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Light Duty Truck Steering System Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-08-09 I 250 Pages I Global Market Insights
Light Duty Truck Steering System Market will witness 2% CAGR from 2024 to 2032. This growth is driven by advancements in automotive technology, increasing urbanization, and a rising demand for efficient and reliable steering systems in light-duty trucks. As e-commerce expands and logistics demands grow, the need for light-duty trucks with enhanced maneuverability and precision steering is increasing. According to the U.S. Census Bureau, e-commerce sales in the United States reached $870 billion in 2021, highlighting the growing logistics demands. Additionally, the rising adoption of light-duty trucks for commercial purposes in both urban and rural areas is further propelling market expansion.
The overall Light Duty Truck Steering System Market is segmented based on Steering System, Vehicle, Sales Channel, Technology, and Region.
The Manual Steering System segment will maintain a steady growth trajectory over the forecast period. Despite the growing popularity of power-assisted systems, manual steering systems remain prevalent in certain markets due to their simplicity, cost-effectiveness, and reliability. Manual steering systems are particularly favored in regions where maintenance costs need to be minimized, and vehicle technology infrastructure is still developing. The demand for manual systems in light-duty trucks is also supported by their ease of use in basic models, especially in rural and emerging markets.
The Vans segment will capture a significant share of the Light Duty Truck Steering System Market by 2032. Vans are increasingly being used for commercial purposes, particularly in urban areas for last-mile deliveries, due to their compact size and versatility. The rising demand for online shopping and delivery services has spurred the need for efficient, maneuverable vehicles like vans, which require advanced steering systems to navigate congested city streets. This trend is driving the adoption of modern and reliable steering systems in vans, ensuring safety and efficiency in urban logistics operations.
Europe Light Duty Truck Steering System Market will experience notable growth from 2024 to 2032. The region's robust automotive industry, in line with stringent regulatory standards for vehicle safety and emissions, is driving the demand for advanced steering systems. European countries, particularly Germany, France, and the UK, are focusing on enhancing vehicle efficiency and reducing emissions, which includes adopting innovative steering technologies. Additionally, the presence of leading automotive manufacturers and ongoing investments in research and development contribute to the market's expansion in Europe.
Report Content
Chapter 1 Methodology and Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Component manufacturers
3.2.3 System integrators
3.2.4 OEMs
3.2.5 Distributors and retailers
3.2.6 End Users
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing adoption of advanced driver assistance systems
3.8.1.2 Growth in light-duty truck production volumes
3.8.1.3 Enhanced safety regulations and standards
3.8.1.4 Technological advancements in steering system designs
3.8.2 Industry pitfalls and challenges
3.8.2.1 High cost of advanced steering technologies
3.8.2.2 Supply chain disruptions affecting component availability
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share
4.3 Competitive analysis of major market players
4.4 Competitive positioning matrix
4.5 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Steering System, 2021-2032 ($Bn, Units)
5.1 Key trends
5.2 Manual
5.3 Power
5.3.1 Hydraulic power steering (HPS)
5.3.2 Electric power steering (EPS)
5.3.3 Electro-hydraulic power steering (EHPS)
Chapter 6 Market Estimates and Forecast, By Vehicle, 2021-2032 ($Bn, Units)
6.1 Key trends
6.2 Pickup Trucks
6.2.1 Manual
6.2.2 Power
6.2.2.1 Hydraulic power steering (HPS)
6.2.2.2 Electric power steering(EPS)
6.2.2.3 Electro-hydraulic power steering (EHPS)
6.3 Vans
6.3.1 Manual
6.3.2 Power
6.3.2.1 Hydraulic power steering (HPS)
6.3.2.2 Electric power steering (EPS)
6.3.2.3 Electro-hydraulic power steering (EHPS)
Chapter 7 Market Estimates and Forecast, By Sales Channel, 2021-2032 ($Bn, Units)
7.1 Key trends
7.2 OEM
7.3 Aftermarket
Chapter 8 Market Estimates and Forecast, By Technology, 2021-2032 ($Bn, Units)
8.1 Key trends
8.2 Hydraulic steering
8.3 Electrically assisted steering
8.4 Autonomous steering
Chapter 9 Market Estimates and Forecast, By Region, 2021-2032 ($Bn, Units)
9.1 Key trends, by region
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Russia
9.3.7 Nordics
9.3.8 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 Australia
9.4.6 Southeast Asia
9.4.7 Rest of Asia Pacific
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.5.4 Rest of Latin America
9.6 MEA
9.6.1 South Africa
9.6.2 Saudi Arabia
9.6.3 UAE
9.6.4 Rest of MEA
Chapter 10 Company Profiles
10.1 ATS Automation Tooling Systems Inc.
10.2 BorgWarner Inc.
10.3 Continental AG
10.4 Delphi Technologies
10.5 Denso Corporation
10.6 Hitachi Automotive Systems Ltd.
10.7 Hyundai Mobis Co., Ltd.
10.8 JTEKT Corporation
10.9 KYB Corporation
10.10 Mando Corporation
10.11 Maval Industries LLC
10.12 Nexteer Automotive Group Limited
10.13 NSK Ltd.
10.14 Robert Bosch GmbH
10.15 Schaeffler Group
10.16 Showa Corporation
10.17 Thyssenkrupp AG
10.18 Timken Company
10.19 TRW Automotive Holdings Corp.
10.20 ZF Friedrichshafen AG
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