image

Commercial Vehicle (CV) Active Power Steering Marke Report Scope & Overview:

Commercial Vehicle (CV) Active Power Steering Market Size was valued at USD 5.24 billion in 2022 and is expected to reach USD 12.79 billion by 2030 and grow at a CAGR of 11.8% over the forecast period 2023-2030.

The Commercial Vehicle (CV) Active Power Steering system increases regulated energy to the steering mechanism to reduce the effort required to turn the steered wheels at normal driving speeds. When equipped, the active power steering system in big commercial vehicles lessens the amount of physical effort required by the driver to move the wheel, regardless of whether the vehicle is moving or stationary. In place of the typical and traditional steering gear that would normally be found at the lower end of the steering column, the power steering unit has been installed. It is linked to the hydraulic pump that is located on the generator by two oil lines that go between the two.

Commercial Vehicle (CV) Active Power Steering Market Revenue Analysis

Because it has a release valve, the pump protects against dangerously high oil pressures. Hydraulic and electric power are the driving forces behind power steering. Rack and pinion, recirculating ball and nut, worm and roller, column driven EPS, pinion driven EPS, and Rack driven EPS are included in hydraulic power steering. There are several different types of manual steering mechanisms to choose from, the most common of which being rack-and-pinion, worm and roller, and recirculation ball-and-nut.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Manufacturers prefer Electric Power Steering over Hydraulic to boost gas mileage.

  • HPS for commercial trucks allows manual steering during power-steering failure.

  • Eliminating an engine-driven hydraulic pump increases gas mileage by 1 mpg.

  • Less electricity use will boost future market demand.

  • Low-maintenance, faster response.

RESTRAINTS: 

  • The high cost of power steering is a deterrent to the market's growth.

  • The power steering system has a sophisticated layout and design.

OPPORTUNITIES: 

  • Advanced active power steering is user-friendly & highly compatible with advanced assistance systems.

  • It is anticipated that efforts to improve vehicle safety would have a substantial impact.

  • CV active power steering technology advancements and rapid implementation.

CHALLENGES: 

  • The market's growth may be slowed or even halted by changes in the price of raw materials.

  • There will be a problem with fluid leakage that will limit the market growth.

IMPACT OF COVID-19:

The pandemic caused by the novel coronavirus, also known as Covid 19, has had a detrimental impact on the market of commercial vehicle active power steering market, as a result of which there has been a significant drop in the demand for electric vehicles, and consequently, profits have gradually reduced. As a result of the lockdowns in a number of nations and the limits that have been placed as a result of those lockdowns, the demand for cars has been steadily reducing, which has resulted in the production units being sore. After conducting an in-depth examination of the market as a whole, the paper describes the impact that the COVID-19 epidemic has had on the sector. All of the elements have addressed the overall influence that COVID -19 will have on the value of the market, the trend and growth of the market, and how the leading participants in this market will adapt to these changes.

Market, By Type:

The global market has been divided into Hydraulic Power Steering (HPS), Electric Power Steering (EPS), and Electro-hydraulic Power Steering (EHPS) based on the type segment. The market for hydraulic power steering (HPS) is predicted to expand the most during the forecast period. EHPS is a hydraulic power steering system that uses fluid to help in steering. Although EHPS systems are more expensive, they provide better performance and longer endurance than other types of power steering systems.

Market, By Application:

The global market has been divided into Light Commercial Vehicles (LCV), Medium Commercial Vehicles (MCV), and Heavy Commercial Vehicles (HCV) based on the application segment. The market for Heavy Commercial Vehicles (HCV) is predicted to expand the most during the forecast period. These systems make driving more stable and easier to control. They also make steering more accurate and give the driver more control. In addition, they have better-stopping power and can stop the car faster.

MARKET SEGMENTATION:

By Type:

  • Hydraulic Power Steering (HPS)

  • Electric Power Steering (EPS)

  • Electro-hydraulic Power Steering (EHPS)

By Application:

  • Light Commercial Vehicles (LCV)

  • Medium Commercial Vehicles (MCV)

  • Heavy Commercial Vehicles (HCV)

Commercial Vehicle (CV) Active Power Steering Market Segmentation Analysis

REGIONAL ANALYSIS:

North America, Europe, Asia-Pacific, and the Rest of the World make up the global CV active power steering market. North America has the highest revenues, strongest infrastructure, most developed economy, and fastest developing construction and logistics industries. Due to persistent technological improvements and rapid deployment of CV active power steering technology in other application categories, Europe is believed to have the biggest market share. OEMs in Europe are creating a cost-effective value contribution to meet the EU Environment Commission's CO2 emission target, which should boost the CV active power steering regional market over the projected period. The increasing usage of e-commerce in Asia-Pacific is likely to boost the CV active power steering market. Recent restrictions for commercial vehicles in India have increased the maximum weight big trucks can carry due to crackdowns on overloading. This is projected to drive regional market demand over the projection period.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

ZF Friedrichshafen AG (Germany), Daimler AG (Germany), BMW AG (Germany), AB Volvo (Sweden), Tedrive steering systems GmbH (Germany), Ognibene Power SPA (Italy), Knorr-Bremse (Germany), and Robert Bosch (Germany) are some of the affluent competitors with significant market share in the Commercial Vehicle (CV) Active Power Steering Market.

