Top 3 Emerging Trends Impacting the Global Hydraulic Steering System Market from 2017-2021: Technavio

Technavio has published a new report on the global hydraulic steering system market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio’s latest report on the global hydraulic steering system market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

The research study by Technavio on the global hydraulic steering system market for 2017-2021 provides a detailed industry analysis based on the product (passenger cars, light commercial vehicles, and medium and heavy commercial vehicles) and geography (APAC, the Americas, and EMEA).

 
Hydraulic steering includes conventional rack and pinion steering, uses hydraulic pressure from the engine pump, and helps in the motion of the steering wheel. Technavio analysts forecast the global hydraulic steering system market to reach 22.96 million units by 2021, at a CAGR of nearly 2% over the forecast period.
 

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The top three emerging trends driving the global hydraulic steering system market according to Technavio automotive research analysts are:

  • Growing pursuit of EHPS in HCVs
  • Increasing penetration of steer-by-wire technology
  • Rise in electrification of mechanical components

Growing pursuit of electrohydraulic power steering (EHPS) in HCVs

The optimization of energy consumption and the electrification of automotive components are the key considerations during the development of new vehicles, especially for power steering systems. In a hydraulic power steering system, 70% of the fuel gets consumed by hydraulics, which can be avoided by the application of more advanced power steering systems such as EPS and EHPS.

Electrohydraulic power steering system has been used in passenger cars since the 1980s and is known to provide high fuel efficiency. Most automotive manufacturers have developed similar steering systems for their vehicles, thereby boosting the market,” says Praveen Kumar, a lead analyst at Technavio for automotive services research.

Increasing penetration of steer-by-wire technology

A steer-by-wire technology helps in the elimination of a physical connection between the steering wheel and the steering system. This technology provides better handling and safety, and reduces the cost of production and allows for a wide array of designs. The steer-by-wire system also provides improved performance, reliability, and safety with reduced manufacturing and operating costs and better fuel economy. Such advantages provided by the steer-by-wire technology is driving its increasing adoption, thereby boosting the market growth.

Rise in electrification of mechanical components

The boost in the adoption vehicles with better fuel economy is a major driving factor for the electrification of mechanical components. Taking out the ancillary system from the engine reduces the load from the engines and increases their efficiency,” says Praveen.

The electro power steering (EPS) system responds more quickly and efficiently and allows for the integration of software such as parking and lane-change assists. In EPS, steering wheel movements are converted into electronic signals, which control the electric motors. For instance, electric coolant pumps manage the internal combustion engine proactively and ensure optimal coolant is supplied to the engine.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio’s latest report on the global hydraulic steering system market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com