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

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 7.58 Billion

CAGR (2024-2029)

8.98%

Fastest Growing Segment

Electronic Power Steering

Largest Market

Asia Pacific

Market Size (2029)

USD 12.63 Billion





Market Overview

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 fthe forecast period. 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.

Key Market Drivers

Regulatory Compliance and Safety Standards

A primary driver in the M&HCV power steering market is the stringent regulatory landscape governing vehicle safety and emissions. Governments worldwide are implementing increasingly strict safety standards to reduce accidents and enhance road safety. These regulations often require the incorporation of advanced driver assistance systems (ADAS) in commercial vehicles, which rely heavily on precise and responsive power steering for their functionality. In addition to safety standards, environmental regulations are pushing manufacturers to improve fuel efficiency and reduce emissions. Compliance with these standards often requires the adoption of electric power steering (EPS) systems, which are more energy-efficient compared to traditional hydraulic systems. The demand for power steering systems that align with these regulations is a significant driver in the M&HCV market, as manufacturers seek solutions that help them meet safety and emissions standards simultaneously.

Electrification and Hybridization of Commercial Vehicles

The broader trend of vehicle electrification and hybridization is a major driver for the M&HCV power steering market. As the world moves towards a more sustainable transportation future, electric and hybrid commercial vehicles are becoming increasingly common. Electric power steering (EPS) is particularly well-suited for these vehicles, as it aligns with their energy efficiency and electrified drivetrains. The adoption of electric and hybrid M&HCVs is driven by various factors, including government incentives, environmental consciousness, and the desire to reduce operational costs. These vehicles often require power steering systems tailored to their specific needs, presenting a growth opportunity for power steering manufacturers to develop and supply systems optimized for electric and hybrid commercial vehicles.

Key Market Challenges

Regulatory Compliance and Safety Standards

Meeting stringent regulatory requirements and safety standards is a central challenge for the M&HCV power steering market. Governments worldwide are implementing increasingly rigorous safety regulations to reduce accidents and improve road safety. These regulations often mandate the incorporation of advanced driver assistance systems (ADAS) into commercial vehicles, systems that heavily rely on precise and responsive power steering for their functionality. However, ensuring that power steering systems meet these safety standards poses several challenges. Power steering manufacturers must invest in research and development to develop systems that can seamlessly interface with ADAS features, such as lane-keeping assist and adaptive cruise control, while maintaining reliability and safety. The coordination between power steering components and ADAS sensors, such as cameras and radar systems, is complex and requires sophisticated engineering. Furthermore, the regulatory landscape can vary significantly from one region to another, adding complexity for manufacturers who must ensure that their power steering systems comply with different standards in various markets. The challenge lies in adapting and customizing power steering solutions to meet these diverse regulatory requirements without compromising vehicle safety or performance.

Increasing Vehicle Weight and Payload

Commercial vehicles, particularly in the medium and heavy segments, are designed to transport substantial payloads. The weight of cargo, coupled with the vehicle's own mass, places considerable strain on power steering systems. Ensuring that power steering systems can handle heavy loads while maintaining performance and safety is an ongoing challenge for manufacturers and operators alike. Heavy payloads can lead to increased wear and tear on power steering components, resulting in higher maintenance and replacement costs. Power steering systems must be robust and durable, capable of withstanding the demanding conditions and loads encountered by M&HCVs. Balancing the need for durability with efficiency and precision in power steering systems is a delicate engineering challenge. 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 a result, power steering manufacturers face the challenge of developing systems that can handle heavy payloads while remaining efficient, striking a delicate balance between load-bearing capacity and energy conservation.

