation.

Emerging technologies, such as steer-by-wire, are poised to revolutionize the market by eliminating the mechanical connection between the steering wheel and the wheels. This innovation offers design flexibility and enhances safety, aligning with the evolving landscape of autonomous and electric LCVs. However, it also presents challenges related to safety, reliability, and regulatory approval. Lastly, the market trend of customization and comfort reflects the growing consumer demand for an optimal driving experience. Power steering systems are increasingly tailored to offer adjustable steering feel, providing drivers with a personalized driving experience that aligns with the broader automotive industry's focus on user-centric design.

Major companies operating in Global Light Commercial Vehicle power steering Market are:

• Showa Corporation
• Nexteer Automotive Corporation
• NSK Ltd
• JTEKT Corporation
• Robert Bosch GmbH
• Mando Corporation
• Sona Corporation
• ZF Friedrichshafen AG
• Hitachi Automotive Systems Limited.

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 “The light commercial vehicle (LCV) power steering market is a pivotal segment within the automotive industry, providing essential systems that ensure safe, efficient, and comfortable operations of small to mid-sized commercial vehicles like vans, pickups, and delivery trucks. In recent years, this market has witnessed significant advancements, including the transition to electric power steering (EPS) for enhanced efficiency and reduced emissions. The integration of advanced driver assistance systems (ADAS) has further underscored the importance of precise and responsive power steering in ensuring vehicle safety. As the automotive industry continues to evolve with electrification and automation trends, the LCV power steering market plays a vital role in meeting the changing needs of manufacturers and consumers, contributing to the overall improvement of commercial vehicle performance and sustainability.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Light Commercial Vehicle power steering Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 ,By Mechanism (Electronic power steering (EPS), Hydraulic power steering (HPS) and Electro-Hydraulic Power Steering), By Component (Hydraulic Pump, Sensors, Electric Motor and other components), By Region, By Competition.”, has evaluated the future growth potential of Global Light Commercial Vehicle power steering Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Light Commercial Vehicle power steering Market.

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