Commercial Vehicle Steering System Market to grow by USD 3.81 billion from 2022 to 2027 | Market is fragmented due to the presence of prominent companies like ATS Automation Tooling Systems Inc., China Automotive Systems Inc. and Steering Systems LLC, and many more – Technavio

NEW YORK, Nov. 28, 2023 /PRNewswire/ — The commercial vehicle steering system market is estimated to grow by USD 3.81 billion from 2022 to 2027, growing at a CAGR of 5.5%. The commercial vehicle steering system market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer commercial vehicle steering system market are ATS Automation Tooling Systems Inc., China Automotive Systems Inc., Global Steering Systems LLC, GreenSteering, Hitachi Ltd., HL Mando Co. Ltd., JTEKT Corp., Knorr Bremse AG, Mahindra and Mahindra Ltd., Mitsubishi Electric Corp., Nexteer Automotive Group Ltd., NSK Ltd., OGNIBENE POWER SPA, Pailton Engineering Ltd., R. H. Sheppard Co. Inc., Robert Bosch GmbH, ST System Truck Spa, thyssenkrupp AG, Unique Metal Products Inc., and ZF Friedrichshafen AG. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying

Company Offering:

ATS Automation Tooling Systems Inc. – The company offers commercial vehicle steering systems such as hydraulic power steering and electronic power steering.China Automotive Systems Inc. – The company offers commercial vehicle steering systems such as integral power steering, electronic power steering, manual steering, steering columns, steering oil pumps, and steering hoses.Global Steering Systems LLC – The company offers commercial vehicle steering systems such as commercial delivery vehicles, commercial trucks, and specialty steering agricultural.For details on companies and their offerings – Buy the report!

By Geography, the market is classified as North America, APAC, Europe, South America, and Middle East and Africa. APAC will have the largest share of the market. APAC will contribute 41% to the growth of the global market during the forecast period. The US is one of the major countries that is significantly contributing to the growth of the global commercial vehicle steering system market. Factors such as the high adoption of commercial vehicles in the region drive the market growth in the US. The increasing focus on fuel efficiency and the growing demand for power steering systems fuels the demand for EPS, which leads to the phasing out of HPS. The increasing demand for pick-up trucks, SUVs, and crossovers, whereas other business houses contribute to the vans and trucks demand is majorly contributed by the retail sector. Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.

Impactful driver- Electrification of automotive components for precise and accurate steering controlKey Trend – Continuous advances in automotive steering technologyMajor Challenges – High development costs of driver-assisted steering technologies

 Market Segmentation

The light commercial vehicle segment is significant during the forecast period. Light commercial vehicles are mainly used for the transportation of goods or passengers. in countries such as the US and China witness an increasing adoption of the LCV segment and the adoption of LCVs can be attributed to the growth of small businesses.

Technavio Research experts have provided more insights on the market share of segments – View a Free Sample Report

Related Reports:
The Electric Commercial Vehicle (ECV) Market size is estimated to grow at a CAGR of 26.02% between 2022 and 2027. The market size is forecast to increase by USD 166.58 billion.

The Europe – Light Commercial Vehicle (LCV) Market size is estimated to grow at a CAGR of 6.86% between 2022 and 2027. The market size is forecast to increase by USD 22.43 billion.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US

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SOURCE Technavio