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
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.
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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.
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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.
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.
Related Reports :
A. Automotive Steering System Market
https://www.industryarc.com/Research/Automotive-Steering-System-Market-Research-504389
B. Steering Columns System Market
https://www.industryarc.com/Report/1325/steering-columns-system-market-research-analysis.html
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