Commercial Vehicle Active Power Steering System Market Outlook and Strategic Insights by 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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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 Regional Insights

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 The 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.

Commercial Vehicle Active Power Steering System Market Report Scope

Commercial Vehicle Active Power Steering System Market Players Density: Understanding Its Impact on Business Dynamics

The Commercial Vehicle Active Power Steering System 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.

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