According to Technavio’s latest market research study, the global hydraulic steering system market is expected to grow at a CAGR of close to 2% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global hydraulic steering system market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product type
The top three revenue contributing product segments are discussed below
Global hydraulic steering system market by passenger cars: In terms of units, APAC has the highest penetration of passenger cars with hydraulic steering systems, fueled by the increase in the sales of body on frame SUVs in APAC. Market research analysts at Technavio anticipate the global hydraulic steering system market by passenger cars to account for almost 12 million units by 2021.
“Some of the best-selling models in India and China, like Mahindra Scorpio, Toyota Innova, Haval H6, and Haval H8, are powered by hydraulic steering,” says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive services.
Global hydraulic steering system market by LCVs: During 2016, APAC accounted for the largest market share in LCVs equipped with hydraulic steering system, followed by EMEA and the Americas. The high growth of the market is attributable to the use of hydraulic steering systems in popular LCVs such as Foton Aumark FL, Changhe mini trucks, and Dongfeng mini trucks, predominantly use hydraulic steering and manual steering systems. As OEMs must comply with standard emission norms and meet the fuel economy targets, they need to phase out hydraulic power steering system and replace it with EPS, hereby constraining growth of the market.
Global hydraulic steering system market by M&HCVs: The conventional hydraulic steering system is predominantly used in M&HCVs. Though EPS provides significant advantages, such as better fuel economy and better steering feeling, but faces major challenges such as the electric power limitations of the 24-V electrical systems. This, in turn, fuels the adoption of hydraulic steering systems in the M&HCVs segment, resulting in growth of the market.
The top vendors operating in the global hydraulic steering system market are:
- ZF Friedrichshafen
- Nexteer Automotive
Other prominent vendors in the market include ATS, JTEKT, Robert Bosch, thyssenKrupp Presta, Hyundai Mobis, and Mando.
A more detailed analysis is available in the Technavio report titled, ‘Global Hydraulic Steering System Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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