Market Size of Asia Pacific Electrically Powered Hydraulic Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Electrically Powered Hydraulic Steering Market Analysis
The Asia Pacific Electrically-Powered Hydraulic Steering market is anticipated to register a CAGR of over 8% during the forecast period (2020-2025).
As most vehicles nowadays have become heavier and switched to front-wheel drive, along with an increase in tire diameter and width, the effort needed to turn the steering wheel manually would also increase. To reduce the manual effort, power steering or rather power-assisted steering were introduced to assist the driver. An advantage of power steering is its adjustable speed characteristic, where the steering is assisted more at low speed and assisted lightly at high speed to increase the control over the vehicle. This feature has gradually become a commonplace across all new vehicles. Of the different types of steering systems available nowadays, electro-hydraulic power steering is one of them.
Electro-hydraulic hybrid systems allow conventional hydraulic steering to run without the need of an engine-driven hydraulic pump. The hydraulic pressure instead is supplied by an electric motor pump unit that does not draw power from the engine. This concept is particularly helpful in vehicles that utilize conventional hydraulic steering as a basic technology but are also offered for hybrid-electric vehicle variants.
APAC Electrically Powered Hydraulic Steering Industry Segmentation
The Asia Pacific Electrically Powered Hydraulic Steering Market report covers a detailed study on the latest trends and innovations in the market which is Segmented by Vehicle Type (Passenger Vehicles and Commercial Vehicles), Component Type (Steering Motor, Sensors, and Others). Along with the major players, their strategies, innovations, technological advancements and financials are also covered in the report.
| Component Type | |
| Steering Column | |
| Sensors | |
| Steering Motor | |
| Others |
| Vehicle Type | |
| Passenger Cars | |
| Commercial vehicles |
Asia Pacific Electrically Powered Hydraulic Steering Market Size Summary
The Asia Pacific Electrically-Powered Hydraulic Steering market is experiencing significant growth, driven by the increasing weight of vehicles and the shift towards front-wheel drive systems. This transition has necessitated the development of power-assisted steering systems to reduce the manual effort required to turn the steering wheel. Among the various steering technologies, electro-hydraulic power steering systems are gaining traction due to their ability to provide steering assistance without relying on engine-driven hydraulic pumps. This innovation is particularly beneficial for hybrid-electric vehicles, offering improved efficiency and control. The market is also witnessing advancements in electric power steering (EPS) technologies, which eliminate the need for hydraulic pressure altogether, resulting in simpler and more efficient systems.
The market landscape is dominated by key players such as JTEKT Corporation, Nexteer Automotive Group Ltd, ZF Friedrichshafen AG, NSK Ltd, and Robert Bosch GmbH, who hold a substantial share of the market. These companies are actively collaborating with major original equipment manufacturers (OEMs) to supply steering systems, leveraging their expertise to maintain a competitive edge. The adoption of EPS systems is on the rise, as they offer significant energy savings and cost benefits compared to conventional hydraulic systems. This trend is supported by ongoing research and development efforts by automotive manufacturers, aiming to enhance vehicle performance and efficiency. As a result, the Asia Pacific Electrically-Powered Hydraulic Steering market is poised for continued expansion, driven by technological advancements and increasing demand for fuel-efficient vehicle solutions.
Asia Pacific Electrically Powered Hydraulic Steering Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Component Type
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2.1.1 Steering Column
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2.1.2 Sensors
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2.1.3 Steering Motor
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2.1.4 Others
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial vehicles
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Asia Pacific Electrically Powered Hydraulic Steering Market Size FAQs
What is the current Asia Pacific Electrically Powered Hydraulic Steering Market size?
The Asia Pacific Electrically Powered Hydraulic Steering Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Electrically Powered Hydraulic Steering Market?
JTEKT Corporation, Nexteer Automotive Group, ZF, NSK Group and Robert Bosch GmbH are the major companies operating in the Asia Pacific Electrically Powered Hydraulic Steering Market.
