Heavy Commercial Vehicle EPS Market REPORT OVERVIEW
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The global Heavy Commercial Vehicle EPS market size was USD 8043.7 million in 2023 and market is projected to touch USD 14157.16 million by 2032, exhibiting a CAGR of 6.5% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the heavy commercial vehicle EPS market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
In response to the growing need for more fuel-efficient and environmentally friendly commercial vehicles, the Heavy Commercial Vehicle (HCV) Electric Power Steering (EPS) market was seeing substantial growth and innovation. Heavy commercial vehicle EPS is an Electronic Power Steering system that is utilised in heavy commercial vehicles. It replaces the old hydraulic power steering system and provides numerous advantages such as enhanced fuel efficiency, low noise and vibration levels, and extended component life. Electric Power Steering (EPS) systems are gaining popularity in heavy commercial vehicles due to their various advantages over traditional hydraulic power steering systems. The market's expansion can be ascribed to the growing global demand for fuel-efficient and low-emission automobiles. Furthermore, the growing demand for electric vehicles is propelling the industry forward.
COVID-19 Impact: The Reduce in Vehicle Demand and Production Halts Led the Downfall of the Market Share
During the early stages of the epidemic, several economies faced lockdowns and movement restrictions, resulting in decreased economic activity and decreasing demand for commercial vehicles, notably heavy trucks. This drop in demand may have influenced the rate of EPS adoption in new HCVs. During the pandemic, fleet operators faced a variety of obstacles, including diminished economic activity, budgetary constraints, and concern about the future. The pandemic altered travel patterns, with an emphasis on vital goods delivery and e-commerce services. These modifications may have influenced the selection of vehicle types and characteristics, including steering systems such as EPS. Due to lockdown measures or personnel restrictions, automotive production facilities, including those producing HCVs and EPS systems, were forced to temporarily halt operations. This interruption in production could have impacted the market availability of EPS-equipped vehicles.
LATEST TRENDS
"Rising Eco-Friendly Vehicles and Autonomous Driving Technology to Boost the Market Growth"
As the demand for electric and hybrid large commercial vehicles grows, EPS systems play an important role in providing steering assistance for these environmentally friendly vehicles. The expansion of the electric and hybrid HCV markets is likely to stimulate demand for EPS systems. Manufacturers have been spending in R&D to develop new EPS technologies like as steer-by-wire systems and sensor-based EPS, which improve steering performance, safety, and dependability. Global emissions standards and environmental concerns have fueled a desire for cleaner, more efficient commercial vehicles. Adoption of EPS can assist heavy commercial vehicle manufacturers achieve these regulatory standards.
As autonomous driving technology advances, EPS systems play an important role in enabling steer-by-wire capabilities in big commercial vehicles, allowing for more advanced autonomous driving characteristics. Ongoing research and development activities are focused on enhancing EPS technology, including energy efficiency, lightweight design, and interaction with other vehicle systems.
Heavy Commercial Vehicle EPS Market SEGMENTATION
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- By Type
Based on type the heavy commercial vehicle EPS market is classified as C-EPS, P-EPS, R-EPS and others.
- By Application
Based on application the heavy commercial vehicle EPS market is classified as long distance, short distance and others.
DRIVING FACTORS
"The Applications in the Long Distance and the Short Distances to Boost the Market Growth "
Long-distance transportation makes heavy use of Heavy Commercial Vehicle EPS. The advantages of adopting Heavy Commercial Vehicle EPS include higher vehicle cargo capacity, lower pollutants, and improved fuel economy. These reasons have resulted in an increase in global demand for Heavy Commercial Vehicle EPS. Short-distance use can help minimise pollutants, noise, and vibrations, improving the quality of life for individuals who live near busy highways. Using an electric power steering system might also help you save money on gas.
