About Active Power Steering
Active power steering is a system in automobiles, in which the driver has a relationship with the wheels. It can also be called technology or a technique by which the action done on the steering is directly proportional to the wheels. It allows the driver to make the vehicle track or follow a desired path or trajectory without requiring any extra physical effort. More overly, it helps the driver to make its own point of view while driving and also helps him or her to judge the condition of the road or a track. Increasing sales of smart automobiles in both developed as well as developing nation is boosting the environment.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The demand for Active Power Steering is increasing with each passing day. The businesses in this industry facing major competition from leading players in the market including Volkswagen, Volvo, BMW, ZF Friedrichshafen, and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market-leading players are investing heavily in growth strategies such as technological development, and resource utilization to enhance their market position. The market leaders demonstrate a market-defining vision of how active power steering can help top-line business executives achieve their business objectives. Leaders can executes against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings. Analyst at AMA Research estimates that Germany Vendors will contribute the maximum growth to Global Active Power Steering market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Volkswagen (Germany), AB Volvo (Sweden), BMW AG (Germany), Activepowersteering (Australia), NSK (Japan), Ognibene Power SPA (Italy), SKF (Sweden), Bosch (Germany), Knorr-Bremse (Germany) and Nexteer (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are ZF Friedrichshafen AG (Germany), Tedrive steering systems GmbH (Germany) and Daimler AG (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Active Power Steering market by Type (Combined with electric steering systems and Combined with hydraulic power steering systems), Application (Light Trucks, Medium Trucks, Heavy Trucks, Buses and Other) and Region.
On the basis of geography, the market of Active Power Steering has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sensor Type, the sub-segment i.e. Torque Sensor will boost the Active Power Steering market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Light Commercial Vehicle (LCV) will boost the Active Power Steering market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Various Improvised and Innovative Assistance Functions for Steering
Market Growth Drivers:
Increasing Smart Automobiles in Developing Countries and Rising People Preference for Comfort Driving
Challenges:
Concern Towards the Malfunctioning of any System or a Sensor can Create a Risk for the drivers
Restraints:
High Cost for these Active Power Steering Vehicles
Opportunities:
Growing Concern Towards Increase Vehicle Safety will Boost the Industry and Rising Advantages such as Active Power Steering is a User-Friendly System Coupled with Highly Compatible with the Advanced Assistance Systems
Market Leaders and their expansionary development strategies
In December 2021 ZF Friedrichshafen announced that they have acquired majority stake in in its Indian Joint Venture with Rane Group. With Rane Group as a strategic partner to utilize competence, this Joint Venture (JV) will further enhance the partners' capacity to deliver innovative technologies, expedite new product releases, and localization, in line with ZF's Refresh India strategy. ZF intends to further grow both our passenger car and commercial vehicle operations for our clients in the India market by acquiring a controlling stake from long-time partner Rane.
In July 2021 UD Trucks had announced the launch of UD Active Steering. UD Active Steering features an electric motor mounted above the hydraulic steering gear to provide additional torque when necessary. The electronic control unit (ECU) mounted on the electric motor gets input from sensors throughout the truck at a rate of 2,000 times per second, monitoring the driving environment as well as the driver's own actions. This system control adjusts the steering wheel's weight to provide precise and stable steering regardless of speed, payload, or road conditions. Driver fatigue is reduced and roads are safer as a result of the ease and precision of steering.
Key Target Audience
Raw material suppliers and buyers, Manufacturers of Active Power Steering Systems, Industry Experts, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.