Enjoy complimentary customisation on priority with our Enterprise License!
The hydraulic steering system market share is expected to increase by 3135.72 thousand units from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of -6.44%.
This hydraulic steering system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hydraulic steering system market segmentations by application (LCVs, MCVs and HCVs, and passenger Cars) and geography (North America, APAC, Europe, MEA, and South America). The hydraulic steering system market report also offers information on several market vendors, including ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr Bremse AG, Mando Corp., Melrose Industries Plc, NEXTEER AUTOMOTIVE GROUP LTD., Pailton Engineering Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG among others.
Download the Free Report Sample to Unlock the Hydraulic Steering System Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The high penetration of hydraulic power steering in commercial vehicles is notably driving the hydraulic steering system market growth, although factors such as increasing penetration of EPS systems may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hydraulic steering system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hydraulic Steering System Market Driver
One key factor driving the growth of hydraulic steering system market is the high penetration of hydraulic power steering in commercial vehicles. Conventional hydraulic power steering is predominantly used in heavy commercial vehicles. Most commercial vehicles use the hydraulic or the EHS system as the EPS system has not been able to cross the 15 kN barriers. Ford F-150 and Ram 1500 trucks are equipped with EPS, but other HCVs are still dependent on hydraulic steering systems. The power required to steer a truck is higher than a car. There is a huge difference in the front axle load in trucks and cars. A standard car carries up to 750 Kg, whereas most heavy trucks carry up to 7,500 Kg. The most common front axle steering for heavy commercial vehicles is hydraulic steering. The rear-drive axles are not steered generally, while the other rear axles are steered and serve the purpose of protecting the tire from wear and reducing the effective wheelbase. This has driven the growth of the market for hydraulic steering system.
Key Hydraulic Steering System Market Trend
Growing use of EHPS in heavy commercial vehicles is a hydraulic steering system market trend that is expected to have a positive impact in the coming years. As part of the electrification trend in the automotive industry, energy saving is one of the most important concerns for the development of new vehicles, especially for power steering systems. In a hydraulic power steering system, 70% of the fuel is consumed by hydraulics, which can be prevented by the use of more advanced power steering systems such as EPS and EHPS. Conventional hydraulic steering systems are predominantly used in MCVs and HCVs. EHPS systems have been used in passenger cars since the 1980s and are known to provide fuel efficiency. So, most of the OEMs have tried to develop a similar EHPS system for MCVs and HCVs.
Key Hydraulic Steering System Market Challenge
Increasing penetration of EPS systems will be a major challenge for the hydraulic steering system market during the forecast period. EPS systems improve the fuel economy by 2.5% compared with hydraulic systems as they do not use pumps, hoses, drive belts, fluids, and pulleys. EPS systems tend to be smaller and lighter than hydraulic systems. Also, unlike a hydraulic power steering system that is continually driven using a hydraulic pump, the EPS motor is powered only when necessary. EPS provides improved efficiency due to the reduction of parasitic losses and is considerably cheaper to manufacture than traditional hydraulic systems. It also offers manufacturers a multitude of improvements that have proven impossible to overlook, resulting in a proliferation of EPS systems.
This hydraulic steering system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global hydraulic steering system market as part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hydraulic steering system market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hydraulic steering system market encompasses successful business strategies deployed by the key vendors. The hydraulic steering system market is concentrated and the vendors are deploying growth strategies such as growing their customer base and are increasing their R&D investments to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hydraulic steering system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hydraulic steering system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of automotive components and accessories market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
For more insights on the market share of various regions Request for a FREE sample now!
2% of the market's growth will originate from South America during the forecast period. Mexico is the key market for hydraulic steering system market in South America. Market growth in this region will be faster than the growth of the market in regions.
North America is another region showing major market growth. The increasing pressure for achieving fuel efficiency combined with the rising demand for power steering systems will drive the market for EPS systems, resulting in the phasing out of hydraulic power steering systems in North America. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The decline in the demand for automotive products as well as automobiles amid the COVID-19 pandemic has slowed down the adoption and sales of hydraulic steering systems in the region. Over 6.8 million deaths from COVID-19 were reported in North America as of August 31, 2021. Additionally, the weakening of the US dollar against other currencies is expected to have a negative impact on the import of raw materials, such as steel and aluminum, both of which are used in manufacturing hydraulic steering systems. This is expected to hamper the growth of the market in focus in North America during the forecast period. In the first half of 2021, the countries in this region lifted the lockdown restrictions and trade activities resumed, which resulted in the import of mechanical components on a large scale to recover from the losses incurred in 2020 and to meet consumer demand.
To gain further insights on the market contribution of various segments Request for a FREE sample
The hydraulic steering system market share growth by the LCVs segment will be significant during the forecast period. APAC is estimated to have the largest market share for the LCVs segment in the market in focus. This is mainly because the popular LCVs in China, such as Foton Aumark FL, Changhe mini trucks, and Dongfeng mini trucks, predominantly use hydraulic steering and manual steering systems. In India, popular LCVs such as Tata Ace, Ashok Leyland Dost, Mahindra, Tata Xenon are equipped with hydraulic steering systems, while Maxximo uses a manual steering system.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hydraulic steering system market size and actionable market insights on post COVID-19 impact on each segment.
|
Hydraulic Steering System Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2020 |
|
Forecast period |
2021-2025 |
|
Growth momentum & CAGR |
Decelerate at a CAGR of -6.44% |
|
Market growth 2021-2025 |
3135.72 th units |
|
Market structure |
Concentrated |
|
YoY growth (%) |
-0.89 |
|
Regional analysis |
North America, APAC, Europe, MEA, and South America |
|
Performing market contribution |
South America at 2% |
|
Key consumer countries |
US, China, Mexico, and Thailand |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr Bremse AG, Mando Corp., Melrose Industries Plc, NEXTEER AUTOMOTIVE GROUP LTD., Pailton Engineering Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
