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.

Source:- The Insight Partner