Light-duty Truck Steering System Market Expansion Continues, with Forecast Valuation of $2.23 Billion by 2029

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Light-duty Truck Steering System Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the past few years, the market size for steering systems in light-duty trucks has been on a consistent rise. The predicted growth is from $1.85 billion in 2024, expanding to $1.93 billion in 2025, which signifies a Compound Annual Growth Rate (CAGR) of 4.1%. The substantial increase in the historic period can be ascribed to the surge in sales of light-duty trucks, safety regulations imposed, transition from hydraulic power steering to electric power steering (EPS), enhanced fuel efficiency standards, and greater urbanization.

Light-duty Truck Steering System Market Size Forecast: What's the Projected Valuation by 2029?
The market for light-duty truck steering systems is projected to experience consistent growth in the coming years, reaching a value of $2.23 billion in 2029 with a compound annual growth rate (CAGR) of 3.7%. This expected growth during the forecast period can be attributed to factors such as the electrification of light-duty trucks, the expansion of autonomous driving, the increasing application of advanced materials, the trend of customization and personalization, and the growth of intelligent steering technologies. The forecast period will also witness major trends such as the incorporation of electronic power steering (EPS) systems and traditional hydraulic steering, the growing logistics and e-commerce sectors, the shift towards automated and interconnected in-vehicle systems, and strategic alliances and partnerships with tech companies.

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What Are the Drivers Transforming the Light-duty Truck Steering System Market?
The expansion of the light-duty truck steering system market is anticipated to be driven by the rising uptake of electric vehicles (EVs). These EVs are automobiles that utilize energy from rechargeable batteries to power either entirely or partially their electric motors. This surge in electric vehicle usage can be attributed to increasing environmental awareness since these vehicles do not produce tailpipe emissions, thereby aiding in air pollution reduction and climate change mitigation. This increase in the use of electric vehicles is impacting the design and functionality necessitated from vehicle components, steering systems inclusive. In electric vehicles, the light-duty truck steering systems contribute to improved energy efficiency, lower steering effort, and support for state-of-the-art driver-assistance features via electric power steering technology. For example, a report presented by the Automotive Dive, a digital publication based in the U.S., in January 2025 stated that U.S. electric vehicle sales exceeded 1.3 million units in 2024, marking a 7.3% rise on a year-over-year basis. Hence, the rising adoption of electric vehicles (EVs) is propelling the growth of the light-duty truck steering system market.

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What Long-Term Trends Will Define the Future of the Light-duty Truck Steering System Market?
Key industry players in the light-duty truck steering system marketplace are prioritizing tech upgrades including light-duty truck (mPEPS), aiming to boost the operation, efficiency, and safety. These steering systems are essential for steering delivery or transport trucks, emphasizing convenience, protection, and efficiency. For instance, in February 2024, the Japan-based Mitsubishi Fuso Truck and Bus Corporation unveiled their new light-duty Canter truck in Japan - the first significant interior overhaul in 14 years. The stylish redesign combines elegance and functionality in its presentation. The revamped Mitsubishi Fuso Canter comes with distinctive features like an elegant, user-friendly interior, a sleek dashboard, and a 10-inch LCD instrument panel. It also includes steering wheel controls, an optional center touchscreen, and state-of-the-art safety features such as Active Attention Assist, Active Sideguard Assist, Active Brake Assist 5, Traffic Sign Recognition, and a rear-view camera, elevating levels of comfort, convenience, and security.

Which Segments in the Light-duty Truck Steering System Market Offer the Most Profit Potential?
The light-duty truck steering system market covered in this report is segmented -

1) By Vehicle Type: Pick Up Truck, Vans, Sport Utility Vehicles (SUVs)
2) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Component: Steering Column, Steering Wheel, Control Module
4) By Technology: Hydraulic Steering, Electrically Assisted Steering, Autonomous Steering
5) By End-Use: Commercial Fleet, Personal Use

Subsegments:
1) By Pick-Up Truck: Light-Duty Pick-Up Trucks, Heavy-Duty Pick-Up Trucks, Electric Pick-Up Trucks
2) By Vans: Passenger Vans, Cargo Vans, Mini Vans, Electric Vans
3) By Sport Utility Vehicles (SUVs): Compact SUVs, Mid-Size SUVs, Full-Size SUVs, Crossover SUVs, Electric SUVs

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Which Firms Dominate the Light-duty Truck Steering System Market by Market Share and Revenue in 2025?
Major companies operating in the light-duty truck steering system market are Robert Bosch GmbH, Daimler Truck AG, ZF Friedrichshafen AG, Thyssenkrupp AG, Continental AG, Magna International Inc., Valeo SA, TRW Automotive Holdings Corp, JTEKT Corporation, Knorr-Bremse AG, NSK Ltd., Mando Corporation, MOOG Inc., Nippon Seiki Co Ltd., Nexteer Automotive Corporation, Delphi Technologies Plc., Pailton Engineering Ltd., Hitachi Automotive Systems Ltd., Titan Steering Systems, Global Steering Systems LLC.

Which Regions Offer the Highest Growth Potential in the Light-duty Truck Steering System Market?
Asia-Pacific was the largest region in the light-duty truck steering system market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the light-duty truck steering system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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