The commercial vehicle active power steering system market size is projected to reach US$ 15.57 billion by 2031 from US$ 5.90 billion in 2023. The market is expected to register a CAGR of 12.9% in 2022–2031. Electric power steering demand is growing at a rapid pace owing to its higher efficiency and lack of maintenance cost as compared to other traditional steering systems for commercial vehicles. These electric power steering are rapidly adopted in heavy and medium-duty commercial vehicles. Increasing commercial vehicle sales across the globe with rapid industrialization and growth of the logistics sector drive the commercial vehicle active power steering system market growth during the forecast period.
Commercial vehicle active power steering system is driven by the rapid growth of the transportation and logistics sector owing to the increasing adoption of online shopping among consumers. Also, growing logistics and warehousing sector across developing countries such as India, China, Japan, and others. A warehouse and logistics sector is essential in the growth of the commercial vehicle active power steering system in the market. According to the India Brand Equity Foundation Organization, India’s warehousing market was valued at US$ 34.99 billion in 2022 and growing with a CAGR of 15.64% during the forecast period 2022 to 2027.
Increasing sales of commercial vehicles across the globe is the major driving factor for the growth of the active power steering system market. According to the International Organization of Motor Vehicle Manufacturers, global commercial vehicle sales reached 24.22 million units in 2022 and will increase to around 27.45 million units in 2023. Such rapid growth of commercial vehicles across the globe has created massive demand for the active power steering system market during the forecast period.
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Commercial Vehicle Active Power Steering System Market: Strategic Insights
Increasing global sales of commercial vehicles is the key driving factor for the commercial vehicle active power steering system market growth. Another market's main growth drivers are the growing number of government regulations and standards pertaining to fuel-efficient technology, the global OEM movement to lighten and simplify their cars, and the rise in vehicle production around the globe. According to the International Organization of Motor Vehicle Manufacturers Report in 2023, global vehicle sales increased to around 92.72 million from 82.87 million compared to 2022. Such rapid growth in automotive production across the globe has created massive demand for the commercial vehicle active power steering system market growth.
The high maintenance cost of belt-driven hydraulic or manual steering systems created a massive demand for advanced technologies-based electric power steering systems for commercial vehicles. Commercial vehicles are fuel-efficient, reduce CO2 emissions by up to 7 g/km, and save up fuel requirements for commercial vehicle driving. Several key players in the market are developing advanced technologies-based power steering systems across the globe. For instance, in August 2021, Nexteer launched and expanded its production capacity of the pinion electric steering (EPS) systems to meet commercial vehicle demand. The new steering system was launched for electric vehicles that offer higher output to steer heavier electric vehicle loads with premium EPS advanced technologies for heavy-duty loading vehicles.
Key segments that contributed to the derivation of the commercial vehicle active power steering system market analysis are type, application, and geography.
The geographic scope of the commercial vehicle active power steering system market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia-Pacific region has the largest share in 2023 in the commercial vehicle active power steering system market. Among these, India and China are growing at a rapid pace owing to increasing automotive production and sales. The presence of several manufacturers with increasing penetration of EPS systems in India and Japan drives the market growth. The increasing installation of the electric power steering system market is directly driving the market growth with growing vehicle production in the Asia Pacific countries.
The regional trends and factors influencing the Commercial Vehicle Active Power Steering System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Commercial Vehicle Active Power Steering System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 5.90 Billion |
| Market Size by 2031 | US$ 15.57 Billion |
| Global CAGR (2022 - 2031) | 12.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Commercial Vehicle Active Power Steering System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Commercial Vehicle Active Power Steering System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The commercial vehicle active power steering system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for commercial vehicle active power steering systems market and strategies:
The “Commercial Vehicle Active Power Steering System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is expected to register a CAGR of 12.9% in 2022–2031.
The commercial vehicle active power steering system market size is projected to reach US$ 15.57 billion by 2031 from US$ 5.90 billion in 2023.
Rising adoption of the Electric power steering across the globe is key driving factor in the market.
JTEKT corporation, ZF Friedrichshafen AG, Robert Bosch GmbH, Nexteer, NSK Ltd., Mitsubishi Electric Corporation, Mando Corporation, Hyundai Mobis, Showa Corporation, and Others. Thyssenkrupp AG among many others.
Increasing global vehicle production and sale drives the market growth.
Asia Pacific is expected to dominate the commercial vehicle active power steering system market in 2023.