Market Overview:
The global truck steering system market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for commercial vehicles, especially in emerging economies such as China and India. Additionally, technological advancements in electric power steering systems are also contributing to the growth of this market. The global truck steering system market is segmented on the basis of type into hydraulic power steering, electric power steering, and electro-hydraulic power steering. Of these, electric power steering is expected to witness highest growth during the forecast period owing to its advantages such as fuel efficiency and low maintenance cost as compared with other types of truck steerings systems. On the basis of application, light-duty trucks account for majority share in terms of volume but medium-duty trucks are expected to witness highest growth rate during 2018–2030 due growing demand from construction.
Product Definition:
A truck steering system is a mechanism used to steer a truck. It consists of the steering wheel, the steering column, and the linkage between them. The purpose of the truck steering system is to allow the driver to control the direction in which the truck moves.
Hydraulic Power Steering:
Hydraulic power steering (HPS) is a type of power steering system which uses hydraulic pressure generated by the engine to assist in the manual guiding of the vehicle. The hydraulic pressure is used to move a piston which in turn provides steerage and movement. HPS has several benefits over electric or electro-mechanical systems, it offers more control, better fuel economy, improved safety and performance characteristics at high/low speeds and reduces driver fatigue.
Electric Power Steering:
Electric power steering (EPS) is a type of steering system that uses an electric motor to assist the driver in manual steering. The EPS system can be compared to a hydraulic hybrid drive train in which the engine and gearbox are integrated into one unit. In an EPS, there is no mechanical connection between the steer wheel and road surface; instead, electrical signals from the battery are sent to drive wheels through relays.
Application Insights:
The light-duty trucks application segment accounted for the largest share of over 50.0% in 2017 and is expected to continue its dominance over the forecast period. The growing demand for light-duty trucks, especially in countries such as India and China, is anticipated to drive industry growth over the forecast period. Furthermore, increasing utilization of these vehicles for transporting goods from warehouses to retail stores will further propel industry expansion during the study period.
Medium-duty trucks are widely utilized across various industries including construction.
Regional Analysis:
The North American regional market dominated the global truck steering system industry in 2016 and is expected to continue its dominance over the forecast period. The presence of a large number of OEMs, coupled with high standards of living, will drive demand for commercial vehicles in this region. Furthermore, increasing investments by governments to develop smart cities are creating opportunities for innovative technologies such as steer-by-wire systems that would otherwise be disabled on account of safety regulations.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to rising disposable income and growing population along with rapid urbanization and industrialization across countries such as China, India Japan among others are expected boost demand for heavy commercial vehicles thereby driving innovation in power steering systems used on trucks.
Growth Factors:
- Increasing demand for commercial vehicles: The global truck market is expected to grow at a CAGR of 5.5% from 2016 to 2021. This growth can be attributed to the increasing demand for commercial vehicles across the world. The truck steering system market is expected to benefit from this growth in the coming years.
- Technological advancements: The truck steering system market is witnessing rapid technological advancements, with companies introducing new and innovative products in the market. This is helping fuel the growth of the market globally.
- Rising awareness about safety features: With governments across different countries implementing stringent safety regulations, there has been a rise in awareness among consumers about safety features in trucks and other commercial vehicles. This is aiding the growth of the truck steering system market as consumers are increasingly opting for trucks that come equipped with advanced safety features such as steer-by-wire systems and electronic stability control systems (ESC).
Scope Of The Report
Report Attributes
Report Details
Report Title
Truck Steering System Market Research Report
By Type
Hydraulic Power Steering, Electric Power Steering, Electro-Hydraulic Power Steering
By Application
Light-Duty Truck, Medium-Duty Truck, Heavy- Duty Truck
By Companies
Bosch, ZF, Nexteer, RH Sheppard (Knorr-Bremse), Hitachi (Knorr-Bremse), CAAS, JTEKT, Mando, Bosch
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
149
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Truck Steering System Market Report Segments:
The global Truck Steering System market is segmented on the basis of:
Types
Hydraulic Power Steering, Electric Power Steering, Electro-Hydraulic Power Steering
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Light-Duty Truck, Medium-Duty Truck, Heavy- Duty Truck
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Bosch
- ZF
- Nexteer
- RH Sheppard (Knorr-Bremse)
- Hitachi (Knorr-Bremse)
- CAAS
- JTEKT
- Mando
- Bosch
Highlights of The Truck Steering System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hydraulic Power Steering
- Electric Power Steering
- Electro-Hydraulic Power Steering
- By Application:
- Light-Duty Truck
- Medium-Duty Truck
- Heavy- Duty Truck
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Truck Steering System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
The truck steering system is a group of components that allow the driver to steer the vehicle. The system includes the steering wheel, column, and gearbox.
