Global Automotive Electro-hydraulic Power Steering System Market 2019-2023
About this market
The development of steer-by-wire systems is expected to drive growth in the market. Steer-by-wire is the most advanced steering system that uses a series of sensors to monitor steering inputs of the driver and transmits the information electronically to the vehicle’s steering gears. Technavio’s analysts have predicted that the automotive electro-hydraulic power steering system market will register a CAGR of more than 11% by 2023.
Increasing penetration of 48V electrical architecture in automobiles
The rising penetration of 48V electrical architecture in modern vehicles is expected to drive the adoption of automotive EHPS system during the forecast period.
Growth of autonomous vehicles without steering wheels
Autonomous vehicles form a major milestone, in terms of technological superiority, for automotive manufacturers. Thus, a majority of the vehicle manufacturers are contributing a sizable amount of resources for developing advanced driver assist systems to fuel the development of autonomous vehicles.
For the detailed list of factors that will drive and challenge the growth of the automotive electro-hydraulic power steering system market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Nexteer Automotive, and ZF Friedrichshafen the competitive environment is quite intense. Factors such as the increasing penetration of 48V electrical architecture in automobiles, will provide considerable growth opportunities to aircraft towbars manufactures. Bosch, Continental, JTEKT, Nexteer Automotive, and ZF Friedrichshafen are some of the major companies covered in this report.
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