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Light-duty Truck Steering System Market Revenue Outlook: What CAGR Lies Ahead Through 2030?
The light-duty truck steering system market size has grown steadily in recent years. It will grow from $1.93 billion in 2025 to $2 billion in 2026 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to expansion of light commercial vehicle fleets, adoption of hydraulic steering, growth in logistics vehicles, demand for driver comfort, vehicle safety standards.
The light-duty truck steering system market size is expected to see steady growth in the next few years. It will grow to $2.3 billion in 2030 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to electric vehicle penetration, autonomous driving integration, demand for fuel efficiency, connected steering systems, smart fleet adoption. Major trends in the forecast period include shift toward electric power steering, integration of autonomous steering functions, demand for improved vehicle handling, adoption of steer-by-wire systems, growth of light commercial vehicles.
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Light-duty Truck Steering System Market Growth Catalysts And Demand Drivers
The increasing adoption of electric vehicles (EVs) is expected to propel the growth of the light-duty truck steering system market going forward. Electric vehicles (EVs) refer to the automobiles powered entirely or partially by electric motors using energy stored in rechargeable batteries. The increasing adoption of electric vehicles (EVs) is due to the rising environmental concerns, as their zero tailpipe emissions help reduce air pollution and mitigate climate change. The growing adoption of electric vehicles is transforming the design and performance requirements of vehicle components, including steering systems. Light-duty truck steering systems help electric vehicles (EVs) by enhancing energy efficiency, reducing steering effort, and supporting advanced driver-assistance features through electric power steering technology. For instance, in January 2025, according to a report published by the Automotive Dive, a US-based digital publication, U.S. sales of electric vehicles topped 1.3 million units in 2024, a 7.3% year-over-year increase. Therefore, the increasing adoption of electric vehicles (EVs) is driving the growth of the light-duty truck steering system market.
Light-duty Truck Steering System Market Segment Landscape And Growth Outlook
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
Light-duty Truck Steering System Market Trends Shaping Long-Term Demand
Major companies operating in the light-duty truck steering system market are focused on technological advancements, such as light-duty truck (mPEPS), to enhance the performance, efficiency, and safety. A light-duty truck steering system helps the driver control the direction of smaller trucks used for delivery or transport, with a focus on ease, safety, and efficiency. For instance, in February 2024, Mitsubishi Fuso Truck and Bus Corporation, a Japan-based machine industry company, launched the new light-duty Canter truck in Japan, the first major interior redesign in 14 years, featuring elegant colors and sophisticated styling that combines design and functionality. The new Mitsubishi Fuso Canter offers unique features such as a redesigned, user-friendly interior with elegant colors, a streamlined dashboard, and a 10-inch LCD instrument panel. It offers steering wheel controls, an optional center touchscreen, and advanced safety features such as Active Attention Assist, Active Sideguard Assist, Active Brake Assist 5, Traffic Sign Recognition, and a rear-view camera, enhancing comfort, convenience, and safety.
Light-duty Truck Steering System Market Competitive Landscape: Who Leads The Industry?
Major companies operating in the light-duty truck steering system market report include Robert Bosch GmbH, ZF Friedrichshafen AG, Nexteer Automotive Corporation, JTEKT Corporation, TRW Automotive Holdings Corp, Continental AG, Magna International Inc., Valeo SA, NSK Ltd., Thyssenkrupp AG, Mando Corporation, Hitachi Automotive Systems Ltd., MOOG Inc., Titan Steering Systems, Global Steering Systems LLC, Hyundai Mobis Co. Ltd., Schaeffler AG, Dana Incorporated, Parker Hannifin Corporation, Aisin Corporation, KYB Corporation, China Automotive Systems Inc., HL Mando Corp., Nidec Corporation, Bosch Automotive Steering GmbH
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Light-duty Truck Steering System Market Largest Region: Which Geography Holds The Biggest Share?
Asia-Pacific was the largest region in the light-duty truck steering system market in 2025. 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 include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.