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% during the forecast period. 

Commercial vehicles, especially in the medium and heavy segments, are designed to transport substantial payloads. The weight of the cargo and the vehicle itself can place immense strain on power steering systems, making durability and reliability critical factors for M&HCV power steering. Manufacturers and operators seek power steering systems that can withstand the heavy-duty demands of these vehicles, making durability and load-bearing capacity important market drivers. Efficiency is also a key consideration, as every ounce of energy saved in power steering contributes to better fuel efficiency and lower operating costs. As such, the demand for power steering systems that can handle heavy payloads while remaining efficient is a driving force in this market, prompting innovations in power steering technology.

The broader trend of vehicle electrification and hybridization is significantly impacting the M&HCV power steering market. Electric and hybrid M&HCVs are increasingly becoming part of the commercial vehicle landscape as manufacturers seek to reduce emissions and improve energy efficiency. Electric power steering (EPS) is a natural fit for these vehicles due to its energy efficiency and compatibility with electrified drivetrains. As governments worldwide implement stricter emissions standards, manufacturers are investing in electric and hybrid M&HCVs to meet regulatory requirements. This shift towards electrification opens up new opportunities for power steering manufacturers to develop and supply systems that cater specifically to the unique needs of electric and hybrid commercial vehicles. Whether it's optimizing EPS for electric powertrains or creating specialized power steering solutions for hybrid vehicles, this trend offers a significant growth avenue for the M&HCV power steering market.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on " Global Medium & Heavy Commercial Vehicle Power Steering Market”

Based on component, 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 M&HCV power steering market is highly competitive, with multiple players vying for market share. The competitive landscape can lead to price wars and aggressive marketing strategies, potentially eroding profit margins and affecting sustainability. Striking the right balance between innovation, competitiveness, and profitability in a crowded marketplace is a persistent challenge for manufacturers in the M&HCV power steering segment. Manufacturers must invest in research and development to stay ahead of the competition, continuously improving the performance and features of their power steering systems. This ongoing innovation is essential to meet evolving customer demands for safety, efficiency, and sustainability. However, the pressure to maintain competitive pricing can limit the resources available for R&D and innovation, creating a delicate balancing act for manufacturers. Furthermore, the competitive landscape extends to aftermarket services and support. Manufacturers must provide reliable and cost-effective maintenance and replacement parts to retain customer loyalty. The challenge lies in delivering high-quality aftermarket services while managing costs to remain competitive in a demanding market environment”, 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, 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 & Competition. 2019-2029F”, 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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