Commercial Vehicle (CV) Active Power Steering Market Share, Size, Trends, Global Forecast 2023
Market Synopsys:
Delivering simplified tuning, engine-off steering assist, and packaging flexibility are the key factors considered for the increasing adoption of active power steering in commercial vehicles during the forecast period. In addition, environmental compatibility and energy efficiency are other factors which are expected to drive the market demand for active power steering in commercial vehicles. Power steering is the system that assists in steering the wheels by means of power of the engine and generally uses hydraulics or fluid pressure to support the steering systems.
The active power steering systems usually works on hydraulic and electrical steering mechanisms, which are quicker to assist in comparison with manual steering systems. Numerous advantages offered by power steering systems including minimum efforts at grater safety, absorbing road shocks, and better controllability under critical conditions are presumed to augment the global market demand in automotive industry.
Key Players in CV active power steering market
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), Robert Bosch GmbH (Germany), Daimler AG (Germany).
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Global Commercial Vehicle (CV) active power steering market is expected to witness ~12% CAGR during the period 2018 to 2023.
Commercial Vehicle (CV) Active Power Steering Market Regional 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.
Commercial Vehicle (CV) Active Power Steering Market Segmentation:
The global commercial vehicle active power steering market has been segmented into type, applications, and region.
On the basis of type, the market is segmented into hydraulic power steering (HPS), electric power steering (EPS), and electro-hydraulic power steering (EHPS). Hydraulic power steering systems have a straight mechanical connection between the steering wheel and the link that steers the wheels which permits the vehicle to be steered using manual efforts during power steering system failure.
Moreover, HPS provides various features to deliver efficient power transmission such as ease of maintenance, higher accuracy of control, multiplication of force, constant force and torque, and widely used in heavy commercial vehicles.
Based on application, the market is segmented into light commercial vehicle (LCV), medium commercial vehicle (MCV), and heavy commercial vehicle (HCV). Hydraulic power steering is widely used in MCVs and HCVs owing to easy multiplication of forces from a fraction of a pound to hundred tons of output. Moreover, HPS can deliver a constant torque regardless of frequent changes in speed and presumed to expand the commercial vehicle active power steering market during the forecast period. Based on region, the market is divided into
four major regions, North America, Europe, Asia-Pacific, and The Rest of the World.
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