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Automotive Electro-hydraulic Power Steering Market - Forecast(2023 - 2028)
Automotive Electro-Hydraulic Power Steering Market Overview
The global Automotive Electro-Hydraulic Power Steering Market is estimated to surpass $22.6 billion mark by 2026 growing at an estimated CAGR of more than 5.8% during the forecast period 2021 to 2026. The market growth is mainly driven by the factors including increasing penetration of 48V architecture in latest vehicles, deployment of electronic control units and advancement in steer-by-wire systems. Automotive Electro Hydraulic Steering system has positive features such as natural smooth feel, fuel efficient system which uses power from battery rather than engine. Consumer preference towards the power steering has increased due to lower fuel usage and decreased manual effort required. These factors are set to boost the market growth for Automotive Electro- Hydraulic Power Steering during the forecast period 2021-2026
Report Coverage
The report: “Automotive Electro-Hydraulic Power Steering market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Automotive Electro- Hydraulic Power Steering Market.
By Application: Passenger vehicle, Commercial vehicle (LCV, HCV)
By Component: Steering Motor, Sensors, Electronic Control Unit, Electric Motor Pump and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Germany and Others), APAC (China, Japan India, South Korea, and Others), South America (Brazil, Argentina), and ROW (Middle East and Africa)
Key Takeaways
- Growth of Commercial vehicles is expected during the forecast period as Electro-Hydraulic Power Steering offers higher fuel saving compared to the conventional steering which reciprocates with cost benefits for the commercial vehicle owners.
- The heavier vehicles which are difficult to handle are introduced in the market and to reduce the manual effort, power steering or power assisted steering were introduced. This has increased the growth of the market.
- APAC is expected to show growth during the estimated period. India and China are the major markets for the automobiles production as well as the consumption. Rising demand for vehicle will impact in rising demand for electro-hydraulic power steering.
Automotive Electro-Hydraulic Power Steering Market, By Application
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Automotive Electro-Hydraulic Power Steering Market Segment Analysis - By Application
The application segment is segmented into Commercial Vehicle and Passenger Vehicles. The passenger vehicle is expected to grow at 7.1% CAGR through 2026 due to increased demand for sedans, luxury sedans, and mid-range vehicles that have robust steering systems to ensure seamless drivability. Commercial Vehicle market is also expected to grow at a fast pace as electro-Hydraulic power steering saves more fuel compare to hydraulic power steering.
Automotive Electro-Hydraulic Power Steering Market Segment Analysis - By Component
The component is segmented into Steering motor, Sensors and other. Automotive Electro hydraulic steering system is driven by the growing adoption of sensors. Sensors are anticipated to grow at a fast rate of 7.5% during the forecast period. Measuring the steering wheel position angle and rate of turn provide critical information are collected by the sensors in the power steering. The scan tool will typically display this information in degrees. The steering angle sensor is a part of a sensor cluster in the steering column. The sensor cluster will always have more than one steering sensors, few sensor clusters have three sensors to confirm the data. Clusters and sensor modules are connected to a Controller Area Network bus that connects various modules in the vehicle.
Automotive Electro-Hydraulic Power Steering Market Segment Analysis – By Geography
APAC region has the highest share in production of both commercial and passenger vehicles thus resulting in market share of 35.5% in 2020 in the eletro hydraulic steering market. ROW is expected to grow its market share at fastest rate due to increased sales of luxury vehicles in the region. North America and Europe are providing the stable demand among the segmented regions. Europe is one of the key maturing regions that will generate creditable opportunity in the global automotive electric power steering market over the forecast period due to the existence of significant automotive manufacturer presence.
Automotive Electro- Hydraulic Power Steering Market Drivers
Increased production of automobiles
Automotive Electro-Hydraulic Power Steering system market is increasing due to its importance in the automotive industry. Growing production of power steering systems in the APAC and Middle East continues as the market increases its disposable income with the increased growth of population thereby driving demand and production of vehicles. The trends towards the improved lifestyle which is comfort and safety along with technology advancements are the major driving force for the market. The rise in the sales of vehicles, owing to better fuel efficiency and low emission is highly expected to propel the global automotive electric power steering market. The rising demand for vehicles are boosting the growth of the automobile industry. The growing demand for sport utility vehicles and other passenger cars are the major factors which are driving the need for Electro Hydraulic steering market. The deployment of mass production techniques and the use of technology such as artificial intelligence, machine learning are further boosting the automobile industry which will in turn drive the growth of the market.
