Europe Electrically Powered Hydraulic Steering Market Size (2024 - 2029)

The Europe Electrically-Powered Hydraulic Steering market is experiencing growth driven by the increasing weight of vehicles and the shift to front-wheel drive, which necessitates enhanced steering assistance. This market expansion is supported by the adoption of power-assisted steering systems, particularly electro-hydraulic systems, which offer adjustable assistance based on speed, improving vehicle control. These systems are becoming standard in new vehicles, as they provide hydraulic pressure through an electric motor pump unit, eliminating the need for engine-driven pumps, and are beneficial for both conventional and hybrid-electric vehicle variants.

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Market Size of Europe Electrically Powered Hydraulic Steering Industry

Overview
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

Europe Electrically Powered Hydraulic Steering Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Electrically Powered Hydraulic Steering Market Analysis

The Europe 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.

Europe Electrically Powered Hydraulic Steering Industry Segmentation

The Europe 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
Sensors
Steering Motor
Others
Vehicle Type
Passenger Cars
Commercial Vehicle
Geography
Germany
United Kingdom
France
Italy
Rest of Europe
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Europe Electrically Powered Hydraulic Steering Market Size Summary

The Europe 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 utilize electric motors for direct assistance, eliminating the need for hydraulic pressure and enhancing efficiency.

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 researching and integrating EPS technologies into their vehicles, which may impact the growth of electro-hydraulic systems. The focus on energy savings and cost benefits is driving the adoption of electro-hydraulic power steering systems, as they offer significant fuel savings compared to conventional hydraulic systems. The market is characterized by long-standing partnerships between major players and OEMs, ensuring a steady demand for advanced steering solutions in the automotive industry.

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Europe Electrically Powered Hydraulic Steering Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porters Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Component Type

      1. 2.1.1 Sensors

      2. 2.1.2 Steering Motor

      3. 2.1.3 Others

    2. 2.2 Vehicle Type

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Commercial Vehicle

    3. 2.3 Geography

      1. 2.3.1 Germany

      2. 2.3.2 United Kingdom

      3. 2.3.3 France

      4. 2.3.4 Italy

      5. 2.3.5 Rest of Europe

Europe Electrically Powered Hydraulic Steering Market Size FAQs

The Europe Electrically Powered Hydraulic Steering Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

JTEKT Corporation, Nexteer Automotive Group, ZF, NSK Group and Robert Bosch GmbH are the major companies operating in the Europe Electrically Powered Hydraulic Steering Market.

Europe Electrically Powered Hydraulic Steering Report Snapshots

Europe Electrically-Powered Hydraulic Steering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)