Electro Hydraulic Power Steering Market Growth, Size, Trends, Share, Revenue and Future Outlook
Electro Hydraulic Power Steering Market Size- By Component, By Mechanism, By Type, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Dec-2023 | Report ID: AMIN23202 | Pages: 1 - 225 | Formats*: |
| Category : Automotive & Transportation | |||
Electro Hydraulic Power Steering Market Introduction and Overview
According to SPER Market Research, the Global Electro Hydraulic Power Steering Market is estimated to reach USD 6.06 billion by 2033 with a CAGR of 8.04%.
The report includes an in-depth analysis of the Global Electro Hydraulic Power Steering Market, including market size and trends, product mix, applications, and supplier analysis. An electric power steering system is a vehicle control system that assists the driver in controlling the vehicle. It is made up of many parts, including an electric motor, sensors, a control module, wiring, connectors, a power supply, and an electronic input system. It's common in passenger cars, SUVs, crossovers, electric vehicles (EVs), performance cars, hybrid vehicles, lorries, buses, and other commercial vehicles. Electric power steering improves vehicle handling, manoeuvrability, performance, and helps drivers to effortlessly navigate through small places when compared to traditional power steering. It also improves fuel efficiency, precision, decreases maintenance costs, reduces vehicle weight, and provides quieter and vibration-free operation.
- October 2022: BorgWarner purchased Delphi Technologies in stock. The acquisition is projected to expand BorgWarner's electronics and power electronics product range, capabilities, and scale, establishing the company as a leader in electrified propulsion.
- May 2022: ZF Friedrichshafen AG purchased WABCO. WABCO has been integrated with ZF as its Commercial Vehicle Control solutions Division, and the two companies will build global integrated commercial vehicle technology solutions. WABCO and ZF have collaborated on the development of systems such as Evasive Manoeuvre Assist for accident mitigation in commercial vehicles. WABCO was also an important supplier of brake systems to ZF.
Market Opportunities and Challenges
The increasing number of regulatory standards and obligations linked to fuel-efficient technology, steps made by OEMs worldwide to minimise the weight and complexity of their cars, and global vehicle production are the primary growth factors for the industry. The commercial vehicle power steering industry is now dominated by hydraulic power steering (HPS), which has a convoluted construction, consumes a lot of power, leaks readily, and is difficult to operate. The benefits of EPS include customisable power, good steering, low fuel consumption, and no pollutants. As a result, it would progressively find its way into commercial vehicles. Despite the rising demand for electric power steering systems, this sector still faces several challenges. The increased cost of EPS compared to standard steering systems, as well as the absence of steering sensation, may stymie industry expansion.
With the shifting dynamics of the automotive industry, the steering market is constantly evolving. OEMs are innovating their traditional steering systems in response to the introduction of autonomous vehicles. Steer-by-wire technology, for example, will replace the complete steering mechanism in an autonomous car. The steering linkage of a typical electric power steering system will be removed with this sort of steering system.
Market Competitive Landscape
The analysis of the top industry participants was based on characteristics such as the company's overall revenue, segmental revenue, product portfolio, market presence, and recent advancements. The major players in the Global Electro Hydraulic Power Steering Market include: HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK LTD, NXP Semiconductors N.V., Robert Bosch GmbH, ThyssenKrupp AG, TT Electronics plc, ZF Friedrichshafen AG. To acquire traction in this industry, these organisations create new goods, implement expansion strategies, obtain supply contracts, form joint ventures, and enter into partnerships.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Component, By Mechanism, By Type, Vehicles Type. |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK LTD, NXP Semiconductors N.V., Robert Bosch GmbH, ThyssenKrupp AG, TT Electronics plc, ZF Friedrichshafen AG |
COVID-19 Impact on Global Electro Hydraulic Power Steering Market
The COVID-19 epidemic had a significant influence on the automotive sector as a whole. The epidemic has had a significant impact on the European automobile industry, with the ACEA (European Automobile Manufacturers Association) reporting that the automotive sector in the EU has experienced production losses of cars. According to Boston Consulting Group (BCG), despite optimistic news on vaccine research, several dangers remain, and the US will not recover to pre-COVID levels for some time. This scenario is projected to have an impact on the electric power steering system market, as the growth of this market is directly tied to vehicle production.
