Medium & Heavy Commercial Vehicle Power Steering Market to Grow with a CAGR of 8.98% through 2029

Electrification and Hybridization of Commercial Vehicles, Vehicle Weight and Payload Considerations and Integration with Advanced Driver Assistance Systems are factors driving the Global Medium & Heavy Commercial Vehicle Power Steering Market in the forecast period 2025-2029.

 

According to TechSci Research report, “Medium & Heavy Commercial Vehicle Power Steering Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Medium & Heavy Commercial Vehicle Power Steering Market was valued at USD 7.58 billion in 2023 and is anticipated to reach USD 12.63 Billion by 2029, growing with a CAGR of 8.98%, 2025-2029. The medium and heavy commercial vehicle (M&HCV) power steering market is a critical component of the global automotive industry, providing essential systems that ensure safe, efficient, and manageable operations of large commercial vehicles, including trucks, buses, and other heavy-duty transport vehicles. Power steering plays a pivotal role in enhancing driver control, maneuverability, and overall vehicle safety, especially in vehicles designed to carry substantial payloads over long distances.

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The medium and heavy commercial vehicle power steering market is segmented based on various components, each playing a crucial role in the overall functionality of the steering system. Key components include hydraulic pumps, sensors, electric motors, and other essential elements. Hydraulic pumps are integral to traditional hydraulic power steering systems, providing the necessary hydraulic pressure to assist with steering efforts. These pumps are typically driven by the vehicle’s engine and are critical for delivering the force needed to enhance steering ease and responsiveness.  Sensors are pivotal in modern power steering systems, particularly those incorporating advanced technologies such as electric power steering (EPS). These sensors monitor various parameters such as steering angle, vehicle speed, and road conditions, enabling real-time adjustments to the steering assistance provided. The data collected by these sensors is crucial for optimizing steering performance and ensuring safety by adapting to changing driving conditions.

Electric motors are central to electric and hybrid power steering systems. They replace the hydraulic pumps found in traditional systems and offer a more energy-efficient solution. These motors are responsible for directly providing the steering assistance based on inputs from the steering wheel and sensors. They contribute to reduced fuel consumption and lower emissions, aligning with the industry’s shift towards more sustainable technologies. Other components in power steering systems include electronic control units (ECUs) and various mechanical elements like steering racks and columns. ECUs manage the operation of the electric motors and sensors, processing inputs to deliver precise steering assistance. Mechanical components like steering racks and columns are essential for transmitting the steering input from the driver to the wheels, ensuring that the steering response is smooth and accurate.

Each component in the medium and heavy commercial vehicle power steering market serves a specific function, contributing to the overall efficiency, safety, and performance of the steering system. The interplay between hydraulic pumps, sensors, electric motors, and other components reflects the evolution and sophistication of power steering technology, catering to the diverse needs of modern commercial vehicles..

 

Major companies operating in Global Medium & Heavy Commercial Vehicle Power Steering Market are:

• JTEKT corporation
• ZF Friedrichshafen AG
• Robert Bosch GmbH
• Nexteer Automotive Corporation
• NSK Ltd.
• Mitsubishi Electric Corporation
• HL Mando Corp.
• Hyundai Mobis 
• Hitachi Astemo, Ltd.
• Thyssenkrupp AG

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 “The Medium and Heavy Commercial Vehicle (M&HCV) power steering market is a critical sector within the automotive industry, enabling the safe and efficient operation of large commercial vehicles that play a fundamental role in global logistics and transportation. These power steering systems are essential for enhancing driver control, maneuverability, and overall vehicle safety, particularly when handling heavy payloads over long distances. The market is driven by factors such as regulatory compliance, the need to accommodate increasing vehicle weights and payloads, technological advancements, and environmental sustainability concerns. However, it also faces challenges related to maintenance complexity, environmental regulations, and competitive pressures. In this dynamic landscape, manufacturers continually strive to balance innovation and cost-effectiveness while meeting the ever-evolving demands of the M&HCV segment.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Medium & Heavy Commercial Vehicle Power Steering Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F, 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 Medium & Heavy 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 Medium & Heavy Commercial Vehicle Power Steering Market.

 

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