"Growing Adoption, the Fuel Efficiency and the Environmental Concerns to Multiply the Market Share"
Because of its advantages over traditional hydraulic power steering systems, such as increased fuel efficiency, lower maintenance costs, and improved driving comfort, EPS is increasingly being used in heavy commercial vehicles. With a growing emphasis on lowering greenhouse gas emissions and enhancing fuel efficiency, EPS systems have gained popularity in the heavy commercial vehicle market as a means of contributing to these environmental goals.
As the HCV EPS market matures, so does the demand for aftermarket EPS systems. Retrofitting current vehicles with EPS can make them last longer and perform better. EPS systems use less energy than hydraulic power steering systems since they only use power when steering assistance is necessary. As a result of the fuel savings and decreased emissions, EPS-equipped HCVs are more environmentally friendly. EPS improves the entire driving experience and safety of heavy commercial vehicles by providing precise and responsive steering. To provide extra safety features, the systems can be connected with advanced driver assistance systems (ADAS).
RESTRAINING FACTORS
"The High Cost of the Batteries to Pose as a Major Restraint in the Market Growth"
The high cost of batteries is a major market constraint. This can be ascribed to its low weight and ease of installation when compared to other types of EPS systems. This constraint may have an effect on the vehicle's driving conditions efficiently and thus impeding the heavy commercial vehicle EPS market growth.
Heavy Commercial Vehicle EPS Market REGIONAL INSIGHTS
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"Asia Pacific Region to Dominate with Large Domestic Market and Favourable Government Policies"
The Heavy Commercial Vehicle EPS market is primarily concentrated on North America. The heavy commercial vehicle EPS market share is exponentially growing as a result of the elevated demand for environmentally friendly automobiles in this area. The industry is expanding in part due to the increasing popularity of electric vehicles in North America. Throughout the projected period, the North American region is anticipated to expand rapidly. This rise might be linked to the expanding knowledge of the advantages of employing heavy commercial vehicle EPS as well as the region's rising demand for commercial vehicles.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
The market is highly competitive, with both international and domestic players. Major players are involved in the launch of new and improved products, collaborations, mergers and acquisitions, joint ventures, and other tactics.The research is an in-depth examination of a list of market participants who promote market growth. The data is a compilation of the most recent manufacturing industry trends, mergers and acquisitions, market research, and technology breakthroughs. To comprehend market share, product growth, revenue growth, and other variables over the forecast period, additional criteria such as regional and segmental analysis are considered.
List of Market Players Profiled
- JTEKT (Japan)
- NSK (Japan)
- Nexteer (U.S.A)
- ZF (Germany)
- Mobis (South Korea)
- Showa (Japan)
- Thyssenkrupp (Germany)
- Mando (South Korea).
REPORT COVERAGE
This report includes a thorough background analysis, an assessment of the parent market, and an in-depth examination of market dynamics. Historical, current, and projected market size in terms of both value and volume. The report includes research on recent industry developments, a thorough examination of market shares and strategies of main competitors, as well as growing specialty categories and regional market areas.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 8043.7 Million in 2023 |
Market Size Value By |
US$ 11720 Million by 2029 |
Growth Rate |
CAGR of 6.5% from 2023 to 2029 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
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By Type
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By Application
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Frequently Asked Questions
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What value is the heavy commercial vehicle EPS market expected to touch by 2032?
The global heavy commercial vehicle EPS market is expected to reach USD 14157.16 million by 2032.
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What CAGR is the heavy commercial vehicle EPS market expected to exhibit by 2032?
The heavy commercial vehicle EPS market is expected to exhibit a CAGR of 6.5% by 2032.
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Which are the driving factors of the heavy commercial vehicle EPS market?
Infrastructure development with ongoing research, environmental concerns, stability and government policies are the driving factors of the heavy commercial vehicle EPS market.
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Which are the key players functioning in the heavy commercial vehicle EPS market?
JTEKT, NSK, Nexteer, ZF, Mobis, Showa, Thyssenkrupp, Mando and others are the key players functioning in the heavy commercial vehicle EPS market.
