LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive electro-hydraulic power steering system market to grow at a CAGR of over 11% during the forecast period, according to their latest market research report.
The development of steer-by-wire systems is one of the major trends being witnessed in the global automotive electro-hydraulic power steering (EHPS) system market 2019-2023. Steer-by-wire is the most advanced steering system that uses a series of sensors to monitor the steering inputs of the driver and transmits the information electronically to the vehicle’s steering gears. The development of steer-by-wire systems is expected to be driven by the development of autonomous driving technologies.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive electro-hydraulic power steering system market is the increasing penetration of 48V electrical architecture in automobiles:
Global automotive electro-hydraulic power steering system market: Increasing penetration of 48V electrical architecture in automobiles
An automotive EHPS system is a hybrid steering system that combines the positive features of hydraulic steering systems, such as the natural smooth feel, and the fuel-efficient operations of the power steering systems, which draw power from the vehicle battery instead of the engine. Rising penetration of 48V electrical architecture in modern vehicles is expected to drive the adoption of automotive EHPS system during the forecast period.
According to a senior analyst at Technavio for research on automotive electronics, “Automotive systems undergoing radical changes are vehicle infotainment systems, automotive telematics, automotive driver assist systems, safety features, and various powertrain and drivetrain systems. This, in turn, is driving the replacement of mechanical systems with advanced electronic systems consisting of integrated chips, sensors, cameras, transistors, and wiring harness within the vehicle. The upswing in the number of electronic features within modern automotive is expected to further boost the demand for improved power management.”
Global automotive electro-hydraulic power steering system market: Segmentation analysis
The global automotive electro-hydraulic power steering system market research report provides market segmentation by application (commercial vehicle and passenger cars) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The commercial vehicle segment held the largest market share in 2018, accounting for over 72% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 53%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share by nearly 2%.
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