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.
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.
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.
The high cost of power steering is a deterrent to the market's growth.
The power steering system has a sophisticated layout and design.
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.
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.
KEY MARKET 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.
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.
Hydraulic Power Steering (HPS)
Electric Power Steering (EPS)
Electro-hydraulic Power Steering (EHPS)
Light Commercial Vehicles (LCV)
Medium Commercial Vehicles (MCV)
Heavy Commercial Vehicles (HCV)
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|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|
|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.
The Commercial Vehicle (CV) Active Power Steering Market expected to reach USD 12.79 billion by 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.
North America region is dominating the Commercial Vehicle (CV) Active Power Steering Market.
Table of Contents:
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 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
10.2 North America
10.2.1 the USA
10.3.2 the UK
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11. Company Profiles
11.1 Robert Bosch (Germany),
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
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