Commercial Vehicle Active Power Steering Market to rise at a CAGR of 18.38%

Commercial Vehicles (CV) Active Power Steering system reduces a driver’s driving efforts by providing additional steering module to assist in turning the vehicle, and eases the parking at low speed driving, especially for heavy commercial vehicles. In the present scenario, fuel efficient driving solutions, driver’s road safety and ease in driving with less efforts applied, are considered critically important in the automotive industry. Even developing countries in Asia are focusing strongly on these critical aspects and are expected to adopt active power steering significantly in the coming years. In the global active power steering market North America has come up as the major contributor in terms of revenues, due to its developed economy, strong infrastructure, and significantly growing construction and logistic industries. North America and APAC regions are also following Europe, and are estimated to contribute considerably in the total global market. Global Commercial Vehicles (CV) active power steering system market volume is expected to grow from 12,572 units in 2016 to 955,233 units by 2025 at a CAGR of 18.38% between 2017 and 2025.

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The report focuses on an in-depth segmentation of this market based by type and application. The geographic segmentation of the report covers six major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SA). The regional market has been further bifurcated by respective countries. By application, heavy commercial vehicles segment account for the largest share of the Commercial Vehicles (CV) active power steering market in 2015; whereas, Europe and North America regions are expected to grow at the highest CAGR during the forecast period.

Commercial Vehicle Active Power Steering Market Players:

Ognibene.

tedrive Steering Systems GmbH.

Bosch. 

Knorr-Bremse.

BMW.

Volvo.

Daimler

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