GLOBAL TRUCK STEERING SYSTEM MARKET
Heavy truck rack and pinion steering was introduced by Volvo Trucks
INDIA TRUCK STEERING SYSTEM MARKET
In India, TATA MOTORS has different steering setup for different applications and are listed below.
- The steering system for SCV get both Manual (Rack&Pinion) and Power steering.
- The Steering system for LCV’s is integrated Hydraulic assisted power steering with tilt and telescopic
- The steering system for HCV is Hydraulic Power steering.
Ashok Leyland Steering system for LCV’s is integrated Hydraulic assisted power steering
Eicher has different steering setup for different applications and are listed below.
- The Steering system for these LCV’s is integrated Hydraulic assisted power steering with tilt and telescopic
- HCVs are also provided with Tilt and telescopic standard power steering.
The volumes in higher tonnage vehicles including, the multi-axles declined more than the other categories in India truck steering market in 2019.
Rane TRW is a leading player in the manual and hydraulic truck steering system market in India but its revenue and margins have been declining since last year due to drop in commercial vehicle sales in India in past 12 months. Rane TRW supplliers hydraulic steering systems to Tata, Volvo-Eicher, SML-Isuzu, Ashok Leyland and many other OEMs.
CHINA TRUCK STEERING SYSTEM MARKET
In China, most of the LCVs have Electric power steering but in HCVs, Hydraulic power steering is predominant. ZF`s 8118 Hydraulic steering can be found in many HCV applications. All Sinotruk HCVs get it as standard.
China based China Automotive systems is a major truck steering system supplier to leading OEMs like Dongfeng, FAW, and Beiqi Foton. It derives more than 80% of its revenues from non-Electric power steering systems
US TRUCK STEERING SYSTEM MARKET
In US market, where class 8 trucks sell anywhere between 220,000-300,000 units per annum, Hydraulic power steering is a standard fitment on many truck models.
In Sep 2019, Volvo (~16% market share in class 8 trucks) introduced a new ” Dynamic steering” which it claimed can reduce steering force by upto 85% , ultimately reducing driver`s fatigue.
MARKET SIZE AND FORECAST
About 10 Million commercial vehicles are sold across the globe every year. Trucks comprise ~7 Million units whereas Vans and buses make up for remaining 3 Million units. More than 65% of all vans sold globally are in Europe and they are predominantly equipped with Electric power steering.
US is the biggest market for full-size pickup truck platforms which also underpins many SUVs at ~3.5 Million units per annum.Majority of them employ rack driven steering systems as compared to Europe where Pinion drive EPS systems are more popular.
Approximately 2 Million Heavy trucks are sold per annum. In HCV segment, the ongoing shift from manual to hydraulic power steering in emerging countries is the #1 trend.
The truck steering system market is estimated st $XXM, growing at 4% CAGR till 2025.
The truck steering system market is extremely concentrated among less than 10 vendors. The gross margin for predominantly hydraulic steering systems on trucks is ~18%-22% for different suppliers, almost double that of EPS on passenger vehicles.
ZF supplies its steering products worldwide to many leading OEMs.Bosch and Nexteer are the global leaders in Rack based EPS systems.
Nexteer derives more than 65% of its global annual revenues from light vehicle based Electric power steering system but is a major supplier in commercial vehicle segment. It also has a JV with Dongfeng in Wuhan,China and Changan in Chongqing for manufacturing steering products and is a leading player in North American market.
As global auto production has stagnated in past 3 years, the steering suppliers are now looking at conquest deals(business taken away from competitors) to grow their revenue.
In terms of Mergers and acquisitions, Knorr- Bremse is acquiring US based commercial vehicle steering system supplier RH Sheppard from WABCO as ZF gears up to buy WABCO.
- Global Steering Systems
- JTEKT Corporation
- RH Sheppard
- Mando Corporation
- Hyundai Mobis
- Hitachi Automotive Systems
- ATS Automation Tooling Systems Inc
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- Market Size and Forecast, by geography($M)
- Opportunities and risks in Truck Steering Market
- Important technology trends and regulatory changes
- 5 key predictions for next 5 years in Truck Steering Market
- Competitive landscape and market share of leading vendors
|2||Scope of the report|
|7||Insights from Industry stakeholders|
|8||Cost breakdown of Product by sub-components and average profit margin|
|9||Disruptive innovation in the Industry|
|10||Technology trends in the Industry|
|11||Consumer trends in the industry|
|12||Recent Production Milestones|
|13||Component Manufacturing in US, EU and China|
|14||COVID-19 impact on overall market|
|15||COVID-19 impact on Production of components|
|16||COVID-19 impact on Point of sale|
|17||Market Segmentation, Dynamics and Forecast by Geography, 2020-2025|
|18||Market Segmentation, Dynamics and Forecast by Product Type, 2020-2025|
|19||Market Segmentation, Dynamics and Forecast by Application, 2020-2025|
|20||Market Segmentation, Dynamics and Forecast by End use, 2020-2025|
|21||Product installation rate by OEM, 2020|
|22||Incline/Decline in Average B-2-B selling price in past 5 years|
|23||Competition from substitute products|
|24||Gross margin and average profitability of suppliers|
|25||New product development in past 12 months|
|26||M&A in past 12 months|
|27||Growth strategy of leading players|
|28||Market share of vendors, 2020|
|30||Unmet needs and opportunity for new suppliers|