Technological Complexity and Maintenance

The increasing technological complexity of power steering systems is another challenge facing the M&HCV power steering market. Modern power steering systems, including electric power steering (EPS) and steer-by-wire technology, involve intricate electronic components, sensors, and software controls. While these technologies offer numerous benefits, they also pose challenges in terms of maintenance and repair. Maintenance personnel and technicians must be equipped with the knowledge and skills required to diagnose and rectify issues in these advanced systems. Keeping up with the rapid pace of technological advancements is a continuous challenge. Failure to properly maintain or repair power steering systems can lead to safety hazards and operational disruptions for M&HCV operators. Furthermore, the intricacies of power steering technology can also increase the cost of maintenance and repairs. Advanced electronic components and sensors can be costly to replace, adding to the overall ownership costs of M&HCVs. Navigating this technological complexity while keeping maintenance costs manageable is a persistent challenge for both manufacturers and operators.

Environmental Regulations and Sustainability

Compliance with evolving environmental regulations is a key challenge in the M&HCV power steering market. Governments worldwide are tightening emissions standards, requiring manufacturers to reduce the environmental impact of their vehicles. This has led to the adoption of electric power steering (EPS) systems, which are more energy-efficient and environmentally friendly compared to hydraulic systems. While EPS aligns well with sustainability goals and regulatory requirements, it presents challenges related to infrastructure and resource management. EPS systems rely on electric power, necessitating the availability of robust electrical systems and charging infrastructure. Manufacturers and operators must invest in infrastructure development to support the widespread adoption of EPS in M&HCVs. Moreover, the disposal and recycling of electronic components in power steering systems require careful consideration to minimize environmental impact. The challenge lies in developing eco-friendly disposal and recycling practices for power steering components and addressing the environmental footprint associated with manufacturing and maintaining these systems.

Key Market Trends

Electric Power Steering (EPS) Dominance

One of the most prominent trends in the M&HCV power steering market is the growing dominance of electric power steering (EPS) systems. EPS has gained significant traction due to its numerous advantages over traditional hydraulic systems. EPS is more energy-efficient, as it consumes power only when steering assistance is needed, contributing to fuel savings in large commercial vehicles. Additionally, EPS offers precise control and responsiveness, which is crucial for handling heavy loads and navigating through diverse driving conditions. As the industry places a growing emphasis on reducing emissions and enhancing fuel efficiency, manufacturers of M&HCVs are increasingly adopting EPS technology. It aligns well with sustainability goals and regulatory requirements, making it the preferred choice for many commercial vehicle manufacturers. The market is witnessing a transition away from hydraulic systems, and EPS is expected to continue its ascendancy as the primary power steering solution for M&HCVs.

Integration with Advanced Driver Assistance Systems (ADAS)

The integration of advanced driver assistance systems (ADAS) is another transformative trend in the M&HCV power steering market. ADAS features, such as lane-keeping assist, adaptive cruise control, and collision avoidance systems, rely heavily on precise and responsive power steering for their functionality. These systems enhance vehicle safety by providing assistance to drivers in various situations, making them particularly valuable in the context of large and heavy vehicles. The incorporation of ADAS technologies into M&HCVs is driven by several factors. Firstly, it aligns with stringent safety regulations worldwide, compelling manufacturers to equip their vehicles with advanced safety features. Secondly, it addresses the industry's growing emphasis on reducing accidents and improving road safety. As a result, the demand for power steering systems that seamlessly interface with ADAS functionalities is on the rise, pushing manufacturers to develop systems with enhanced electronic control units (ECUs) and software algorithms that support ADAS features effectively. This trend underscores the critical role of power steering in ensuring the safety and efficiency of M&HCV operations.

Steer-by-Wire Technology

Steer-by-wire technology is an emerging trend that holds the potential to revolutionize the M&HCV power steering market. This technology eliminates the mechanical connection between the steering wheel and the wheels, replacing it with electronic controls. Steer-by-wire systems rely on sensors and actuators to translate the driver's input into steering movements, offering greater design flexibility and potential for innovation. The adoption of steer-by-wire technology is driven by several factors. It reduces the physical footprint of the steering system, creating more space in the cabin and enhancing vehicle design options. It enables advanced features such as automated parking and customizable steering feel, allowing drivers to tailor their driving experience. Steer-by-wire systems have the potential to enhance safety by offering redundancy in steering control, which is critical for autonomous vehicles and in the event of component failures. As this trend gains momentum, manufacturers are exploring the development of steer-by-wire systems tailored to the specific needs of M&HCVs. For instance, in September 2023, Titan, a UK-based specialist in electric vehicle steering systems, unveiled a new steer-by-wire system. This innovation is suitable for a wide range of low-volume vehicles, from light commercial vehicles and trucks to high-performance supercars. The steer-by-wire technology adds to Titan’s existing portfolio of power steering options, which includes manual, electric (EPAS), and hydraulic systems. However, it also presents challenges in terms of safety, reliability, and regulatory approval, as such systems must meet stringent standards to ensure driver and road user safety.

