Market Research Future Insights
According to MRFR analysis, the global Active Power Steering market is expected to register a CAGR of ~25% from 2022 to 2030 and hold a value of over USD 1500000 units by 2030.
Active Power Steering is a type of steering system that uses an electric motor to assist the driver in turning the wheels of the vehicle. This type of power steering system is typically used in larger vehicles, such as buses, trucks, and trailers, where manual steering can be more difficult due to the size and weight of the vehicle. The demand for CV active power steering systems and other automotive components may fluctuate due to changes in consumer behavior and economic conditions. The pandemic has disrupted the supply chains for these components, leading to shortages or delays in production.
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Regional Analysis
The Asia-Pacific region is anticipated to experience considerable growth due to the increasing adoption of e-commerce, which is expected to generate opportunities for the CV active power steering market. Moreover, recent regulations for commercial vehicles in India have increased the maximum weight that heavy trucks can carry. This is due to experiencing various crackdowns on overloading and is expected to drive the regional market demand over the forecast period.
Market Segmentation
The Global Active Power Steering market has been segmented into type, and application.
Based on the type, the market has been segmented into Hydraulic Power Steering (HPS), Electric Power Steering (EPS), and Electro-hydraulic Power Steering (EHPS).
Based on the application, the market has been segmented into Medium commercial vehicles, Heavy commercial vehicles.
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Key Players
Some of the key market players are ZF Friedrichshafen AG, AB Volvo, Tedrive steering systems GmbH, Ognibene Power SPA, BMW AG, Knorr-Bremse, Bosch, and Daimler AG.
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