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Electrically Powered Hydraulic Steering Systems Market | 2031
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Electrically Powered Hydraulic Steering Systems Market | 2031

Segments - Asia Pacific Electrically-powered Hydraulic Steering Systems Market by Vehicle Types (Passenger Vehicles and Commercial Vehicles), Component Types (Steering Motor, Sensors, and Others), and Geography (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Akash Vedpathak
https://growthmarketreports.com/Vaibhav
Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :AL-3784 | 4.4 Rating | 85 Reviews | 180 Pages | Format : PDF Excel PPT

Report Description


The Asia pacific electrically powered hydraulic steering systems market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8% during 2023–2031. The growth of market is attributed to reducing manual efforts of the drivers.

The electrically powered hydraulic steering system work by using electric motor which drives the hydraulic pump according to the required steering force. At very low speed and stationary position, a hydraulic pump increases the delivery flow to provide large amount of steering power. This system is more efficient because it does not use engine power.

Asia Pacific Electrically Powered Hydraulic Steering Systems Market Outlook

The Covid-19 pandemic affected the demand and supply of the Asia pacific electrically powered hydraulic steering market because of lockdown in various countries. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced automobile manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

  • Factors such as increasing demand for fuel efficient vehicles and increasing air emission regulations is expected to drive the Asia pacific electrically powered hydraulic steering market.

  • Advantages of electrically powered hydraulic steering and increasing demand of efficient vehicles are projected to fuel the market during the forecast period.

  • The government initiative and increasing production of vehicles is fueling the Asia pacific electrically powered hydraulic steering market during the forecast period.

  • High cost of electrically powered hydraulic steering compared to traditional steering system is hampering the market during the forecast period.

  • Advancement in the electric power steering technology is hindering the electrically powered hydraulic steering market.

  • Increasing use of electrically powered hydraulic steering in all types of cares is fueling the Asia pacific electrically powered hydraulic steering market during the forecast period.

Scope of the Report

The report on the Asia pacific artificial organs & bionic implants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Electrically Powered Hydraulic Steering Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Vehicle Types (Passenger Vehicles and Commercial Vehicles), Component Types (Steering Motor, Sensors, and Others)

Geographical Scope

China, Japan, India, Australia, South Korea, and Rest of Asia Pacific

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

JTEKT Corporation; ZF; NSK Group; Nexteer Automotive Group; Robert Bosch GmbH

Market Segment Insights

The commercial vehicles segment is expected to grow at a rapid pace

Based on vehicle types, the Asia Pacific electrically powered hydraulic steering market is bifurcated into passenger vehicles and commercial vehicles. The commercial vehicles segment is expected to grow at a rapid pace during the forecast period due to energy saving is concern in the development of new heavy vehicles.

The 70% of fuel is consumed by the conventional hydraulic power steering system. It is avoided by the electrically powered hydraulic steering system. The EHPS have an advantage such as more fuel saving than HPS, which get more cost benefits to the commercial vehicle owners. This system also has a high rack load than the other conventional steering system.

Asia Pacific Electrically Powered Hydraulic Steering Systems Market Vehicle Types

The sensors segment is projected to expend at a considerable CAGR

On the basis of component types, the Asia Pacific electrically powered hydraulic steering market is segregated into steering motor, sensors, and others. The sensors segment is projected to expend at a considerable CAGR during the forecast period owing to increasing demand of sensors in the electrically powered hydraulic steering for increasing accuracy and efficient work when required.

On the other hand, the steering motor segment is anticipated to hold a key market share during the forecast period due to increasing demand of electrically power steering system which required the steering motor.

Japan is anticipated to constitute a key market share

In terms of geography, the Asia Pacific electrically powered hydraulic steering market is classified into China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific. Japan is anticipated to constitute a key market share during the forecast period because Japan has a manufacturing hub of the automobile. The development of automotive sector towards the clean and efficient vehicles is estimated to drive the market during the forecast period.

Segments

The Asia pacific electrically powered hydraulic steering market has been segmented on the basis of

Vehicle types

  • Passenger Vehicles
  • Commercial Vehicles

Component types

  • Steering Motor
  • Sensors
  • Others

Geography

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Key Players

  • JTEKT Corporation
  • ZF
  • NSK Group
  • Nexteer Automotive Group
  • Robert Bosch GmbH

Competitive Landscape

Key players competing in the Asia pacific electrically powered hydraulic steering market include JTEKT Corporation; ZF; NSK Group; Nexteer Automotive Group; and Robert Bosch GmbH

These key players are constantly implementing several marketing strategies such as merger & acquisitions, capital investments, partnerships, and new product development to sustain industry position in the market.

Asia Pacific Electrically Powered Hydraulic Steering Systems Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electrically-powered Hydraulic Steering Systems Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Electrically-powered Hydraulic Steering Systems Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Electrically-powered Hydraulic Steering Systems Market - Supply Chain
  4.5. Global Electrically-powered Hydraulic Steering Systems Market Forecast
     4.5.1. Electrically-powered Hydraulic Steering Systems Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Electrically-powered Hydraulic Steering Systems Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Electrically-powered Hydraulic Steering Systems Market Absolute $ Opportunity
5. Global Electrically-powered Hydraulic Steering Systems Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Electrically-powered Hydraulic Steering Systems Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Electrically-powered Hydraulic Steering Systems Demand Share Forecast, 2019-2026
6. North America Electrically-powered Hydraulic Steering Systems Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Electrically-powered Hydraulic Steering Systems Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Electrically-powered Hydraulic Steering Systems Demand Share Forecast, 2019-2026
7. Latin America Electrically-powered Hydraulic Steering Systems Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Electrically-powered Hydraulic Steering Systems Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Electrically-powered Hydraulic Steering Systems Demand Share Forecast, 2019-2026
8. Europe Electrically-powered Hydraulic Steering Systems Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Electrically-powered Hydraulic Steering Systems Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Electrically-powered Hydraulic Steering Systems Demand Share Forecast, 2019-2026
9. Asia Pacific Electrically-powered Hydraulic Steering Systems Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Electrically-powered Hydraulic Steering Systems Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Electrically-powered Hydraulic Steering Systems Demand Share Forecast, 2019-2026
10. Middle East & Africa Electrically-powered Hydraulic Steering Systems Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Electrically-powered Hydraulic Steering Systems Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Electrically-powered Hydraulic Steering Systems Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Electrically-powered Hydraulic Steering Systems Market: Market Share Analysis
  11.2. Electrically-powered Hydraulic Steering Systems Distributors and Customers
  11.3. Electrically-powered Hydraulic Steering Systems Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. JTEKT Corporation
     11.4.2. ZF
     11.4.3. NSK Group
     11.4.4. Nexteer Automotive Group
     11.4.5. Robert Bosch GmbH

Methodology

Our Clients

sinopec
Microsoft
Nestle SA
FedEx Logistics
General Electric
Honda Motor Co. Ltd.
General Mills
Pfizer