LONDON--(BUSINESS WIRE)--The global automotive electro-hydraulic power steering system market is expected to post a CAGR of more than 11% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Automakers are focusing on the development and production of vehicles that generate fewer emissions. This is leading to the electrification of several systems to reduce the use of engine power for various operations. However, the 12V electrical architecture of conventional vehicles had hindered the penetration of power steering systems. To overcome this, in 2011, major automobile manufacturers such as Audi, Daimler, Volkswagen, BMW, and Porsche have undertaken an agreement to adopt the 48V electrical architecture in their vehicle models. Other prominent vehicle manufacturers including Ford Motor Company have also announced their plans to launch mainstream vehicles featuring the 48V electrical architecture. Therefore, the increasing launch of vehicles with 48V electrical systems is expected to fuel the growth of the global automotive electro-hydraulic power steering systems during the forecast period.
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As per Technavio, the development of steer-by-wire systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Electro-Hydraulic Power Steering System Market: Development of Steer-by-Wire Systems
The adoption of steer-by-wire systems in automobiles improves safety, offers better feedback, and significantly reduces rolling resistance. Such benefits are encouraging automobile OEMs to focus on the development of steer-by-wire systems for individual wheels to control the turning radius of each wheel. This has increased the integration of the electro-hydraulic power steering system as a fail-safe and to offer steering feedback to the driver. Therefore, the rising focus on the development of steer-by-wire systems will have a positive impact on the growth of the global automotive electro-hydraulic power steering system market during the forecast period.
“Advent of the independent wheel steering system and the development of all-electric power steering system for heavy vehicles will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Electro-Hydraulic Power Steering System Market: Segmentation Analysis
This market report segments the global automotive electro-hydraulic power steering system market by application (commercial vehicles and passenger cars) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by EMEA and APAC respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. This is due to the increasing penetration of electric power steering systems in passenger cars and light commercial vehicles such as pickup trucks.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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