Market Definition
Active power steering is a type of power steering that uses a motor to assist in turning the wheels. This type of power steering is often used in larger vehicles, such as commercial vehicles, because it can provide more power and assistance than a traditional power steering system. Active power steering can make it easier to turn the wheels, even when the vehicle is moving at high speeds, and can also help to reduce the amount of effort required to turn the wheel.
Market Outlook
One of the key trends in Commercial Vehicle (CV) Active Power Steering technology is the development of electric power steering (EPS). This is in response to the need for more fuel efficient vehicles, as EPS systems do not require the engine to be constantly running to power the steering.
Another trend is the development of systems that can provide a more customized steering feel for the driver, based on factors such as the type of load being carried or the road surface. This allows for a more comfortable and efficient driving experience.
The key drivers of the commercial vehicle active power steering market are the increasing demand for commercial vehicles, the need for improved fuel economy, and the stringent emission norms. The active power steering system helps in reducing the fuel consumption and emission levels of commercial vehicles. It also provides better steering control and stability, which is essential for commercial vehicles.
The key restraints and challenges in Commercial Vehicle (CV) Active Power Steering market are:
1. High cost of active power steering systems: Active power steering systems are generally more expensive than traditional steering systems. This makes them less attractive for cost-conscious buyers, especially in the commercial vehicle market where price is a key consideration.
2. Lack of aftermarket support: There is currently a lack of aftermarket support for active power steering systems. This means that if a system needs to be repaired or replaced, it can be difficult to find someone who is qualified to do so.
3. Limited availability: Active power steering systems are not yet widely available, meaning that they may not be an option for some buyers.
4. Complexity: Active power steering systems are more complex than traditional steering systems. This makes them more difficult to install and repair, and can also make them less reliable.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The Commercial Vehicle (CV) Active Power Steering Market is segmented by type, application and region. By type, the market is divided into electric power steering (EPS) and electro-hydraulic power steering (EHPS). Based on application, it is bifurcated into medium commercial vehicle, and heavy commercial vehicle. Region-wise, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
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Major Players
The Commercial Vehicle (CV) Active Power Steering Market includes players such as ZF Friedrichshafen AG, tedrive steering systems GmbH, BMW AG, Ognibene Power SPA, AB Volvo, Daimler AG, Bosch, Knorr-Bremse, Thyssenkrupp and JTEKT Corporation.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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