The global hydraulic steering system market is estimated to grow at a CAGR of 5.5% during the forecast period. The vehicle steering system has evolved throughout time, from the traditional steering system to power-assisted steering systems. The expansion of the steering system has been directly boosted by the significant demand for automobiles. When the vehicle operates at a slow pace or stopped, hydraulic electric steering wheels add controlled energy to the steering system, allowing for effortless movement to take smooth turns and reducing the physical effort to turn the wheels. The advent of new technologies in the steering system, such as EPS and EPHS, has led the growth of the market. An actuator, or hydraulic cylinder, in a car’s hydraulic steering system, adds to the steering effort. The steering wheel and the linking path that steers the wheel have a direct connection in these systems. Many automakers are focused on developing new technology for steering systems. In the vehicle steering system, several technologies are being developed, such as steer by wire and steering system control technology.
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Significant production of automobiles across nations such as India, China, Brazil, and Mexico is one of the primary drivers driving the growth of global hydraulic steering systems market. The hydraulic steering system market has risen at an exponential rate owing to the rising demand for SUVs and commercial vehicles. The hydraulic steering system is being challenged by the Electric Powered Steering Systems (EPS). OEMs are pursuing new solutions in order to reduce fuel use and gain logistical advantages. When compared to the HPS, the EPS uses less gasoline, which saves money.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Vehicle Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- JTEKT Corp., Knorr Bremse AG, and Mando Corp., among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Hydraulic Steering System Market Report by Segment
By Type
- Hydraulic Power Steering
- Electronic Power Steering
- Electro-Hydraulic Power Steering System
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
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