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Heavy truck rack and pinion steering was introduced by Volvo Trucks
In India, TATA MOTORS has different steering setup for different applications and are listed below.
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 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.
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
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.
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 steering system in an automobile, along with the suspension system, enables the driver to quickly and safely control the direction of the vehicle while driving. The integration of advanced driver assistance systems (ADAS) in vehicles, as well as the enhanced purchasing power of consumers around the world, are some of the factors responsible for the growth of the automotive steering system market. However, due to the outbreak of Covid-19 automotive industry has been drastically impacted, it also has significantly impacted the product demand and supply chain activity, hampering the growth of the market. Factors such as disruptions in the supply chain, permanent closing of small factories owing to the economic crisis, and unavailability of laborers have impacted the growth of the automotive steering system market severely.
It also has affected consumer purchasing behavior, as people are focused on buying essential goods owing to the economic crisis. However, the manufacturing plants, the automotive industry, and several other businesses are functioning slowly, which is hindering the automotive steering system market. The COVID-19 outbreak would have a limited short-term but negative impact on the market which the industries took as a challenge and implemented strategies to get their profits.
Asia-Pacific holds the largest share in the market and is expected to continue its domination over the forecast period owing to the increasing production of vehicles. Relaxations in lockdown restrictions and the resumption of production plants is likely to boost the production and sales of new vehicles, which in turn is expected to increase the adoption of automotive steering systems in new vehicles.
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.
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