Key Target Audience
- Automotive Original Equipment Manufacturers (OEMs):
- Automotive Design Engineers
- Consumers
- Educational and Research Institutions
- Automotive Design and Engineering Teams
Our in-depth analysis of the Electro Hydraulic Power Steering Market includes the following segments:
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Key Topics Covered in the Report
- Global Electro Hydraulic Power Steering Market Size (FY’2023-FY’2033)
- Overview of Global Electro Hydraulic Power Steering Market
- Segmentation of Global Electro Hydraulic Power Steering Market By Components, (Electric Motor, Electronic Control Unit, Mechanical Rack and Pinion, Sensors, Steering Column, Steering Gear, Others)
- Segmentation of Global Electro Hydraulic Power Steering Market By Mechanism (Collapsible EPS, Rigid EPS)
- Segmentation of Global Electro Hydraulic Power Steering Market By Type (Colum Assist Type, Pinion Assist Type, Rack Assist Type)
- Segmentation of Global Electro Hydraulic Power Steering Market By Vehicle Type (Commercial Vehicle, Passenger Car)
- Statistical Snap of Global Electro Hydraulic Power Steering Market
- Expansion Analysis of Global Electro Hydraulic Power Steering Market
- Problems and Obstacles in Global Electro Hydraulic Power Steering Market
- Competitive Landscape in the Global Electro Hydraulic Power Steering Market
- Impact of COVID-19 and Demonetization on Global Electro Hydraulic Power Steering Market
- Details on Current Investment in Global Electro Hydraulic Power Steering Market
- Competitive Analysis of Global Electro Hydraulic Power Steering Market
- Prominent Players in the Global Electro Hydraulic Power Steering Market
- SWOT Analysis of Global Electro Hydraulic Power Steering Market
- Global Electro Hydraulic Power Steering Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Electro Hydraulic Power Steering Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Electro Hydraulic Power Steering Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Electro Hydraulic Power Steering Market
7. Global Electro Hydraulic Power Steering Market, By Component (USD Million)
7.1. Global Electro Hydraulic Power Steering Market Value Share and Forecast, By Component, 2023-20337.2. Electric Motor7.3. Electronic Control Unit7.4. Mechanical Rack and Pinion7.5. Sensors7.6. Steering Column7.7. Steering Gear7.8. Others
8. Global Electro Hydraulic Power Steering Market, By Mechanism (USD Million)
8.1. Global Electro Hydraulic Power Steering Market Value Share and Forecast, By Mechanism, 2023-20338.2. Collapsible EPS8.3. Rigid EPS
9. Global Electro Hydraulic Power Steering Marke, By Type (USD Million)
9.1. Global Electro Hydraulic Power Steering Market Value Share and Forecast, By Type, 2023-20339.2. Colum Assist Type (CEPS)9.3. Pinion Assist Type (PEPS)9.4. Rack Assist Type (REPS)
10. Global Electro Hydraulic Power Steering Market, By Vehicle Type (USD Million)
10.1. Global Electro Hydraulic Power Steering Market Value Share and Forecast, By Vehicle Type, 2023-203310.2. Commercial Vehicle10.3. Passenger Car
11. Global Electro Hydraulic Power Steering Market Forecast, 2019-2033 (USD Million)
11.1. Global Electro Hydraulic Power Steering Market Size and Market Share
12. Global Electro Hydraulic Power Steering Market, By Component, 2019-2033 (USD Million)
12.1. Global Electro Hydraulic Power Steering Market Size and Market Share By Component (2019-2026)12.2. Global Electro Hydraulic Power Steering Market Size and Market Share By Component (2027-2033)
13. Global Electro Hydraulic Power Steering Market, By Mechanism, 2019-2033 (USD Million)
13.1. Global Electro Hydraulic Power Steering Market Size and Market Share By Mechanism (2019-2026)13.2. Global Electro Hydraulic Power Steering Market Size and Market Share By Mechanism (2027-2033)
14. Global Electro Hydraulic Power Steering Market, By Type, 2019-2033 (USD Million)
