Pickup Truck Steering System Market Expansion Continues, with Forecast Valuation of $16.74 Billion by 2029

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Pickup Truck Steering System Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, there has been significant growth in the market size of pickup truck steering systems. This market is projected to increase from $11.8 billion in 2024 to $12.69 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%. Factors contributing to the growth during the historic period include the rising production of pickup trucks, increased demand for light commercial vehicles, an upward trend in the adoption of hydraulic power steering, a surge in disposable income, and the growing logistics industry.

Pickup Truck Steering System Market Size Forecast: What's the Projected Valuation by 2029?
In the next few years, it is anticipated that the pickup truck steering system market will experience robust growth. By 2029, the market is projected to reach $16.74 billion with a compound annual growth rate (CAGR) of 7.2%. Several factors account for this projected growth during the forecast period; these include the increasing usage of electric power steering, the rise in electric pickup trucks, demand for fuel-efficient systems, growing implementation of steer-by-wire technology, and an increase in commercial fleet operations. Within the forecast period, the notable trends anticipated are the adoption of electric power steering (EPS), the expansion of steer-by-wire technology, integration into autonomous driving systems, improved off-road steering capabilities, and customisation and drive mode selectivity.

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What Are the Drivers Transforming the Pickup Truck Steering System Market?
The pickup truck steering system market is projected to grow, spurred by the escalating demand for light-duty trucks. These vehicles, which serve both personal transport and light commercial purposes, offer a balance of practicality, comfort, and fuel economy. Their popularity is predominantly due to their adaptability, as they seamlessly blend passenger comfort with cargo capacity, making them an ideal choice for personal use and small businesses. As the prevalence of these light-duty trucks escalates, the necessity for innovative steering systems that improve maneuverability, safety, and ease of driving becomes paramount. A study by the US-based International Council on Clean Transportation (ICCT), published in February 2025, revealed that in 2024, light and medium trucks accounted for 13% of all heavy-duty vehicle (HDV) sales in Europe. Further, zero-emission light and medium trucks (with weights ranging between 3.5 and 12 tonnes) made up 10% of all sales in this sector across the EU in 2024, an increase from 6% in 2023. The surge in demand for light-duty trucks is therefore fuelling growth in the pickup truck steering system market.

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What Long-Term Trends Will Define the Future of the Pickup Truck Steering System Market?
Leading firms in the pickup truck steering system market are concentrating on innovating advanced steering technologies to increase accuracy, augment fuel economy, and ensure compatibility with electric and autonomous vehicles. These forward-thinking steering technologies involve modern enhancements to the functioning of a vehicle's steering system, with the goal of boosting safety, comfort, maneuverability, and efficiency. For example, RIDDARA, an automobile company based in China, unveiled the RIDDARA RD6, an electric pickup truck, in Thailand in November 2024. The RD6, built on the groundbreaking Multiplex Attached Platform (M.A.P.), combines the practicality of a pickup with the comfort and aesthetic of an SUV. With fast acceleration, a range of up to 455 km (NEDC), and sophisticated driving modes, it presents itself as a convenient and eco-friendly solution for urban travels as well as outdoor escapades.

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

1) By Type Of Steering System: Mechanical Steering Systems, Power Steering Systems, Electronic Power Steering (EPS) Systems
2) By Component: Steering Gear, Steering Column, Power Steering Pump, Rack and Pinion, Ball Joints
3) By Technology: Hydraulic Steering Technology, Electromechanical Steering Technology, Variable Rate Steering Technology
4) By Vehicle Type: Light-Duty Pickup Trucks, Medium-Duty Pickup Trucks, Heavy-Duty Pickup Trucks
5) By End-User Industry: Commercial Fleet Operators, Construction and Mining, Agriculture, Individual Consumers

Subsegments:
1) By Mechanical Steering Systems: Rack and Pinion Steering, Recirculating Ball Steering
2) By Power Steering Systems: Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS)
3) By Electronic Power Steering (EPS) Systems: Column Assist EPS (C-EPS), Pinion Assist EPS (P-EPS), Rack Assist EPS (R-EPS), Dual Pinion EPS (DP-EPS)

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Which Firms Dominate the Pickup Truck Steering System Market by Market Share and Revenue in 2025?
Major companies operating in the pickup truck steering system market are Hyundai Mobis Co. Ltd., ZF Friedrichshafen AG, Magna International Inc., Mitsubishi Electric Corporation, BorgWarner Inc., Hella GmbH & Co. KGaA, Knorr-Bremse AG, American Axle & Manufacturing (AAM), Mando Corporation, Chrysler Group LLC (FCA US), Showa Corporation, Cardone Industries, Tenneco Inc., Nexteer Automotive, Hitachi Astemo, Bosch Automotive Steering, Delphi Technologies, Koyo Steering Systems, Rane NSK Steering Systems Ltd., Calsonic Kansei Corporation

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

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