Commercial Vehicle (CV) Active Power Steering Market Is Expected Significant Growth, Forecast From 2021 to 2031 : BMW AG, Ognibene Power SPA, AB Volvo, Daimler AG, Bosch

New York, According to a new market research report published by Global Insight Services Commercial Vehicle (CV) Active Power Steering Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Active power steering is a type of power steering that uses a motor to assist in turning the wheels. This type of power steering is often used in larger vehicles, such as commercial vehicles, because it can provide more power and assistance than a traditional power steering system. Active power steering can make it easier to turn the wheels, even when the vehicle is moving at high speeds, and can also help to reduce the amount of effort required to turn the wheel.

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Key Trends

One of the key trends in Commercial Vehicle (CV) Active Power Steering technology is the development of electric power steering (EPS). This is in response to the need for more fuel efficient vehicles, as EPS systems do not require the engine to be constantly running to power the steering.

Another trend is the development of systems that can provide a more customized steering feel for the driver, based on factors such as the type of load being carried or the road surface. This allows for a more comfortable and efficient driving experience.

Key Drivers

The key drivers of the commercial vehicle active power steering market are the increasing demand for commercial vehicles, the need for improved fuel economy, and the stringent emission norms. The active power steering system helps in reducing the fuel consumption and emission levels of commercial vehicles. It also provides better steering control and stability, which is essential for commercial vehicles.

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Restraints & Challenges

The key restraints and challenges in Commercial Vehicle (CV) Active Power Steering market are:

1. High cost of active power steering systems: Active power steering systems are generally more expensive than traditional steering systems. This makes them less attractive for cost-conscious buyers, especially in the commercial vehicle market where price is a key consideration.

2. Lack of aftermarket support: There is currently a lack of aftermarket support for active power steering systems. This means that if a system needs to be repaired or replaced, it can be difficult to find someone who is qualified to do so.

3. Limited availability: Active power steering systems are not yet widely available, meaning that they may not be an option for some buyers.

4. Complexity: Active power steering systems are more complex than traditional steering systems. This makes them more difficult to install and repair, and can also make them less reliable.

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Market Segments
By Type

Electric Power Steering (EPS)
Electro-Hydraulic Power Steering (EHPS)

By Application

Medium Commercial Vehicle
Heavy Commercial Vehicle

Key Players

The Commercial Vehicle (CV) Active Power Steering Market includes players such as ZF Friedrichshafen AG, tedrive steering systems GmbH, BMW AG, Ognibene Power SPA, AB Volvo, Daimler AG, Bosch, Knorr-Bremse, Thyssenkrupp and JTEKT Corporation.

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Reasons to buy Commercial Vehicle (CV) Active Power Steering Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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