14.1. Global Electro Hydraulic Power Steering Market Size and Market Share By Type (2019-2026)14.2. Global Electro Hydraulic Power Steering Market Size and Market Share By Type (2027-2033)
15. Global Electro Hydraulic Power Steering Market, By Vehicle Type, 2019-2033 (USD Million)
15.1. Global Electro Hydraulic Power Steering Market Size and Market Share By Vehicle Type (2019-2026)15.2. Global Electro Hydraulic Power Steering Market Size and Market Share By Vehicle Type (2027-2033)
16. Global Electro Hydraulic Power Steering Market, By Region, 2019-2033 (USD Million)
16.1. Global Electro Hydraulic Power Steering Market Size and Market Share By Region (2019-2026)16.2. Global Electro Hydraulic Power Steering Market Size and Market Share By Region (2027-2033)16.3. Asia-Pacific
16.3.1. Australia16.3.2. China16.3.3. India16.3.4. Japan16.3.5. South Korea16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France16.4.2. Germany16.4.3. Italy16.4.4. Spain16.4.5. United Kingdom16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia16.5.2. United Arab Emirates16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada16.6.2. Mexico16.6.3. United States
16.7. Latin America
16.7.1. Argentina16.7.2. Brazil16.7.3. Rest of Latin America
17. Company Profile
17.1. HELLA GmbH & Co. KGaA (Faurecia SE)
17.1.1. Company details17.1.2. Financial outlook17.1.3. Product summary17.1.4. Recent developments
17.2. Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
17.2.1. Company details17.2.2. Financial outlook17.2.3. Product summary17.2.4. Recent developments
17.3. JTEKT Corporation
17.3.1. Company details17.3.2. Financial outlook17.3.3. Product summary17.3.4. Recent developments
17.4. Mitsubishi Electric Corporation
17.4.1. Company details17.4.2. Financial outlook17.4.3. Product summary17.4.4. Recent developments
17.5. Nexteer Automotive
17.5.1. Company details17.5.2. Financial outlook17.5.3. Product summary17.5.4. Recent developments
17.6. NSK LTD
17.6.1. Company details17.6.2. Financial outlook17.6.3. Product summary17.6.4. Recent developments
17.7. NXP Semiconductors N.V.
17.7.1. Company details17.7.2. Financial outlook17.7.3. Product summary17.7.4. Recent developments
17.8. Robert Bosch GmbH
17.8.1. Company details17.8.2. Financial outlook17.8.3. Product summary17.8.4. Recent developments
17.9. ThyssenKrupp AG
17.9.1. Company details17.9.2. Financial outlook17.9.3. Product summary17.9.4. Recent developments
17.10. TT Electronics plc
17.10.1. Company details17.10.2. Financial outlook17.10.3. Product summary17.10.4. Recent developments
17.11. ZF Friedrichshafen AG
17.11.1. Company details17.11.2. Financial outlook17.11.3. Product summary17.11.4. Recent developments
17.12. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Electro Hydraulic Power Steering Market is projected to reach USD 6.06 billion by 2033, growing at a CAGR of 8.04% during the forecast period.
Electro Hydraulic Power Steering Market grew in market size from 2022. The Market is expected to reach USD 6.06 billion by 2033, at a CAGR of 8.04% during the forecast period.
Electro Hydraulic Power Steering Market CAGR of 8.04% during the forecast period.
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Electro Hydraulic Power Steering Market size is USD 6.06 billion from 2023 to 2033.
Electro Hydraulic Power Steering Market Segment is covered By Component, By Mechanism, By Type, Vehicles Type..
The North America is anticipated to have the highest market share in the Electro Hydraulic Power Steering Market.
The key players in the market include Companies Covered HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK LTD, NXP Semiconductors N.V., Robert Bosch GmbH, ThyssenKrupp AG, TT Electronics plc, ZF Friedrichshafen AG.
An electric power steering system is a vehicle control system that assists the driver in controlling the vehicle. It is made up of many parts, including an electric motor, sensors, a control module, wiring, connectors, a power supply, and an electronic input system.
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