Commercial vehicles equipped with active power steering exhibit enhanced performance and safety due to which they have become almost ubiquitous in commercial vehicles. These systems are highly compatible with advanced assistance systems and are extensively used these days. The commercial 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. The popular steer-by-wire technology used in HPS renders advantages such as reliability, safety, improved fuel economy, and performance. This has considerably driven the market for commercial vehicle active power steering market. However, electric power steering (EPS) and electrohydraulic power steering (EHPS) have gained traction in recent years. Automobile manufacturers are progressively incorporating EPS in commercial vehicles to reap the benefits of better fuel economy and simplified electric motor design. 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.
The commercial vehicle active power steering market has been segmented based on type and application.
By type, the commercial vehicle active power steering market has been segmented into hydraulic power steering (HPS), electric power steering (EPS), and electro-hydraulic power steering (EHPS). HPS is widely used in most commercial vehicles while the EPS segment is anticipated to exhibit rapid growth over the forecast period. EPS eliminates environmental threats posed by leakage and disposal of hydraulic power steering fluids along with various other advantages such as no loss of electrical assistance during engine failure, fuel efficiency, elimination of belt-driven engine accessory.
By application, the market has been segmented into light commercial vehicle, medium commercial vehicle, and heavy commercial vehicle.
By region, the commercial vehicle active power steering market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
North America holds the largest share of the global commercial vehicle active power steering market. Expanding logistics sector and growing construction industry have resulted in increased demand for commercial vehicles, subsequently driving the market for commercial vehicle active power steering market.
Europe commercial vehicle active power steering market is spurred by the presence of major market players in the region. Significant technological developments in the commercial vehicle active power steering space along with the high implementation of such systems across the region has favored the growth of the market. Moreover, the European Union lays greater emphasis on road safety due to which the adoption of commercial vehicle active power steering systems becomes necessary, thereby driving the market growth.
The APAC market is driven by the constant expansion of the logistics industry across the region. Moreover, strict government regulations pertaining to the safety of commercial vehicles along with the growth of the e-commerce industry is anticipated to fuel the demand for commercial vehicle active power steering system.
AB 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.
April 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. The new technology suite combines the company's active steering technology with two Advanced Driver Assistance Systems (ADAS) into a single safety package which would help in the establishment of a 'cocoon of safety' around the vehicle. The new active steering technology features a Sheppard hydraulic power steering gear equipped with magnetic torque overlay technology.