Report Description

Forecast Period

2018-2028

Market Size (2022)

USD 7 billion

CAGR (2023-2028)

8.8%

Fastest Growing Segment

Hydraulic Power Steering

Largest Market

Asia Pacific

 

Market Overview

Global Medium & Heavy Commercial Vehicle Power Steering Market has valued at USD 7 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8.8% through 2028. The medium and heavy commercial vehicle (M&HCV) power steering market is a critical component of the global automotive industry, providing essential systems that ensure safe, efficient, and manageable operations of large commercial vehicles, including trucks, buses, and other heavy-duty transport vehicles. Power steering plays a pivotal role in enhancing driver control, maneuverability, and overall vehicle safety, especially in vehicles designed to carry substantial payloads over long distances.

Key Market Drivers

Regulatory Compliance and Safety Standards

A primary driver in the M&HCV power steering market is the stringent regulatory landscape governing vehicle safety and emissions. Governments worldwide are implementing increasingly strict safety standards to reduce accidents and enhance road safety. These regulations often require the incorporation of advanced driver assistance systems (ADAS) in commercial vehicles, which rely heavily on precise and responsive power steering for their functionality. In addition to safety standards, environmental regulations are pushing manufacturers to improve fuel efficiency and reduce emissions. Compliance with these standards often requires the adoption of electric power steering (EPS) systems, which are more energy-efficient compared to traditional hydraulic systems. The demand for power steering systems that align with these regulations is a significant driver in the M&HCV market, as manufacturers seek solutions that help them meet safety and emissions standards simultaneously.

Electrification and Hybridization of Commercial Vehicles

The broader trend of vehicle electrification and hybridization is a major driver for the M&HCV power steering market. As the world moves towards a more sustainable transportation future, electric and hybrid commercial vehicles are becoming increasingly common. Electric power steering (EPS) is particularly well-suited for these vehicles, as it aligns with their energy efficiency and electrified drivetrains. The adoption of electric and hybrid M&HCVs is driven by various factors, including government incentives, environmental consciousness, and the desire to reduce operational costs. These vehicles often require power steering systems tailored to their specific needs, presenting a growth opportunity for power steering manufacturers to develop and supply systems optimized for electric and hybrid commercial vehicles.

Vehicle Weight and Payload Considerations

Commercial vehicles, especially in the medium and heavy segments, are designed to transport substantial payloads. The weight of the cargo and the vehicle itself can place immense strain on power steering systems, making durability and reliability critical factors for M&HCV power steering. Manufacturers and operators seek power steering systems that can withstand the heavy-duty demands of these vehicles, making durability and load-bearing capacity important market drivers. Efficiency is also a key consideration, as every ounce of energy saved in power steering contributes to better fuel efficiency and lower operating costs. As such, the demand for power steering systems that can handle heavy payloads while remaining efficient is a driving force in this market, prompting innovations in power steering technology.