Some of the major players in the truck steering system market are Bosch, ZF, Nexteer, RH Sheppard (Knorr-Bremse), Hitachi (Knorr-Bremse), CAAS, JTEKT, Mando, Bosch.
The truck steering system market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Truck Steering System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Truck Steering System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Truck Steering System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Truck Steering System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Truck Steering System Market Size & Forecast, 2018-2028
4.5.1 Truck Steering System Market Size and Y-o-Y Growth
4.5.2 Truck Steering System Market Absolute $ Opportunity
Chapter 5 Global Truck Steering System Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Truck Steering System Market Size Forecast by Type
5.2.1 Hydraulic Power Steering
5.2.2 Electric Power Steering
5.2.3 Electro-Hydraulic Power Steering
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Truck Steering System Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Truck Steering System Market Size Forecast by Applications
6.2.1 Light-Duty Truck
6.2.2 Medium-Duty Truck
6.2.3 Heavy- Duty Truck
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Truck Steering System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Truck Steering System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Truck Steering System Analysis and Forecast
9.1 Introduction
9.2 North America Truck Steering System Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Truck Steering System Market Size Forecast by Type
9.6.1 Hydraulic Power Steering
9.6.2 Electric Power Steering
9.6.3 Electro-Hydraulic Power Steering
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Truck Steering System Market Size Forecast by Applications
9.10.1 Light-Duty Truck
9.10.2 Medium-Duty Truck
9.10.3 Heavy- Duty Truck
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Truck Steering System Analysis and Forecast
10.1 Introduction
10.2 Europe Truck Steering System Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Truck Steering System Market Size Forecast by Type
10.6.1 Hydraulic Power Steering
10.6.2 Electric Power Steering
10.6.3 Electro-Hydraulic Power Steering
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Truck Steering System Market Size Forecast by Applications
10.10.1 Light-Duty Truck
10.10.2 Medium-Duty Truck
10.10.3 Heavy- Duty Truck
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Truck Steering System Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Truck Steering System Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Truck Steering System Market Size Forecast by Type
11.6.1 Hydraulic Power Steering
11.6.2 Electric Power Steering
11.6.3 Electro-Hydraulic Power Steering
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Truck Steering System Market Size Forecast by Applications
11.10.1 Light-Duty Truck
11.10.2 Medium-Duty Truck
11.10.3 Heavy- Duty Truck
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Truck Steering System Analysis and Forecast
12.1 Introduction
12.2 Latin America Truck Steering System Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Truck Steering System Market Size Forecast by Type
12.6.1 Hydraulic Power Steering
12.6.2 Electric Power Steering
12.6.3 Electro-Hydraulic Power Steering
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Truck Steering System Market Size Forecast by Applications
12.10.1 Light-Duty Truck
12.10.2 Medium-Duty Truck
12.10.3 Heavy- Duty Truck
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Truck Steering System Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Truck Steering System Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Truck Steering System Market Size Forecast by Type
13.6.1 Hydraulic Power Steering
13.6.2 Electric Power Steering
13.6.3 Electro-Hydraulic Power Steering
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Truck Steering System Market Size Forecast by Applications
13.10.1 Light-Duty Truck
13.10.2 Medium-Duty Truck
13.10.3 Heavy- Duty Truck
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Truck Steering System Market: Competitive Dashboard
14.2 Global Truck Steering System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Bosch
14.3.2 ZF
14.3.3 Nexteer
14.3.4 RH Sheppard (Knorr-Bremse)
14.3.5 Hitachi (Knorr-Bremse)
14.3.6 CAAS
14.3.7 JTEKT
14.3.8 Mando
14.3.9 Bosch
