Commercial Vehicle Active Power Steering System Market Scope 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. 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 Market Analysis
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.
Commercial Vehicle Active Power Steering System Market Overview
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
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Commercial Vehicle Active Power Steering System Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Commercial Vehicle Active Power Steering System Market Drivers and Opportunities
Increasing Global Vehicle Production and Sale Drives the Market Growth
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.
Rapid Adoption of the Advanced Technologies Steering Systems is Expected to Create Ample Opportunity for 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.
Commercial Vehicle Active Power Steering System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the commercial vehicle active power steering system market analysis are type, application, and geography.
- Based on type, the global commercial vehicle active power steering system market is divided into electric power steering (EPS), hydraulic power steering, and electro-hydraulic power steering (EHPS). Among these, electro-hydraulic power steering has the largest share in 2023.
- Based on application, the market is divided into medium commercial vehicles and heavy commercial vehicles. Among these, the heavy commercial vehicle has the largest share in 2023, owing to increasing sales of global automotive production and sales across the globe.
Commercial Vehicle Active Power Steering System Market Share Analysis by 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.
Commercial Vehicle Active Power Steering System Market Report Scope
Commercial Vehicle Active Power Steering System Market News and Recent Developments
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:
- In June 2023, Nidec Corporation launched electric power steering with a motor power pack. In recent years, the electric column-type steering uses ADAS functions and offers less friction and torque in the entire steering system. It ensures the smooth execution of power steering and also offers a lane-keeping assistance system and several other ADAS functions. (Source: DJI, Press Release/Company Website/Newsletter)
Commercial Vehicle Active Power Steering System Market Report Coverage and Deliverables
The “Commercial Vehicle Active Power Steering System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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