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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.
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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.
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
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