Commercial Vehicles (CV) active power steering market volume is expected to grow from 12,572 units in 2016 to 955,233 by 2025 at a CAGR of 18.38% between 2017 and 2025. Large number of manufacturers are shifting towards EPS because eliminating an engine-driven hydraulic pump increases gas mileage by about 1 mpg. Therefore Electric power steering segment is leading the global Commercial Vehicle (CV) active power steering market in 2015, and is expected to continue its dominance during the forecast period. However, safety is one of the prime focus in heavy commercial vehicles. Automotive manufacturers are advancing existing steering systems by integrating new safety modules in hydraulic steering systems such as active steering.
Key trend which will predominantly effect the market in the coming years is advanced assistance functions of power steering. The advanced active power steering are known to be highly compatible with the advanced assistance systems and therefore in the years to come it may witness numerous improvised and novel assistance functions for steering, that presently are under development. These assistance functions when integrated with the steering systems can generate a significant improvisation in the assistance systems which can be further enhanced by the integration of steering data with the assistance functions.
Commercial Vehicles (CV) active power steering market by application is segmented into medium and heavy commercial vehicles. Majority of the commercial vehicles operating in the medium and heavy range are largely steered by hydraulic power steering. Very few MCVs use an electrified steering solution, while none of the HCVs are able to use electrified steering because of the front axle load. However, LCV`s remain the highly accepted vehicles with active steering in EPS. Heavy vehicles will observe the first implementations followed by medium vehicles.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the active power steering industry.