NEW YORK, Oct. 13, 2015 /PRNewswire/ -- Executive Summary—Key Findings
-With the proliferation of advanced safety solutions, it is only a matter of time before steering electrification is implemented to achieve the next level of safety.
-Electrically Actuated Power Steering Market for LCV and MCV: Key Findings, Europe, 2014–2021
-Market Size: Market size of steering electrification stands at about in 2014, comprising of % vehicles in the LCV and MCV segment.
-Forecast: Steering electrification market for LCV and MCV is expected to register a compound annual growth rate (CAGR) of % during 2014–2021, surpassing 1 Million installed base as early as 2018.
-Key Solutions: Apart from the standard off-the-shelf solutions such as electric power assisted steering (EPAS) and electro-hydraulic power steering (EHPS), plug-and-play solutions such as tedrive's iHSA can also be used in heavier vehicles in the range of to tons.
-Market Leading OEMs: Mercedes Benz Vans along with Volkswagen Commercial Vehicles and Fiat Professional held a combined market share of about % in electrified steering in 2014 in Europe for the LCV segment. However, the MCV segment is yet to see an electrified steering solution.
-Application: Steering electrification will allow OEMs to offer higher number of safety and convenience features such as lane keeping assist (LKA), lane centring assist (LCA), active cruise control (ACC), and crosswind assist. These safety features will allow fleet managers to hire a less experienced driver, thereby cutting costs.
- What is the current status and future prospect of electrically actuated steering solutions in Europe?
- How will the market develop by 2021 for partial and full electrically actuated steering?
- Are there any possibilities of converting pure-play hydraulic power steering into smarter and safer systems with an electric assist?
- Will a fleet manager be able to recover the investment on a safety and agility related add-on module within the first 2 years of operation in an LCV and MCV?
- Can a fleet manager mitigate the looming problem of driver shortage by opting for a less experienced driver, while still striving to achieve similar performance levels across metrics?
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