Connectivity and Telematics Integration

Connectivity and telematics integration are emerging as significant trends in the M&HCV power steering market. Commercial fleets, including M&HCVs, are increasingly equipped with telematics systems that enable real-time monitoring and data analysis of vehicle performance and driver behavior. Power steering systems, being integral to vehicle control, are becoming part of this interconnected ecosystem. Telematics systems can collect data from power steering systems, providing valuable insights into vehicle usage, driver behavior, and system health. Fleet managers can use this data to optimize vehicle performance, improve fuel efficiency, and enhance maintenance practices. Additionally, power steering manufacturers are exploring ways to integrate telematics functionality directly into their systems, enabling remote diagnostics and predictive maintenance, which can reduce downtime and operational costs for fleet operators. For instance, in January 2024, Tata Motors reached a significant achievement by linking 500,000 commercial vehicles to its Fleet Edge platform. Fleet Edge provides real-time, actionable data on vehicle condition, location, and driver behavior. This platform helps vehicle owners and fleet managers make informed decisions, enhance operational efficiency, cut logistics costs, and increase profitability.

Segmental Insights

Mechanism Insights

The market is further subdivided into Electric power steering (EPS), hydraulic Medium & Heavy Commercial Vehicle power steering (HPS), and electro-hydraulic Medium & Heavy Commercial Vehicle power steering (EHPS). The electric power steering category is expected to dominate the market throughout the projected period, owing to manufacturers' increased deployment of electric power steering in all vehicle types. Advances in electric power steering to steer-by-wire technology are also expected to promote market expansion in this area. Because of its widespread use in commercial vehicles, the hydraulic power steering category is predicted to rise rapidly in the market throughout the projection period. Because of its restricted load-bearing capability, electronic Medium & Heavy Commercial Vehicle power steering does not function in commercial vehicles. Furthermore, hydraulic Medium & Heavy Commercial Vehicle power steering is capable of absorbing road shocks. Because of its leaking, less durability, and vibration features, the manual steering category is predicted to rise steadily in the market. Steering the vehicle involves significant human effort. The electro-hydraulic Medium & Heavy Commercial Vehicle power steering category is predicted to increase significantly in the automotive steering market over the forecast period. When compared to conventional hydraulic power steering, it delivers smoother and more responsive handling.


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Regional Insights

The Asia-Pacific region has emerged as a dominant force in the global medium and heavy commercial vehicle power steering market, driven by robust economic growth and rapid industrialization. The region's expansive automotive sector, characterized by a significant increase in commercial vehicle production and sales, underpins its leading position. Countries such as China, India, and Japan are pivotal players in this trend, with China being the largest market due to its extensive manufacturing base and increasing demand for commercial vehicles. The region's economic expansion has led to an upsurge in infrastructure projects and logistics activities, creating a high demand for medium and heavy commercial vehicles equipped with advanced power steering systems. Furthermore, favorable government policies, such as incentives for vehicle upgrades and stricter safety regulations, contribute to the adoption of sophisticated steering technologies. The rapid growth in urbanization and the development of smart cities in the Asia-Pacific region also drive the need for more efficient and reliable power steering systems.

