Market Research Future (MRFR), in its latest report on the global Commercial Vehicle (CV) Active Power Steering market 2020, reveals different aspects of the market and potential forces that can impact the market dynamics. The influence of COVID 19 outbreak on the market is also revealed in the report. As per MRFR data, the Commercial Vehicle (CV) Active Power Steering market can register 12% CAGR across the review period.
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) is 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.
Top Companies Profiled in Commercial Vehicle (CV) Active Power Steering Market Research Report: 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).
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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 scope of the study segments the global commercial vehicle (CV) active power steering market by type, application, and region.
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)
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.
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TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Commercial vehicle (CV) active power steering Market, By Segments
- Competitive Analysis
Continued…
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The Vehicle Active Power Steering market is anticipated to register a notable CAGR of 12% over the forecast period of 2018-2023, affirms Market Research Future (MRFR) in its latest study.Rapidly growing transport and logistics are met with various safety challenges which require technical solutions.
Intensified focus on driver and road safety, increasing trading activities across borders, and remarkable growth of the logistics industry has been instrumental in shaping the growth of the commercial vehicle active power steering market.Hydraulic power steering system (HPS) are extensively used in medium commercial vehicles and heavy commercial vehicles.
However, electric power steering (EPS) and electrohydraulic power steering (EHPS) have gained traction in recent years.
Moreover, EPS uses electric power for steering instead of fuel which acts a s a major selling proposition.
Moreover, all commercial vehicles are subject to stringent regulations by various federal agencies to prevent commercial vehicle-related fatalities and injuries.
Such regulations spur the adoption of active power steering in commercial vehicles and boost the growth of the market.Competitive LandscapeAB Volvo (Sweden), Bosch (Germany), ZF Friedrichshafen AG (Germany), Knorr-Bremse (Germany), BMW AG (Germany), Tedrive steering systems GmbH (Germany), Daimler AG (Germany), and Ognibene Power SPA (Italy) are the notable players in the commercial vehicle active power steering market.Industry UpdatesApril 2019 - WABCO Holdings Inc., a provider of electronic braking, stability, suspension, and transmission automation systems for heavy-duty commercial vehicles, introduced its new integrated Active Lateral Safety technology suite.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the power assisted steering market include JTEKT Corporation, SHOWA Corporation, Nexteer Automotive, NSK Steering Systems Co., Ltd., Mando Corp, ZF Friedrichshafen AG, and Robert Bosch GmbH.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Power Assisted Steering Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/assisted-steering-market/download-sampleMarket DynamicsThe key driving factors for power-assisted steering market growth are enhanced fuel efficiency, less CO2 emission, fewer moving parts, less complexity, and no fluid.
Moreover, manufacturers of power-assisted steering are continuously improving their steering systems for better operational efficiency.
Furthermore, an upsurge in vehicle production is also a major factor contributing to the power steering market.
However, the high cost of a power-assisted steering system in comparison to a conventional steering system and less steering feel may hamper the growth of the power-assisted steering market.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