Increased Focus on Automotive Safety
To improve the safety of the vehicles, companies have started developing impact absorbing steering columns. Companies such as NSK are involved in developing collapsible columns which can absorb load during a collision. The company is also developing pivot tilt steering column and Telescopic Steering Column for Trucks which adds rigidity for heavy vehicles. Robert Bosch’s steering column system technology, Servo electric enables driver assistance functions and helps to reduce the vehicle’s fuel consumption. The production of this technology marks the first time that Bosch is producing this innovative steering system in Mexico.
Automotive Electro- Hydraulic Power Steering Market Challenges
Increased Automation in power steering has in turn increased the price of the cars; this will affect the sales due to its high cost with potential preference for non-power steering systems due to potential cost factors. Challenges also faced in upgrading the vehicles from the traditional steering to electro hydraulic steering as the cost of the upgrading is too high. This will result in resistance from the vehicle owners to change their steering systems.
Automotive Electro- Hydraulic Power Steering Market Landscape
Acquisition is the major key strategy used by the top players in the Automotive Electro-Hydraulic Power Steering Market. The market for Automotive Electro- Hydraulic Power Steering market is consolidated with the top players including Nexteer Automotive Group Ltd, NSK Ltd, JTEKT Corporation, ZF Friedrichshafen AG, Robert Bosch GmbH and other key players.
Acquisitions/Technology Launches/Partnerships
- In June, 2020, Knorr-Bremse AG announced to acquire R.H Sheppard Co.Inc. from Wabco Holdings Inc to strengthen its position in steering systems for commercial vehicles, including in emerging highly automated trucks. The acquisitions price was $145 Million. Here the acquisition is connected with the pending takeover of Wabco by ZF Friedrichshafen.
- In March, 2019, ZF completes acquisition of WABCO a commercial vehicle technology supplier for $7 Billion.
Related Reports
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Report Code: ATR 0015
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1. Automotive Electro-Hydraulic Power Steering Market Overview
1.1 Definitions and Scope
2. Automotive Electro-Hydraulic Power Steering Market - Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key trends By Application
2.3 Key trends segmented by Geography
3. Automotive Electro-Hydraulic Power Steering Market – Market Landscape
3.1 Comparative Analysis
3.1.1 Product/Company Benchmarking-Top 5 Companies
3.1.2 Top 5 Financial Analysis
3.1.3 Market Value Split by Top 5 Companies
3.1.4 Patent Analysis
3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Automotive Electro-Hydraulic Power Steering Market – Industry Market Entry Scenario Premium (Premium)
4.1 Regulatory Scenario
4.2 Ease of Doing Business Index
4.3 Case Studies
4.4 Customer Analysis
5. Automotive Electro-Hydraulic Power Steering Market – Startup Company Scenario (Premium)
5.1 Venture Capital and Funding Scenario
5.2 Startup Company Analysis
6. Automotive Electro-Hydraulic Power Steering Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Automotive Electro-Hydraulic Power Steering Market – By Strategic Analysis (Market Size -$Million/Billion)
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Product Life Cycle/Market Life Cycle Analysis
8. Automotive Electro-Hydraulic Power Steering Market – By Component (Market Size -$Million/Billion)
8.1 Steering Motors
8.2 Sensors
8.3 ECUs
8.4 Electric Motor Pump
8.5 Others
9. Automotive Electro-Hydraulic Power Steering Market – By Application (Market Size -$Million/Billion)
9.1 Passenger Vehicles
9.2 Commercial Vehicles
9.2.1 LCVs
9.2.2 HCVs
10. Automotive Electro-Hydraulic Power Steering Market - By Geography (Market Size -$Million/Billion)
10.1 North America
10.1.1 U.S
10.1.2 Canada
10.1.3 Mexico
10.2 Europe
10.2.1 Germany
10.2.2 France
10.2.3 UK
10.2.4 Italy
10.2.5 Spain
10.2.6 Russia
10.2.7 Netherlands
10.2.8 Others
10.3 APAC
10.3.1 China
10.3.2 Japan
10.3.3 South Korea
10.3.4 India
10.3.5 Australia
10.3.6 Indonesia
10.3.7 Malaysia
10.3.8 Others
10.4 South America
10.4.1 Brazil
10.4.2 Argentina
10.4.3 Chile
10.4.4 Colombia
10.4.5 Others
10.5 RoW
10.5.1 Middle East
10.5.2 Africa
11. Automotive Electro-Hydraulic Power Steering Market - Market Entropy
11.1 New product launches
11.2 M&A's, collaborations, JVs and partnerships
12. Automotive Electro-Hydraulic Power Steering Market – Industry Competitive Landscape (Premium)
12.1 Market Share – Global
12.2 Market Share by Region
12.3 Market Share By Application
13. Automotive Electro-Hydraulic Power Steering Market – Key Company List by Country Premium (Premium)
14. Automotive Electro-Hydraulic Power Steering Market - Company Analysis
