Market Size of Mexico 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 | 6.00 % |
| Market Concentration | Medium |
Major Players_MAjor_player.webp "Mexico Electrically Powered Hydraulic Steering Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Mexico Electrically Powered Hydraulic Steering Market Analysis
The Mexico electro-hydraulic power steering market is anticipated to register a CAGR of over 6% 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.
- Some of the advantages of power steering are 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.
Mexico Electrically Powered Hydraulic Steering Industry Segmentation
The Mexico electro-hydraulic power steering market covers the latest trends and technological development and market demand by vehicle type, component, country, and market share of major automotive electro-hydraulic power steering manufacturing companies across Mexico.
| By Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles |
| By Component Type | |
| Steering Motor | |
| Sensors | |
| Other Components |
Mexico Electrically Powered Hydraulic Steering Market Size Summary
The Mexico electrically-powered hydraulic steering market is poised for significant growth, driven by the increasing weight of vehicles and the shift towards front-wheel drive systems. As vehicles become heavier and tire dimensions expand, the manual effort required for steering has risen, necessitating the adoption of power-assisted steering systems. Electro-hydraulic power steering (EHPS) systems, which utilize an electric motor pump unit to supply hydraulic pressure, are gaining traction due to their ability to enhance fuel efficiency by reducing the power draw from the engine. This technology is particularly beneficial for hybrid-electric vehicles, offering a balance between traditional hydraulic systems and modern electric power steering (EPS) solutions. The market is characterized by the presence of major players such as JTEKT Corporation, Nexteer Automotive Group Ltd, ZF Friedrichshafen AG, NSK Ltd, and Robert Bosch GmbH, who maintain strong partnerships with original equipment manufacturers (OEMs) to secure their market positions.
The transition from conventional hydraulic systems to electro-hydraulic and fully electronic systems is driven by the need for improved efficiency and reduced complexity. EPS systems, which operate without hydraulic pressure, are becoming increasingly popular due to their ease of maintenance and lower manufacturing complexity. However, the growth of EHPS may be challenged by the rising adoption of EPS technologies by automotive manufacturers like Ford and Nissan, who are integrating advanced features to enhance vehicle control and adaptability. The North American market, with its substantial commercial vehicle segment, presents a significant opportunity for EHPS systems, as they offer notable fuel savings and cost benefits over traditional hydraulic systems. As the industry continues to innovate, the demand for EHPS in commercial vehicles is expected to expand, supported by the strategic initiatives of key market players.
Mexico 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 Industry Attractiveness - Porter's 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 By Vehicle Type
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2.1.1 Passenger Vehicles
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2.1.2 Commercial Vehicles
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2.2 By Component Type
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2.2.1 Steering Motor
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2.2.2 Sensors
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2.2.3 Other Components
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Mexico Electrically Powered Hydraulic Steering Market Size FAQs
What is the current Mexico Electrically Powered Hydraulic Steering Market size?
The Mexico Electrically Powered Hydraulic Steering Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Mexico Electrically Powered Hydraulic Steering Market?
JTEKT Corporation, Nexteer Automotive Group Ltd, ZF Friedrichshafen AG, NSK Ltd and Robert Bosch GmbH are the major companies operating in the Mexico Electrically Powered Hydraulic Steering Market.
