Electrically Powered Hydraulic Steering Market Size (2024 - 2029)

Electrically Powered Hydraulic Steering Market Analysis

The Electrically Powered Hydraulic Steering market is valued at USD 1.60 billion in the current year. It is anticipated to grow to USD 2.51 billion by the next five years, registering a CAGR of 7.8% in terms of revenue during the forecast period.

Over the medium term, as customers are becoming more aware of new safety systems and technology, they are increasingly selecting vehicles with improved safety features. Automotive manufacturers are forced to equip their vehicles with driver assistance systems, particularly steering assistance systems, as passenger safety concerns grow. Such factors are pushing the demand in the coming years.

Traditional hydraulic steering can now be operated without the use of an engine-driven hydraulic pump owing to the usage of electro-hydraulic hybrid systems. Instead, an electric motor pump unit that does not take power from the engine provides hydraulic pressure. This technique is most useful in vehicles that use traditional hydraulic steering as their primary technology, but it is also available in hybrid-electric vehicle types.

The advantage of electro-hydraulic power steering is greater comfort: steering is light to handle when maneuvering. The steering, on the other hand, is strong at high speeds. As the power uptake changes as needed, this improves overall fuel economy. Sales in Asia-Pacific are expected to hold a significant rise throughout the forecast period.

The electro-hydraulic power steering pump (EHPS) delivers precisely the proper amount of oil for hydraulic steering systems in medium and heavy commercial vehicles. EHPS provides up to 70% energy savings over traditional power steering pumps with a constant supply volume, and energy usage adapts to the driving environment.

Among regions, Asia-Pacific dominated the automotive EPS market. The Asia-Pacific EPS market is primarily driven by growing vehicle production and sales, rapid electrification of vehicles, rising stringency of emission norms, and increasing disposable income of consumers. It, in turn, is increasing the demand for vehicle sales, owing to the growing preference for safety and comfort.

Electrically Powered Hydraulic Steering Industry Segmentation

Electro-hydraulic Power Steering is an extension of hydraulic power steering where an electric motor drives the pump, controlled according to the required assisting steering force. The hydraulic pump's delivery is enhanced at very low speeds or when the vehicle is stationary to offer a great amount of steering power.

The electrically powered hydraulic steering market is segmented by vehicle type, component type, and geography. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By component type, the market is segmented into steering wheels/columns, sensors, steering motors, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.

For each segment, the market sizing and forecast are done based on the value (USD).