Medium & Heavy Commercial Vehicle Power Steering Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Mechanism, By Component, By Region & Competition, 2021-2031F

Description

The Global Medium & Heavy Commercial Vehicle Power Steering Market will grow from USD 8.87 Billion in 2025 to USD 14.92 Billion by 2031 at a 9.05% CAGR. The Global Medium & Heavy Commercial Vehicle Power Steering Market encompasses hydraulic, electro-hydraulic, and electric assisting systems designed to reduce driver effort and ensure directional stability in large trucks and buses.

Market Overview
Forecast Period	2027-2031
Market Size 2025	USD 8.87 Billion
Market Size 2031	USD 14.92 Billion
CAGR 2026-2031	9.05%
Fastest Growing Segment	Electronic Power Steering
Largest Market	Asia Pacific

Key Market Drivers

The Expansion of Global Logistics and Freight Transportation Networks acts as a primary catalyst for the medium and heavy commercial vehicle power steering market. As international trade volumes rise, logistics providers are compelled to upgrade and expand their fleets to handle heavier payloads over longer distances, directly increasing the manufacturing demand for robust steering systems that ensure maneuverability and safety under high-load conditions.

Key Market Challenges

The cyclical nature of the commercial vehicle industry represents a significant restraint on the medium and heavy commercial vehicle power steering market. Economic fluctuations often dictate fleet renewal budgets, causing logistics operators to delay capital expenditures during periods of financial uncertainty. When economic conditions weaken, fleet owners frequently choose to extend the lifecycle of their current assets rather than purchasing new trucks and buses. This reduction in demand for new vehicles forces original equipment manufacturers to scale back production targets, which directly decreases the volume of orders for essential components such as hydraulic and electric power steering systems.

Key Market Trends

The Commercial Adoption of Steer-by-Wire Technology is fundamentally altering the Global Medium & Heavy Commercial Vehicle Power Steering Market by replacing traditional mechanical columns with digital command interfaces. This shift removes physical linkages between the steering wheel and road wheels, thereby enabling highly flexible cabin designs and reducing vibration transmission to the driver. The technology is rapidly gaining traction as a prerequisite for next-generation software-defined vehicles, particularly in the Asian and North American markets where digitalization is a priority.

Key Market Players

JTEKT corporation
ZF Friedrichshafen AG
Robert Bosch GmbH
Nexteer Automotive Corporation
NSK Ltd.
Mitsubishi Electric Corporation
HL Mando Corp.
Hyundai Mobis
Hitachi Astemo, Ltd.
Thyssenkrupp AG

Report Scope:

In this report, the Global Medium & Heavy Commercial Vehicle Power Steering Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Medium & Heavy Commercial Vehicle Power Steering Market, By Mechanism:

Electronic power steering (EPS)
Hydraulic power steering (HPS) and Electro-Hydraulic Power Steering

Medium & Heavy Commercial Vehicle Power Steering Market, By Component:

Hydraulic Pump
Sensors
Electric Motor and other components

Medium & Heavy Commercial Vehicle Power Steering Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Medium & Heavy Commercial Vehicle Power Steering Market.

Available Customizations:

Global Medium & Heavy Commercial Vehicle Power Steering Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Medium & Heavy Commercial Vehicle Power Steering Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Mechanism (Electronic power steering (EPS), Hydraulic power steering (HPS) and Electro-Hydraulic Power Steering)
- 5.2.2. By Component (Hydraulic Pump, Sensors, Electric Motor and other components)
- 5.2.3. By Region
- 5.2.4. By Company (2025)
5.3. Market Map

6. North America Medium & Heavy Commercial Vehicle Power Steering Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Mechanism
- 6.2.2. By Component
- 6.2.3. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Mechanism
    - 6.3.1.2.2. By Component
- 6.3.2. Canada Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Mechanism
    - 6.3.2.2.2. By Component
- 6.3.3. Mexico Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Mechanism
    - 6.3.3.2.2. By Component

7. Europe Medium & Heavy Commercial Vehicle Power Steering Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Mechanism
- 7.2.2. By Component
- 7.2.3. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Mechanism
    - 7.3.1.2.2. By Component
- 7.3.2. France Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Mechanism
    - 7.3.2.2.2. By Component
- 7.3.3. United Kingdom Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Mechanism
    - 7.3.3.2.2. By Component
- 7.3.4. Italy Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Mechanism
    - 7.3.4.2.2. By Component
- 7.3.5. Spain Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Mechanism
    - 7.3.5.2.2. By Component

8. Asia Pacific Medium & Heavy Commercial Vehicle Power Steering Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Mechanism
- 8.2.2. By Component
- 8.2.3. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Mechanism
    - 8.3.1.2.2. By Component
- 8.3.2. India Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Mechanism
    - 8.3.2.2.2. By Component
- 8.3.3. Japan Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Mechanism
    - 8.3.3.2.2. By Component
- 8.3.4. South Korea Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Mechanism
    - 8.3.4.2.2. By Component
- 8.3.5. Australia Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Mechanism
    - 8.3.5.2.2. By Component

9. Middle East & Africa Medium & Heavy Commercial Vehicle Power Steering Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Mechanism
- 9.2.2. By Component
- 9.2.3. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Mechanism
    - 9.3.1.2.2. By Component
- 9.3.2. UAE Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Mechanism
    - 9.3.2.2.2. By Component
- 9.3.3. South Africa Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Mechanism
    - 9.3.3.2.2. By Component

10. South America Medium & Heavy Commercial Vehicle Power Steering Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Mechanism
- 10.2.2. By Component
- 10.2.3. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Mechanism
    - 10.3.1.2.2. By Component
- 10.3.2. Colombia Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Mechanism
    - 10.3.2.2.2. By Component
- 10.3.3. Argentina Medium & Heavy Commercial Vehicle Power Steering Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Mechanism
    - 10.3.3.2.2. By Component

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global Medium & Heavy Commercial Vehicle Power Steering Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. JTEKT corporation
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. ZF Friedrichshafen AG
15.3. Robert Bosch GmbH
15.4. Nexteer Automotive Corporation
15.5. NSK Ltd.
15.6. Mitsubishi Electric Corporation
15.7. HL Mando Corp.
15.8. Hyundai Mobis
15.9. Hitachi Astemo, Ltd.
15.10. Thyssenkrupp AG