Commercial Vehicle (CV) Active Power Steering Market Global Trends and Forecast to 2023

Summary

Global Commercial Vehicle (CV) Active Power Steering Market Size, Share, Growth, Trends, Analysis by type (Hydraulic Power Steering (HPS), Electric Power Steering (EPS), Electro-hydraulic Power Steering (EHPS)), by application (Medium commercial vehicles, Heavy commercial vehicles), by Region - Forecast To 2023

Commercial Vehicle (CV) Active Power Steering Market Highlights

Active power steering is installed in the commercial vehicles in order to provide total access to steering mechanism of the vehicle when the vehicle is stopped or in low speed. The power steering system enables the drivers to achieve maximum control while turning the wheels of heavy and medium commercial vehicles at typical speeds. Various considerations including fuel efficient driving solutions, ease in driving, driver’s road safety, less physical efforts while turning the vehicles are expected to increase the market demand for active power steering in the automotive industry. Moreover, hydraulic power steering system (HPS) are widely used for medium commercial vehicle (MCV) and heavy commercial vehicle (HCV) owing to rising penetration of steer-by-wire technology. The technology offers various advantages such as reliability, better performance, and safety with lower manufacturing and operating costs coupled with improved fuel economy. However, wastage of power in HPS leads to higher fuel emission coupled with safety threats in heavy commercial vehicles, acts as the restraining factor and presumed to hinder the market during the forecast period. Introduction of electric power steering (EPS) and electrohydraulic power steering (EHPS) has gained more attention in commercial vehicles.

Commercial Vehicle (CV) Active Power Steering Market is predicted to witness ~12% CAGR by 2023.

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Key Players

The prominent market players in the global CV active power steering market include ZF Friedrichshafen AG (Germany), AB Volvo (Sweden), Tedrive steering systems GmbH (Germany), Ognibene Power SPA (Italy), BMW AG (Germany), Knorr-Bremse (Germany), Bosch (Germany), Daimler AG (Germany).

Market Research Analysis

In terms of region, the global commercial vehicle (CV) active power steering market is divided into North America, Europe, Asia-Pacific, and The Rest of the World. Growing construction and logistics industries, strong infrastructure in North America are the key factors anticipated for the major contribution in terms of revenue. Moreover, Europe is considered as the prominent region in Commercial Vehicle (CV) active power steering market owing to the technological developments and considerable implementation of CV active power steering technology in different application segments. For safety concern in Europe, the EU Environment commission has set a CO2 emission target for commercial vehicles, which is expected to boost the market demand of active power steering among manufacturers. North America is predicted to grow at the highest CAGR followed by Europe and Asia-Pacific. Rapidly growing logistic economies in Asia-Pacific coupled with substantial growth in e-commerce is expected to open the opportunity window for increasing adoption of active power steering market. In the current scenario, strict government regulations in India by maximizing the weight that heavy commercial vehicles can carry in order to overcome the crackdowns on overloading is anticipated to fuel the regional market during the forecast period.

Scope of the Report

This study provides an overview of the global commercial vehicle (CV) active power steering market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global commercial vehicle (CV) active power steering market by type, application, and region.

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By Type

• Hydraulic Power Steering (HPS)
• Electric Power Steering (EPS)
• Electro-Hydraulic Power Steering (EHPS)

By Application

• Light Commercial Vehicle
• Medium Commercial Vehicle
• Heavy Commercial Vehicle

By Region

• North America
• Europe
• Asia-Pacific
• The Rest of the World (ROW)

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