The Russia Automotive Electrohydraulic Power Steering Pump (EHPS) Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 8% during the forecast period, 2023 – 2031. The growth of market is attributed to its adjustable speed where steering is monitored at a high priority when it is at low speed and lightly when speeds a bit high to have continuous control over the vehicle.
Nowadays, most of the vehicle are much heavy and shifted to front-wheel drive, along with size of the tire and its width, the effort involved to rotate the steering wheel manually have increased as well. To reduce such efforts, the power steering or the power assisted steering were introduced to support the drivers.
With the different types of steering available in the market for the users, the Automotive Electrohydraulic Power Steering Pump remains the most popular among the customers.
The electro-hydraulic system allows traditional hydraulic steering to function without the need of an engine-driven hydraulic pump, instead the power supplied from electric motor pump unit and does not draw power form engine.
This function is widely used in the vehicles that utilizes conventional hydraulic steering as a primary technology but can also cater to the hybrid electric-vehicle segment.
The COVID-19 outbreak impacted severally on the world economy and industry, European automotive industry was nothing different, the automotive sector in EU has suffered a major production loss approximately around 3.6 million vehicles which worth around USD 110.6 billion and that though in the initial phase of 2020 itself. The pandemic drastically affect the automotive power steering segment, as it was directly related with the production of the vehicles.
Russia Automotive Electrohydraulic Power Steering Pump (EHPS) Market Trends, Drivers, Restraints, and Opportunities
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Increasing awareness regarding safety features demanded by the consumers is estimated to boost the market in the coming years.
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Increasing numbers of government rules and regulation related to fuel-efficient technologies is expected to drive the market during the forecast period.
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Growing initiatives by OEMs to reduce the weigh and complexity of the vehicles is anticipated to spur the market.
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Increasing demand for fuel efficient cars and increasing vehicle production is expected to propel the market in the coming years.
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R&D and technological advancement towards innovative products and mergers is estimated to create significant opportunities for the key players in the market.
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High cost of production along with the lack of steering feel act as a major factor that can hinder the growth of the market during the forecast period.
Scope of the Russia Automotive Electrohydraulic Power Steering Pump (EHPS) Market
The report on Russia Automotive Electrohydraulic Power Steering Pump Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Electrohydraulic Power Steering Pump (EHPS) Market – Russia Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Component Type (Sensors, Steering Column, Steering Motors, Others), Vehicle Types (Passengers Cars, Commercial Vehicles)
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Country
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Russia
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ZF; Nexteer Automotive Group; NSK Group; Robert Bosch GmbH; JTEKT Corporation.
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Russia Automotive Electrohydraulic Power Steering Pump (EHPS) Market Segment Insights
The steering motor segment is expected to exhibit high CAGR
Based on the component types, the market is segregated into sensors, steering column, steering motors, and others. The steering motor segment is expected to exhibit high CAGR during the projected period owing to the system less complex than the traditional hydraulics or electro hydraulic steering system, provides direct assistance, and due to less involvement of fluid and liquids user finds it easy to maintain these systems.
The commercial vehicle segment is estimated to account for a key share of the market
On the basis of vehicle types, the market is bifurcated into passenger cars and commercial vehicles. The commercial vehicle segment is estimated to account for a key share of the market in the coming years owing to the cost beneficial factor for the commercial vehicle owners, save more fuel when compared with HPS system as it reduces approximately 70% of the fuel consumption, also offers significantly high rack load than as conventional HPS system.
Segments
The Russia automotive EHPS market has been bifurcated on the basis of
Component Types
- Sensors
- Steering Column
- Steering Motors
- Others
Vehicle Types
- Passengers Cars
- Commercial Vehicles
Country
Key Players
Competitive Landscape
Key players competing in the Russia automotive EHPS market include ZF; Nexteer Automotive Group; NSK Group; Robert Bosch GmbH; JTEKT Corporation.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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