Global Hydraulic Steering System Market 2017-2021
About Hydraulic Steering System
Hydraulic steering includes conventional rack and pinion steering, uses hydraulic pressure from the engine pump, and is used to help the motion of the steering wheel. It is predominantly used in heavy commercial vehicles.
Technavio’s analysts forecast the global hydraulic steering system market to grow at a CAGR of 1.72% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global hydraulic steering system market for 2017-2021. To calculate the market size, the report considers the new installations and sales volume of passenger cars, LCVs, and M&HCVs.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hydraulic Steering System Market 2017-2021
Technavio recognizes the following companies as the key players in the global hydraulic steering system market: ZF Friedrichshafen, GKN, Nexteer Automotive, and ThyssenKrupp.
Other Prominent Vendors in the market are: ATS, JTEKT, Robert Bosch, thyssenKrupp Presta, Hyundai Mobis, and Mando.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing pursuit of EHPS in heavy commercial vehicles. As part of the electrification trend in the automotive industry, energy saving is one of the most important concerns for the development of new vehicles, especially for power steering systems.”
According to the report, one of the major drivers for this market is high penetration of hydraulic power steering in commercial vehicles. The conventional hydraulic power steering is predominantly used in heavy commercial vehicles. Most commercial vehicles use the hydraulic or the EHS system as the EPS system has not been able to cross the 15 kN barriers. Ford F-150 and Ram 1500 trucks are equipped with EPS, but other HCVs are still dependent on hydraulic steering systems.
Further, the report states that one of the major factors hindering the growth of this market is increasing penetration of EPS system. EPS systems improve the fuel economy by 2.5% compared with hydraulic systems as they do not use pumps, hoses, drive belts, fluids, and pulleys. EPS systems tend to be smaller and lighter than hydraulic systems. Also, unlike a hydraulic power steering system that is continually driven using a hydraulic pump, the EPS motor is powered only when necessary.
ZF Friedrichshafen, GKN, Nexteer Automotive, ThyssenKrupp, ATS, JTEKT, Robert Bosch, thyssenKrupp Presta, Hyundai Mobis, and Mando.
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