In addition to economic factors, technological advancements and significant investments in research and development play a crucial role in solidifying the Asia-Pacific region’s dominance in the power steering market. Major automotive manufacturers and component suppliers in the region are at the forefront of innovating and implementing new steering technologies, such as electric power steering (EPS) and steer-by-wire systems. These innovations not only enhance vehicle performance and driver comfort but also align with the global trend towards electrification and automation in the automotive industry. The presence of established automotive giants and a thriving network of suppliers in the Asia-Pacific region facilitates the rapid deployment of cutting-edge steering solutions across various commercial vehicle segments. This technological prowess, combined with a growing demand for advanced commercial vehicles, positions the Asia-Pacific region as the leading player in the global medium and heavy commercial vehicle power steering market.

Recent Developments

  • In April 2023, Schaeffler outlined its strategy to advance steering solutions by emphasizing mechatronics and intelligent chassis technologies. The company unveiled a force-feedback handwheel actuator that replaces the traditional steering wheel and mechanical column, allowing the wheel to be stored in the center console during semi-autonomous driving. This innovation supports new interior design possibilities. Schaeffler also introduced a variable damper system designed to improve vehicle dynamics and performance with a broader range of adaptive damping forces. In its commitment to reducing emissions, electrifying powertrains, and enhancing intelligent driving, Schaeffler is focusing on several cutting-edge technologies for commercial vehicles. Notable developments include an 800 V e-motor with wave winding technology and an 800 V power electronics system using silicon carbide semiconductors. Additionally, Schaeffler has created an electrohydraulic steering system specifically for the front axle of commercial vehicles, aimed at improving performance and efficiency.
  • In November 2022, The FAW Hongqi R&D Centre stated that the Hongqi steering team of the FAW New Energy Development Center's chassis development division created the Hands On/Off Detection (HOD) steering wheel technology, which debuted in China.
  • In August 2024, Nexteer Automotive introduced its new Modular Pinion-Assist Electric Power Steering (mPEPS) system, further enhancing its range of cost-effective, modular EPS solutions. The mPEPS system now includes both Single-Pinion and Dual-Pinion configurations, broadening the company's modular EPS offerings. Beyond these modular systems, Nexteer provides a comprehensive portfolio of EPS solutions designed to accommodate vehicles of various sizes, from compact cars to heavy-duty trucks and light commercial vehicles. Their lineup also features advanced EPS technologies such as Steer-by-Wire, Rack-Assist EPS (REPS), Dual Pinion-Assist EPS (DPEPS), Single Pinion-Assist EPS (SPEPS), and Column-Assist EPS (CEPS).

Key Market Players

  • 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

By Mechanism

By Component

By Region
  • Electronic power steering (EPS)
  • Hydraulic power steering (HPS)
  • Electro-Hydraulic power steering (EHPS)
  • Hydraulic Pump    
  • Sensors
  • Electric Motor
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa     

Report Scope:

In this report, the Global Medium & Heavy Commercial Vehicle Power Steering Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Medium & Heavy Commercial Vehicle Power Steering Market, By Mechanism:

o   Electronic power steering (EPS)

o   Hydraulic power steering (HPS)

o   Electro-Hydraulic power steering (EHPS)

  •  Medium & Heavy Commercial Vehicle Power Steering Market, By Component:

o   Hydraulic Pump

o   Sensors

o   Electric Motor

o   Others

  • Medium & Heavy Commercial Vehicle Power Steering Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Medium & Heavy Commercial Vehicle Power Steering Market.

Available Customizations:

Global Medium & Heavy Commercial Vehicle Power Steering Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
Global Medium & Heavy Commercial Vehicle Power Steering Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Global Medium & Heavy Commercial Vehicle Power Steering Market

5.    Global Medium & Heavy Commercial Vehicle Power Steering Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value   

5.2.  Market Share & Forecast

5.2.1.     By Mechanism Market Share Analysis (Electronic power steering (EPS), Hydraulic power steering (HPS) and Electro-Hydraulic Power Steering)