Daimler AG (Germany)-Company Financial Analysis

Commercial Vehicle (CV) Active Power Steering Market Report Scope:
Report Attributes Details
Market Size in 2022 US$ 5.24 Billion
Market Size by 2030 US$ 12.79 Billion
CAGR CAGR of 11.8% From 2023 to 2030
Base Yea 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Type (Hydraulic Power Steering (HPS), Electric Power Steering (EPS), Electro-hydraulic Power Steering (EHPS))
• by Application (Light Commercial Vehicles (LCV), Medium Commercial Vehicles (MCV), Heavy Commercial Vehicles (HCV))
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles ZF Friedrichshafen AG (Germany), Daimler AG (Germany), BMW AG (Germany), AB Volvo (Sweden), Tedrive steering systems GmbH (Germany), Ognibene Power SPA (Italy), Knorr-Bremse (Germany), and Robert Bosch (Germany)
Key Drivers •Manufacturers prefer Electric Power Steering over Hydraulic to boost gas mileage.

•HPS for commercial trucks allows manual steering during power-steering failure.
RESTRAINTS •The high cost of power steering is a deterrent to the market's growth.

•The power steering system has a sophisticated layout and design.

Frequently Asked Questions

The Commercial Vehicle (CV) Active Power Steering Market expected to reach USD 12.79 billion by 2030.

  • Manufacturers prefer Electric Power Steering over Hydraulic to boost gas mileage.
  • HPS for commercial trucks allows manual steering during power-steering failure.
  • Eliminating an engine-driven hydraulic pump increases gas mileage by 1 mpg.
  • The market's growth may be slowed or even halted by changes in the price of raw materials.
  • There will be a problem with fluid leakage that will limit the market growth.

The Commercial Vehicle (CV) Active Power Steering system increases regulated energy to the steering mechanism to reduce the effort required to turn the steered wheels at normal driving speeds.

North America region is dominating the Commercial Vehicle (CV) Active Power Steering Market.

Table of Contents:

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Commercial Vehicle (CV) Active Power Steering Market Segmentation, By Type

8.1 Hydraulic Power Steering (HPS)

8.2 Electric Power Steering (EPS)

8.3 Electro-hydraulic Power Steering (EHPS)

9. Global Commercial Vehicle (CV) Active Power Steering Market Segmentation, By Application

9.1 Light Commercial Vehicles (LCV)

9.2 Medium Commercial Vehicles (MCV)

9.3 Heavy Commercial Vehicles (HCV)

10. Regional Analysis

10.1 Introduction

10.2 North America

10.2.1 the USA

10.2.2  Canada

10.2.3  Mexico

10.3 Europe

10.3.1  Germany

10.3.2  the UK

10.3.3  France

10.3.4  Italy

10.3.5  Spain

10.3.6  The Netherlands

10.3.7  Rest of Europe

10.4 Asia-Pacific

10.4.1  Japan

10.4.2  South Korea

10.4.3  China

10.4.4  India

10.4.5  Australia

10.4.6  Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1  Israel

10.5.2  UAE

10.5.3  South Africa

10.5.4  Rest

10.6 Latin America

10.6.1  Brazil

10.6.2  Argentina

10.6.3  Rest of Latin America

11. Company Profiles

11.1 Robert Bosch (Germany),

11.1.1 Financial

11.1.2 Products/ Services Offered

11.1.3 SWOT Analysis

11.1.4 The SNS view

11.2 ZF Friedrichshafen AG (Germany)

11.3 Daimler AG (Germany)

11.4 BMW AG (Germany)

11.5 AB Volvo (Sweden)

11.6 Tedrive steering systems GmbH (Germany)

11.7 Ognibene Power SPA (Italy)

11.8 Knorr-Bremse (Germany),

12. Competitive Landscape

12.1 Competitive Benchmarking

12.2 Market Share analysis

12.3 Recent Developments

13. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

Start a Conversation

Hi! Click one of our member below to chat on Phone