Market Size of Electro Hydraulic Power Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Electro-hydraulic Power Steering Market Analysis
The Automotive Electro-Hydraulic Power Steering Market is valued at USD 2.84 billion in the current year and is anticipated to reach a net valuation of USD 4.12 billion within the next five years, registering a CAGR growth of 7.75% over the forecast period.
Over the long term, increasing investments in R&D by major industry players, a rise in sales of electric and hybrid vehicles coupled with rising demand for commercial vehicles, attributed to the growth in the e-commerce sector. It is assisting in creating demand in the automotive and transportation industry, thereby positively impacting the surging growth of the automotive electro-hydraulic power steering market. Some factors like the high cost of electro-hydraulic power steering systems and the strong focus of major commercial vehicle manufacturers on cost-cutting may hamper the growth outlook of the automotive electro-hydraulic power steering systems industry.
Major players in the market are expanding their production capacity to cater to the increased demand for electro-hydraulic power steering systems and also engaging in mergers and acquisitions to bolster their portfolio. For instance, in August 2022, Kongsberg Automotive announced the divestiture of its Shawinigan operations in Canada to Bombardier Recreational Products, Inc.(BRP Inc.) for EUR 104 million (USD 110 million). The Shawinigan manufacturing facility produces sensors, actuators, electronic power steering, wire harnesses, and dashboard assemblies for power sports and recreational vehicles. Further, with rapid transformation in advanced driver assistance systems (ADAS), automated driving, and connected cars, there exists a greater demand for introducing new-age components to improve fuel consumption capability, which in turn is positively impacting the surging growth of the electro-hydraulic power steering market.
Asia-Pacific is the largest automotive electro-hydraulic power steering market in the world, owing to the presence of various electric vehicle manufacturers, high sales of commercial vehicles, and a well-developed automotive components industry. North America and Europe are the next biggest markets due to the presence of major parts and components manufacturers like ZF Friedrichshafen AG and the strong prospect of commercial vehicle sales, including long-distance touring coaches and multi-axle trucks.
Automotive Electro-hydraulic Power Steering Industry Segmentation
The electro-hydraulic power steering system refers to a hybrid steering system that uses the same mechanism as a hydraulic power steering system. Still, instead of the power coming from a pump, which is driven by the engine, the pump is driven by the electric motor whose speed varies the amount of hydraulic pressure and is controlled by the electrical control unit (ECU).
The automotive electro-hydraulic power steering market is segmented by vehicle type, component type, sales channel, and geography. By vehicle type, the market is segmented into passenger vehicles and commercial vehicles. By component type, the market is segmented into steering motors, sensors, and others (pumps, hoses, etc.). By sales channel, the market is segmented into original equipment manufacturer (OEM) and aftermarket. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the World.
The report offers market size and forecasts for electro-hydraulic power steering in value (USD) for all the above segments.
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Component Type | |
| Steering Motors | |
| Sensors | |
| Others (Pumps, Hoses, etc.) |
| By Sales Channel | |
| Original Equipment Manufacturer (OEM) | |
| Aftermarket |
| By Geography | ||||||||
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Electro Hydraulic Power Steering Market Size Summary
The automotive electro-hydraulic power steering market is experiencing significant growth, driven by increasing investments in research and development by key industry players and a rising demand for electric and hybrid vehicles. This demand is further bolstered by the growth of the e-commerce sector, which is contributing to the increased sales of commercial vehicles. However, the high cost of electro-hydraulic power steering systems and a strong focus on cost-cutting by major commercial vehicle manufacturers may pose challenges to market expansion. Major players are expanding production capacities and engaging in mergers and acquisitions to enhance their portfolios, with advancements in advanced driver assistance systems and automated driving technologies further propelling market growth. The Asia-Pacific region leads the market due to the presence of numerous electric vehicle manufacturers and a well-developed automotive components industry, while North America and Europe follow closely, supported by major parts manufacturers and strong commercial vehicle sales prospects.
The market is characterized by a high level of consolidation and competition, with large players securing long-term supply contracts with major automotive OEMs and engaging in joint ventures and product development to strengthen their market positions. Key players such as JTEKT Corporation, Nissan Motor Corporation, and Robert Bosch GmbH are actively launching new products and forming strategic partnerships to maintain a competitive edge. The introduction of advanced electro-hydraulic power steering systems, including steer-by-wire technologies, is expected to drive market growth, particularly in the commercial vehicle segment. The increasing urbanization, growing vehicle parc, and rising disposable incomes in the Asia-Pacific region are further contributing to the demand for these systems. As the market continues to evolve, the focus on reducing carbon emissions and enhancing fuel efficiency is likely to sustain the positive growth trajectory of the automotive electro-hydraulic power steering market.
Electro Hydraulic Power Steering Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Adoption of Electric Vehicles
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1.2 Market Restraints
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1.2.1 High Upfront Cost of Electro-Hydraulic Power Steering Systems
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 By Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 By Component Type
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2.2.1 Steering Motors
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2.2.2 Sensors
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2.2.3 Others (Pumps, Hoses, etc.)
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2.3 By Sales Channel
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2.3.1 Original Equipment Manufacturer (OEM)
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2.3.2 Aftermarket
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 United Arab Emirates
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2.4.4.2 Brazil
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2.4.4.3 South Africa
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2.4.4.4 Other Countries
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Electro Hydraulic Power Steering Market Size FAQs
What is the current Electro Hydraulic Power Steering Market size?
The Electro Hydraulic Power Steering Market is projected to register a CAGR of 7.75% during the forecast period (2024-2029)
Who are the key players in Electro Hydraulic Power Steering Market?
JTEKT Corporation, Nissan Motor Corporation, SEAT, Robert Bosch GmbH and ZF Friedrichshafen are the major companies operating in the Electro Hydraulic Power Steering Market.
