Global Light-duty Truck Steering System Market Size & Outlook
The global light-duty truck steering system market size was estimated at USD 1,420.0 million in 2023 and is projected to reach USD 1,665.0 million by 2030, growing at a CAGR of 2.3% from 2024 to 2030.
Revenue, 2023 (US$M)
$1,420.0
Forecast, 2030 (US$M)
$1,665.0
CAGR, 2024 - 2030
2.3%
Report Coverage
Worldwide
Global light-duty truck steering system market, 2018-2030 (US$M)
Related Markets
Global light-duty truck steering system market highlights
- The global light-duty truck steering system market generated a revenue of USD 1,420.0 million in 2023 and is expected to reach USD 1,665.0 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 2.3% by 2030.
- In terms of segment, hydraulic power steering (hps) accounted for a revenue of USD 1,420.0 million in 2023.
- Hydraulic Power Steering (HPS) is the most lucrative component segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2023.
Global data book summary
| Market revenue in 2023 | USD 1,420.0 million |
| Market revenue in 2030 | USD 1,665.0 million |
| Growth rate | 2.3% (CAGR from 2024 to 2030) |
| Largest segment | Hydraulic power steering (hps) |
| Fastest growing segment | Hydraulic Power Steering (HPS) |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hydraulic Power Steering (HPS) |
Other key industry trends
- In terms of revenue, the North America accounted for 19.5% of the global light-duty truck steering system market in 2023.
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Light-duty truck steering system market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| TRW Automotive Holdings | View profile | 10001+ | Livonia, Michigan, United States, North America | http://www.trw.com/ |
| Mando Corporation | View profile | 10001+ | Seongnam, Kyonggi-do, South Korea, Asia | https://mando.com |
| Showa | View profile | 10001+ | Gyoda, Saitama, Japan, Asia | https://www.showa1.com/ |
| Nexteer Automotive Group Ltd | View profile | 12900 | 1272 Doris Road, Auburn Hills, MI, United States, 48326 | https://www.nexteer.com |
| NSK Ltd | View profile | 32668 | Nissei Building, 1-6-3 Ohsaki, Shinagawa-ku, Tokyo, Japan, 141-8560 | http://www.jp.nsk.com |
| Knorr-Bremse AG ADR | View profile | 33319 | Moosacher Strasse 80, Munich, BY, Germany, 80809 | https://www.knorr-bremse.com |
| Robert Bosch Engineering & Business Solutions | View profile | 10001+ | Bangalore, Karnataka, India, Asia | http://www.bosch-india-software.com |
| JTEKT Corp | View profile | 51087 | No. 7-1, Meieki 4-chome, Nakamura-ku, 15th floor, Aichi Prefecture, Nagoya, Japan, 450-8515 | http://www.jtekt.co.jp |
| Thyssenkrupp AG | View profile | 100202 | ThyssenKrupp Allee 1, Essen, NW, Germany, 45143 | https://www.thyssenkrupp.com |
Global light-duty truck steering system market size, by regions, 2018-2030 (US$M)
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