Hydraulic Steering System Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR44898
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The hydraulic steering system market will decline by 3135.72 thousand units during 2021-2025, 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 market segmentation 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.

What will the Hydraulic Steering System Market Size be in 2021?

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Hydraulic Steering System Market: Key Drivers and Trends

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 the 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.

  • The high penetration of hydraulic power steering in commercial vehicles will play a key factor in driving the hydraulic steering system market share growth in the coming years.
  • Conventional hydraulic power steering is predominantly used in heavy commercial vehicles as there is a huge difference in the front axle load in trucks and cars.
  • Heavy trucks carry up to 7,500 Kg make hydraulic steering the most common for front axle steering in heavy commercial vehicles.
  • Another major driver for the hydraulic steering system market growth is the growing demand for high torque and performance in trucks.
  • Technological advancements in passenger cars have raised the demand for higher torque, better steering responsiveness in the heavy-duty truck market.
  • The advancements made in steering gears in the hydraulic steering system are expected to increase to meet the demand for higher torque and performance.

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.

Who are the Major Hydraulic Steering System Market Vendors?

The report analyzes the market’s competitive landscape and 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
  • ZF Friedrichshafen AG

 

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 developing advanced steering systems 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. 

Which are the Key Regions for Hydraulic Steering System Market?

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2% of the market’s growth will originate from South America during the forecast period. Mexico is the key market for the hydraulic steering system market in South America. Market growth in this region will be faster than the growth of the market in other regions.

The demand for electronic components in automobiles for newer functionalities will facilitate the hydraulic steering system market growth in South America over the forecast period. 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.

What are the Revenue-generating Application Segments in the Hydraulic Steering System Market?

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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, followed by Europe and North America.

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.

 

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What are the Key Factors Covered in this Hydraulic Steering System Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive hydraulic steering system market growth during the next five years
  • Precise estimation of the hydraulic steering system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the hydraulic steering system industry across North America, APAC, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of hydraulic steering system market vendors

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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%

Decremental growth 2021-2025

3135.72 thousand 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

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 future consumer dynamics, market condition analysis for the 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.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The hydraulic steering system market growth will increase by $-3.13 million units during 2019-2024.
The hydraulic steering system market is expected to grow at a CAGR of -3.30% during 2019-2024.
Technavio has segmented the hydraulic steering system market by application (Passenger cars, LCVs, and MCVs and HCVs) and geographic (APAC, North America, Europe, South America, and MEA).
ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., thyssenkrupp AG, ZF Friedrichshafen AG are a few of the key vendors in the hydraulic steering system market.
South America will register the highest growth rate of -0.96% among the other regions. Therefore, the hydraulic steering system market in South America is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • Japan
  • India
  • Germany
  • South Korea (Republic of Korea)
The key factors driving the hydraulic steering system market growth are:
  • High penetration of hydraulic power steering in commercial vehicles
The hydraulic steering system market vendors should focus on grabbing business opportunities from the passenger cars segment as it accounted for the largest market share in the base year.
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