Global Truck Steering System Market 2024-2030

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    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. 

     

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    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. 

     

    Heavy truck rack and pinion steering was introduced by Volvo Trucks  

     

    TRUCK STEERING SYSTEM MARKET SEGMENTATION

     

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    TRUCK STEERING SYSTEM 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.

     

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    COVID-19 IMPACT ON TRUCK STEERING MARKET 

    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.

     

    TRUCK STEERING SYSTEM MARKET NEW PRODUCT LAUNCHES

    • UD Active Steering, a revolutionary technology that vastly improves steering precision and driver comfort, will be available in selected heavy-duty flagship Quon models in Japan. It features an electric motor mounted above the hydraulic steering gear to provide additional torque when necessary. 
      • The electronic control unit (ECU) mounted on the electric motor will receive an input 2,000 times per second from sensors throughout the truck, monitoring the driving environment and the driver’s own actions. 
    •  GMC Sierra HD’s available Digital Steering Assist system is designed for driving, maneuvering and a heavy-duty pickup easier.  It will allow the user to experience a similar range of tuning possibilities in the Sierra HD, yet retain the robust durability of a conventional heavy-duty hydraulic system.
    • Nexteer recently launched a High-Output Electric Power Steering (EPS) that delivers advanced safety and comfort features as well as enhanced fuel efficiency for heavy-duty (HD) trucks and light commercial vehicles (LCVs).  High-Output EPS would increase the steering capacity of Nexteer’s Rack-Assist EPS (REPS) system. A High-Output EPS system can also steer up to 24 kN of load compared with 10-15 kN for a typical REPS system, said the company. 
    • Bosch’s Servotwin steering system, a design for heavy-duty trucks, is built on the combination of the RB-Servocom recirculating ball-gear power steering system with an electronic control unit. The system offers a speed-based steering assistance with active return and various driver assistance functions for automated driving.
    • Tesla Cybertruck will get rear-wheel steering. However, it is not known if the Cybertruck will get basic rear-wheel steering or will have a special mode like the Crab mode feature found in the GMC Hummer EV. In this mode, the Hummer will utilize its four-wheel steering to move sideways.
    • Greensboro-based Mack Trucks has begun assembly of heavy-duty work trucks with a new active steering system that reduces driver fatigue resulting from driving over rugged terrain. The Mack Command Steer has been shown to reduce driver effort by 85%, improving job site safety and driver productivity. 
      • Mack Command Steer also combines an electric motor with Mack Granite models’ existing hydraulic steering. Multiple sensors throughout the truck to monitor the terrain, driver inputs and environmental elements at a rate of more than 2,000 times per second. 
      • Based on the collected data, the system provides variable steering effort through its electric motor, applying additional torque as needed to make it easier to keep the truck on the desired route.

     

     

    TRUCK STEERING SYSTEM MARKET COMPETITIVE LANDSCAPE

    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.

     

     

    TRUCK STEERING SYSTEM MARKET COMPANY PROFILES

     

     

    THIS TRUCK STEERING SYSTEM MARKET 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

     

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    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    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, 2022-2027
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2022-2027
    19 Market Segmentation, Dynamics and Forecast by Application, 2022-2027
    20 Market Segmentation, Dynamics and Forecast by End use, 2022-2027
    21 Product installation rate by OEM, 2022
    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, 2022
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix