The global hydraulic steering system market to grow at a CAGR of 1.72% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global hydraulic steering system market for 2017-2021. To calculate the market size, the report considers the new installations and sales volume of passenger cars, LCVs, and M&HCVs. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is growing pursuit of EHPS in heavy commercial vehicles. 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.
According to the report, one of the major drivers for this market is high penetration of hydraulic power steering in commercial vehicles. The conventional hydraulic power steering is edominantly 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.
Further, the report states that one of the major factors hindering the growth of this market is increasing penetration of EPS system. EPS systems imove 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.
Increasing sales of body-on-frame SUVs
High penetration of hydraulic power steering in commercial vehicles
Growing preference for M&HCVs for transporting freight
Increasing penetration of EPS system
Growing car-sharing services in China, India, and Brazil
Rise in number of on-demand taxi operators
Growing pursuit of EHPS in heavy commercial vehicles
Increasing penetration of steer-by-wire technology