Hydraulic Steering System Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

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.

What will the Hydraulic Steering System Market Size be During the Forecast Period?

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Hydraulic Steering System Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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. 

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 growing their customer base and are increasing their R&D investments to compete in the market.

Product Insights and News

• ATS Automation Tooling Systems Inc. - The company offers hydraulic steering systems for luxury passenger cars, smaller cars and commercial vehicles using automated process expertise that includes process monitoring, laser marking, functional testing and many more, under the brand name of ATS.

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.

Hydraulic Steering System Market Value Chain Analysis

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:

• Inputs
• Inbound logistics
• Operations
• Distribution and logistics
• Marketing and sales
• Service

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

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 hydraulic steering system market in South America. Market growth in this region will be faster than the growth of the market in regions.

North America is another region showing major market growth. The increasing pressure for achieving fuel efficiency combined with the rising demand for power steering systems will drive the market for EPS systems, resulting in the phasing out of hydraulic power steering systems in North America. 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.

COVID Impact and Recovery Analysis

The decline in the demand for automotive products as well as automobiles amid the COVID-19 pandemic has slowed down the adoption and sales of hydraulic steering systems in the region. Over 6.8 million deaths from COVID-19 were reported in North America as of August 31, 2021. Additionally, the weakening of the US dollar against other currencies is expected to have a negative impact on the import of raw materials, such as steel and aluminum, both of which are used in manufacturing hydraulic steering systems. This is expected to hamper the growth of the market in focus in North America during the forecast period. In the first half of 2021, the countries in this region lifted the lockdown restrictions and trade activities resumed, which resulted in the import of mechanical components on a large scale to recover from the losses incurred in 2020 and to meet consumer demand.

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. This is mainly because the popular LCVs in China, such as Foton Aumark FL, Changhe mini trucks, and Dongfeng mini trucks, predominantly use hydraulic steering and manual steering systems. In India, popular LCVs such as Tata Ace, Ashok Leyland Dost, Mahindra, Tata Xenon are equipped with hydraulic steering systems, while Maxximo uses a manual steering system.

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.

 

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%
Market growth 2021-2025	3135.72 th 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
Key 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 recovery analysis and future consumer dynamics, Market condition analysis for 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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What are the Key Data 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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