Commercial Vehicle Active Power Steering Market 2019 Global Size, Share, Key Trends, Analysis of Companies like ZF Friedrichshafen, AB Volvo, Ognibene Power, BMW AG, Bosch, Daimler AG

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

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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 Overview:
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. The EPS mechanism eliminates the drawbacks of HPS such as difficulty to purge of leaks, lower durability, overweight and offers less maintenance, better response at different speeds, and less power consumption. In addition, EPS offers elimination of high-pressure hydraulic hoses between the hydraulic pump, belt-driven engine accessories, and the steering gear, which provides better handling of the commercial vehicles on the road. Furthermore, enhancing existing steering systems by combining new safety components such as active steering is anticipated to propel the market demand over the forecast period.

Commercial Vehicle Active Power Steering Market Segmentation:
The global Commercial Vehicle Active Power Steering market is segmented on the basis of 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

Regional Analysis:
Geographically, the global CV active power steering market has been divided into four major regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Amongst all the regions, North America has been witnessed as the major contributor in terms of revenues, strong infrastructure, developed economy, and incessant growing construction and logistics industries. Europe is presumed to hold the largest market share owing to relentless technological developments and rapid implementation of CV active power steering technology in various other application segments.

Moreover, OEMs in Europe are formulating a cost-effective value contribution in order to achieve the target of reduced CO2 emission governed by EU Environment Commission, which is expected augment the CV active power steering regional market over the forecast period. Asia-Pacific is expected to witness significant growth owing to increasing adoption of e-commerce which is expected to generate opportunities for CV active power steering market. Moreover, recent regulations for commercial vehicles in India has increased the maximum weight that heavy trucks can carry due to experiencing various crackdowns on overloading and expected to drive the regional market demand over the forecast period.

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Scope of 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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