5.2.2.     By Component (Hydraulic Pump, Sensors, Electric Motor, and other components)

5.2.3.     By Regional Market Share Analysis

5.2.3.1.         Asia-Pacific Market Share Analysis

5.2.3.2.         Europe & CIS Market Share Analysis

5.2.3.3.         North America Market Share Analysis

5.2.3.4.         South America Market Share Analysis

5.2.3.5.         Middle East & Africa Market Share Analysis

5.2.4.     By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)

5.3.  Global Medium & Heavy Commercial Vehicle Power Steering Market Mapping & Opportunity Assessment

5.3.1.     By Mechanism Market Mapping & Opportunity Assessment

5.3.2.     By Component Market Mapping & Opportunity Assessment

5.3.3.     By Regional Market Mapping & Opportunity Assessment

6.    North America Medium & Heavy Commercial Vehicle Power Steering Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Mechanism Market Share Analysis

6.2.2.     By Component Market Share Analysis

6.2.3.     By Country Market Share Analysis

6.2.3.1.         United States Market Share Analysis

6.2.3.2.         Mexico Market Share Analysis

6.2.3.3.         Canada Market Share Analysis

6.3.  North America: Country Analysis

6.3.1.     United States Medium & Heavy Commercial Vehicle Power Steering Market Outlook

6.3.1.1.         Market Size & Forecast

6.3.1.1.1.             By Value

6.3.1.2.         Market Share & Forecast

6.3.1.2.1.             By Mechanism Market Share Analysis

6.3.1.2.2.             By Component Market Share Analysis

6.3.2.     Canada Medium & Heavy Commercial Vehicle Power Steering Market Outlook

6.3.2.1.         Market Size & Forecast

6.3.2.1.1.             By Value

6.3.2.2.         Market Share & Forecast

6.3.2.2.1.             By Mechanism Market Share Analysis

6.3.2.2.2.             By Component Market Share Analysis

6.3.3.     Mexico Medium & Heavy Commercial Vehicle Power Steering Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Value

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.             By Mechanism Market Share Analysis

6.3.3.2.2.             By Component Market Share Analysis

7.    Europe Medium & Heavy Commercial Vehicle Power Steering Market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Mechanism Market Share Analysis

7.2.2.     By Component Market Share Analysis

7.2.3.     By Country Market Share Analysis

7.2.3.1.         Germany Market Share Analysis

7.2.3.2.         Spain Market Share Analysis

7.2.3.3.         France Market Share Analysis

7.2.3.4.         Italy Market Share Analysis

7.2.3.5.         United Kingdom Market Share Analysis

7.2.3.6.         Rest of Europe & CIS Market Share Analysis

7.3.  Europe: Country Analysis

7.3.1.     Germany Medium & Heavy Commercial Vehicle Power Steering Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Mechanism Market Share Analysis

7.3.1.2.2.             By Component Market Share Analysis

7.3.2.     United Kingdom Medium & Heavy Commercial Vehicle Power Steering Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Mechanism Market Share Analysis

7.3.2.2.2.             By Component Market Share Analysis

7.3.3.     Italy Medium & Heavy Commercial Vehicle Power Steering Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Mechanism Market Share Analysis

7.3.3.2.2.             By Component Market Share Analysis

7.3.4.     France Medium & Heavy Commercial Vehicle Power Steering Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Value

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.             By Mechanism Market Share Analysis

7.3.4.2.2.             By Component Market Share Analysis

7.3.5.     Spain Medium & Heavy Commercial Vehicle Power Steering Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Value

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.             By Mechanism Market Share Analysis

7.3.5.2.2.             By Component Market Share Analysis

8.    Asia-Pacific Medium & Heavy Commercial Vehicle Power Steering Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Mechanism Market Share Analysis

8.2.2.     By Component Market Share Analysis

8.2.3.     By Country Market Share Analysis

8.2.3.1.         China Market Share Analysis

8.2.3.2.         India Market Share Analysis

8.2.3.3.         Japan Market Share Analysis

8.2.3.4.         South Korea Market Share Analysis

8.2.3.5.         Australia Market Share Analysis

8.2.3.6.         Rest of Asia-Pacific Market Share Analysis

8.3.  Asia-Pacific: Country Analysis

8.3.1.     China Medium & Heavy Commercial Vehicle Power Steering Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Mechanism