14.1 Company 1
14.2 Company 2
14.3 Company 3
14.4 Company 4
14.5 Company 5
14.6 Company 6
14.7 Company 7
14.8 Company 8
14.9 Company 9
14.10 Company 10
LIST OF TABLES
1.Global MARKET SEGMENTATION Market 2019-2024 ($M)1.1 By Component Type Market 2019-2024 ($M) - Global Industry Research
1.1.1 Steering Motor Market 2019-2024 ($M)
1.1.2 Sensors Market 2019-2024 ($M)
1.2 By Vehicle Type Market 2019-2024 ($M) - Global Industry Research
1.2.1 Passenger Vehicles Market 2019-2024 ($M)
1.2.2 Commercial Vehicles Market 2019-2024 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
3.Global MARKET SEGMENTATION Market 2019-2024 (Volume/Units)
3.1 By Component Type Market 2019-2024 (Volume/Units) - Global Industry Research
3.1.1 Steering Motor Market 2019-2024 (Volume/Units)
3.1.2 Sensors Market 2019-2024 (Volume/Units)
3.2 By Vehicle Type Market 2019-2024 (Volume/Units) - Global Industry Research
3.2.1 Passenger Vehicles Market 2019-2024 (Volume/Units)
3.2.2 Commercial Vehicles Market 2019-2024 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2019-2024 (Volume/Units)
5.North America MARKET SEGMENTATION Market 2019-2024 ($M)
5.1 By Component Type Market 2019-2024 ($M) - Regional Industry Research
5.1.1 Steering Motor Market 2019-2024 ($M)
5.1.2 Sensors Market 2019-2024 ($M)
5.2 By Vehicle Type Market 2019-2024 ($M) - Regional Industry Research
5.2.1 Passenger Vehicles Market 2019-2024 ($M)
5.2.2 Commercial Vehicles Market 2019-2024 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
7.South America MARKET SEGMENTATION Market 2019-2024 ($M)
7.1 By Component Type Market 2019-2024 ($M) - Regional Industry Research
7.1.1 Steering Motor Market 2019-2024 ($M)
7.1.2 Sensors Market 2019-2024 ($M)
7.2 By Vehicle Type Market 2019-2024 ($M) - Regional Industry Research
7.2.1 Passenger Vehicles Market 2019-2024 ($M)
7.2.2 Commercial Vehicles Market 2019-2024 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
9.Europe MARKET SEGMENTATION Market 2019-2024 ($M)
9.1 By Component Type Market 2019-2024 ($M) - Regional Industry Research
9.1.1 Steering Motor Market 2019-2024 ($M)
9.1.2 Sensors Market 2019-2024 ($M)
9.2 By Vehicle Type Market 2019-2024 ($M) - Regional Industry Research
9.2.1 Passenger Vehicles Market 2019-2024 ($M)
9.2.2 Commercial Vehicles Market 2019-2024 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
11.APAC MARKET SEGMENTATION Market 2019-2024 ($M)
11.1 By Component Type Market 2019-2024 ($M) - Regional Industry Research
11.1.1 Steering Motor Market 2019-2024 ($M)
11.1.2 Sensors Market 2019-2024 ($M)
11.2 By Vehicle Type Market 2019-2024 ($M) - Regional Industry Research
11.2.1 Passenger Vehicles Market 2019-2024 ($M)
11.2.2 Commercial Vehicles Market 2019-2024 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
13.MENA MARKET SEGMENTATION Market 2019-2024 ($M)
13.1 By Component Type Market 2019-2024 ($M) - Regional Industry Research
13.1.1 Steering Motor Market 2019-2024 ($M)
13.1.2 Sensors Market 2019-2024 ($M)
13.2 By Vehicle Type Market 2019-2024 ($M) - Regional Industry Research
13.2.1 Passenger Vehicles Market 2019-2024 ($M)
13.2.2 Commercial Vehicles Market 2019-2024 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
LIST OF FIGURES
1.US Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)2.Canada Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
3.Mexico Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
4.Brazil Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
5.Argentina Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
6.Peru Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
7.Colombia Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
8.Chile Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
9.Rest of South America Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
10.UK Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
11.Germany Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
12.France Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
13.Italy Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
14.Spain Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
15.Rest of Europe Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
16.China Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
17.India Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
18.Japan Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
19.South Korea Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
20.South Africa Automotive Electro-hydraulic Power Steering Market Revenue, 2019-2024 ($M)
21.North America Automotive Electro-hydraulic Power Steering By Application
22.South America Automotive Electro-hydraulic Power Steering By Application
23.Europe Automotive Electro-hydraulic Power Steering By Application
24.APAC Automotive Electro-hydraulic Power Steering By Application
25.MENA Automotive Electro-hydraulic Power Steering By Application