PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1720055
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1720055
Light Duty Truck Steering System Market size was valued at US$ 1,567.12 Million in 2024, expanding at a CAGR of 2.3% from 2025 to 2032.
A Light Duty Truck Steering System is a mechanical and hydraulic/electronic system designed to allow the driver to control the direction of light-duty trucks, including pickup trucks, vans, and small commercial trucks. It comprises multiple components that collaborate to deliver smooth, responsive, and stable handling, prioritizing driver comfort and vehicle safety. The market for Light Duty Truck Steering Systems is progressing with advancements in autonomous driving, electric steering technologies, and their integration with ADAS (Advanced Driver Assistance Systems) to enhance vehicle safety and efficiency.
Light Duty Truck Steering System Market- Market Dynamics
The market is expected to experience growth due to the rising demand for light-duty trucks. The swift growth of e-commerce platforms has resulted in a rise in last-mile delivery services, which has amplified the need for light-duty trucks to ensure efficient transportation. As urban regions grow, the need for dependable transportation and utility vehicles increases, leading to a rise in the demand for light-duty trucks used in municipal services, construction, and maintenance. The Corporate Average Fuel Economy (CAFE) standards for passenger vehicles and light trucks are being finalized by the Department of Transportation (DOT). Moreover, the rising implementation of Advanced Driver Assistance Systems (ADAS) is anticipated to provide a chance for market expansion. Nonetheless, the elevated expenses associated with advanced technologies may impede the growth of the market.
Light Duty Truck Steering System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 2.3% over the forecast period (2025-2032)
Based on Vehicle Type segmentation, Pickup Truck was predicted to show maximum market share in the year 2024
Based on Type segmentation, Hydraulic Power Steering (HPS) was the leading Type in 2024
Based on Sales Channel segmentation, OEM was the leading Sales Channel in 2024
On the basis of region, Asia pacific was the leading revenue generator in 2024
The Global Light Duty Truck Steering System Market is segmented on the basis of Vehicle Type, Type, Sales Channel and Region.
The market is categorized into three segments based on Vehicle Type: Pickup Truck and Vans. Pickup Truck is the leading segment in market growth. The Light Duty Truck Steering System plays a crucial role in pickup trucks, ensuring smooth handling, stability, and driver control. Pickup trucks are designed for both personal and commercial use, necessitating reliable and efficient steering systems capable of handling varying road conditions, heavy loads, and off-road driving. Advancements in electric steering technology, autonomous driving features, and integration with ADAS (Advanced Driver Assistance Systems) contribute to the continual improvement of modern pickup trucks in terms of steering precision, safety, and efficiency.
The market for power steering systems is typically divided into two categories based on type: Hydraulic Power Steering (HPS), Electric Power Steering (EPS), and Electro-Hydraulic Power Steering (EHPS). Hydraulic Power Steering (HPS) currently leads the market in terms of growth and adoption. One of the most widely utilized steering technologies in light-duty trucks is Hydraulic Power Steering (HPS), which effectively improves maneuverability and reduces the effort required to turn the wheels. Hydraulic Power Steering (HPS) is a steering assistance system that utilizes hydraulic pressure to aid the driver in steering with minimal effort. This system comprises a power steering pump, fluid reservoir, steering gear (rack-and-pinion or recirculating ball), and hydraulic lines.
The market is divided into two categories based on sales Channel: OEM and Aftermarket. OEM dominates the market. Original Equipment Manufacturers (OEMs) play a significant role in the production, design, and integration of these systems, ensuring compliance with safety standards and vehicle performance requirements. OEMs are responsible for manufacturing and supplying factory-installed steering systems that meet the specific needs of light-duty trucks. Major OEMs work with automakers, tier-1 suppliers, and technology providers to develop advanced steering solutions. As electric and autonomous vehicle adoption increases, OEMs will continue to evolve their offerings to meet the demands of the next-generation light-duty truck market.
Light Duty Truck Steering System Market- Geographical Insights
The growth of the market is primarily driven by urbanization and the development of infrastructure in the Asia Pacific region. The rapid growth of cities has heightened the need for effective transportation options, resulting in a rise in the manufacturing and selling of light-duty trucks that feature sophisticated steering technology. The urbanization rate in China, indicating the proportion of permanent urban inhabitants in comparison to the overall population, increased by 55. 52 percentage points from the close of 1949, reaching 66. 16 percent by the end of 2023, according to information provided by the National Bureau of Statistics (NBS). Substantial capital put into infrastructure initiatives in nations such as China and India has increased the demand for light-duty trucks, which in turn has driven the growth of the steering system market. Europe ranks as the second-largest region for market expansion, attributed to advancements in steering system technologies.
The market for light duty truck steering systems is characterized by intense competition, with major players emphasizing technological advancements, strategic partnerships, and product innovations to address the increasing need for effective and dependable steering solutions. Key manufacturers and suppliers are directing their investments towards electric power steering (EPS), integration of autonomous vehicle technology, and the use of lightweight materials, all aimed at improving vehicle performance and fuel efficiency. Prominent companies in the industry are committed to developing cutting-edge steering technologies that prioritize safety, efficiency, and adaptability to evolving trends in mobility.
In May 2023, NSK Ltd. made an announcement regarding the signing of a joint venture agreement with Japan Industrial Solutions III Investment Limited Partnership. As part of the agreement, NSK Steering & Control, Inc. (NS&C), a subsidiary of NSK overseeing the global steering business, will issue Class Shares to JIS, giving them 50.1% of voting rights through a third-party allotment. The joint venture will involve JIS and NSK working together to operate NS&C. Additionally, prior to the third-party allotment, NS&C will pay a special dividend to NSK.