8.3.1.2.2.             By Component

8.3.2.     India Medium & Heavy Commercial Vehicle Power Steering Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Mechanism Market Share Analysis

8.3.2.2.2.             By Component Market Share Analysis

8.3.3.     Japan Medium & Heavy Commercial Vehicle Power Steering Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Mechanism Market Share Analysis

8.3.3.2.2.             By Component Market Share Analysis

8.3.4.     South Korea Medium & Heavy Commercial Vehicle Power Steering Market Outlook

8.3.4.1.         Market Size & Forecast

8.3.4.1.1.             By Value

8.3.4.2.         Market Share & Forecast

8.3.4.2.1.             By Mechanism Market Share Analysis

8.3.4.2.2.             By Component Market Share Analysis

8.3.5.     Australia Medium & Heavy Commercial Vehicle Power Steering Market Outlook

8.3.5.1.         Market Size & Forecast

8.3.5.1.1.             By Value

8.3.5.2.         Market Share & Forecast

8.3.5.2.1.             By Mechanism Market Share Analysis

8.3.5.2.2.             By Component Market Share Analysis

9.    South America Medium & Heavy Commercial Vehicle Power Steering Market Outlook

9.1.  Market Size & Forecast          

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Mechanism Market Share Analysis

9.2.2.     By Component Market Share Analysis

9.2.3.     By Country Market Share Analysis

9.2.3.1.         Brazil Market Share Analysis

9.2.3.2.         Argentina Market Share Analysis

9.2.3.3.         Colombia Market Share Analysis

9.2.3.4.         Rest of South America Market Share Analysis

9.3.  South America: Country Analysis

9.3.1.     Brazil Medium & Heavy Commercial Vehicle Power Steering Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Mechanism Market Share Analysis

9.3.1.2.2.             By Component Market Share Analysis

9.3.2.     Argentina Medium & Heavy Commercial Vehicle Power Steering Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Mechanism Market Share Analysis

9.3.2.2.2.             By Component Market Share Analysis

9.3.3.     Colombia Medium & Heavy Commercial Vehicle Power Steering Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Mechanism Market Share Analysis

9.3.3.2.2.             By Component Market Share Analysis

10.  Middle East and Africa Medium & Heavy Commercial Vehicle Power Steering Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.2.              Market Share & Forecast

10.2.1.  By Mechanism Market Share Analysis

10.2.2.  By Component Market Share Analysis

10.2.3.  By Country Market Share Analysis

10.2.3.1.      South Africa Market Share Analysis

10.2.3.2.      Saudi Arabia Market Share Analysis

10.2.3.3.      UAE Market Share Analysis

10.2.3.4.      Turkey Market Share Analysis

10.2.3.5.      Rest of Middle East & Africa Market Share Analysis

10.3.              Middle East and Africa: Country Analysis

10.3.1.  South Africa Medium & Heavy Commercial Vehicle Power Steering Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Mechanism Market Share Analysis

10.3.1.2.2.           By Component Market Share Analysis

10.3.2.  Saudi Arabia Medium & Heavy Commercial Vehicle Power Steering Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Mechanism Market Share Analysis

10.3.2.2.2.           By Component Market Share Analysis

10.3.3.  UAE Medium & Heavy Commercial Vehicle Power Steering Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Mechanism Market Share Analysis

10.3.3.2.2.           By Component Market Share Analysis

10.3.4.  Turkey Medium & Heavy Commercial Vehicle Power Steering Market Outlook

10.3.4.1.      Market Size & Forecast

10.3.4.1.1.           By Value

10.3.4.2.      Market Share & Forecast

10.3.4.2.1.           By Mechanism Market Share Analysis

10.3.4.2.2.           By Component Market Share Analysis

11.  SWOT Analysis

11.1.            Strength

11.2.            Weakness

11.3.            Opportunities

11.4.            Threats

12.  Market Dynamics

12.1.            Market Drivers

12.2.            Market Challenges

13.  Market Trends & Developments

14.  Competitive Landscape

14.1.              Company Profile(Up to 10 major Companies)

14.1.1.  Robert Bosch GmbH

14.1.1.1.      Company Details

14.1.1.2.      Key Product Offered

14.1.1.3.      Financials (As Per Availability)

14.1.1.4.      Recent Developments

14.1.1.5.      Key Management Personnel

14.1.2.  Nexteer Automotive Corporation

14.1.2.1.      Company Details

14.1.2.2.      Key Product Offered

14.1.2.3.      Financials (As Per Availability)

14.1.2.4.      Recent Developments

14.1.2.5.      Key Management Personnel

14.1.3.  ZF Friedrichshafen AG

14.1.3.1.      Company Details

14.1.3.2.      Key Product Offered

14.1.3.3.      Financials (As Per Availability)

14.1.3.4.      Recent Developments

14.1.3.5.      Key Management Personnel

14.1.4.  JTEKT Corporation

14.1.4.1.      Company Details

14.1.4.2.      Key Product Offered

14.1.4.3.      Financials (As Per Availability)

14.1.4.4.      Recent Developments

14.1.4.5.      Key Management Personnel

14.1.5.  NSK Ltd.

14.1.5.1.      Company Details

14.1.5.2.      Key Product Offered

14.1.5.3.      Financials (As Per Availability)

14.1.5.4.      Recent Developments

14.1.5.5.      Key Management Personnel

14.1.6.  Mitsubishi Electric Corporation

14.1.6.1.      Company Details

14.1.6.2.      Key Product Offered

14.1.6.3.      Financials (As Per Availability)

14.1.6.4.      Recent Developments

14.1.6.5.      Key Management Personnel

14.1.7.  HL Mando Corp.

14.1.7.1.      Company Details

14.1.7.2.      Key Product Offered

14.1.7.3.      Financials (As Per Availability)

14.1.7.4.      Recent Developments

14.1.7.5.      Key Management Personnel

14.1.8.  Hyundai Mobis

14.1.8.1.      Company Details

14.1.8.2.      Key Product Offered

14.1.8.3.      Financials (As Per Availability)

14.1.8.4.      Recent Developments

14.1.8.5.      Key Management Personnel

14.1.9.  Hitachi Astemo, Ltd.

14.1.9.1.      Company Details

14.1.9.2.      Key Product Offered

14.1.9.3.      Financials (As Per Availability)

14.1.9.4.      Recent Developments

14.1.9.5.      Key Management Personnel

14.1.10.  Thyssenkrupp AG

14.1.10.1.      Company Details

14.1.10.2.      Key Product Offered

14.1.10.3.      Financials (As Per Availability)

14.1.10.4.      Recent Developments

14.1.10.5.      Key Management Personnel

15.  Strategic Recommendations

15.1.            Key Focus Areas

15.1.1.  Target Regions

15.1.2.  Target By Mechanism

15.1.3.  Target By Component

16.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Medium & Heavy Commercial Vehicle Power Steering Market was estimated to be USD 7.58 billion in 2023.

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The electric power steering segment was anticipated to lead the market throughout the forecast period, driven by manufacturers' growing adoption of electric power steering across all vehicle types.

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Asia Pacific was estimated to lead the automobile steering system market. The growing sales and production of automakers from emerging nations are likely to drive the growth of the automotive steering system market in this area. Demand for high-end luxury vehicles and rising disposable income in developing nations are also expected to drive market expansion in this area.

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Electrification and Hybridization of Commercial Vehicles, Vehicle Weight and Payload Considerations and Integration with Advanced Driver Assistance Systems are the major drivers for the Global Medium & Heavy Commercial Vehicle Power Steering Market.

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Srishti Verma

Business Consultant
Press Release

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

Sep, 2024

Electrification and Hybridization of Commercial Vehicles, Vehicle Weight and Payload Considerations and Integration with Advanced Driver Assistance Systems are factors driving the Global Medium & Hea

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