Europe Electro Hydraulic Power Steering Market by Component Types (Steering Motors, Sensors, and Others), Vehicle Types (Passenger Vehicles and Commercial Vehicles), and Geography (Germany, The UK, Italy, Spain, France, and Rest of Europe) - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The Europe Electro Hydraulic Power Steering 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 the market is attributed to reduction in complexity and weight of vehicles.
Electro hydraulic power steering is also known as hydraulic power steering. In electro hydraulic power steering, an electric motor drives the pump that is controlled and assisted by steering force. Electro-hydraulic system uses an electric motor to pressure fluid. The main advantage of electro hydraulic power steering is to improve the comfort, as it is easy to handle and improves fuel economy.
During the COVID-19 pandemic, the automobile market was negatively impacted globally due to supply chain disruption. However, the reduction in activities in a substantial manner due to business lockdown.
Market Trends, Drivers, Restraints and Opportunities
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Increasing research and adoption of EPS in vehicles is projected to drive the market growth during the forecast period.
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Growing middle class income is expected to boost the market growth in the coming years.
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Rising number of government norms and mandates related to fuel-efficient technologies is expected to spur the market growth during the forecast period.
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Increasing focus on automotive safety is anticipated to drive the market growth during the forecast period.
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High cost of vehicles is estimated to restrict the market growth in the coming years.
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Rapid development of connected cars and penetration in commercial vehicles can create lucrative opportunities during the forecast period.
Scope of Electro Hydraulic Power Steering Market Report
The report on the Europe electro hydraulic power steering 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 |
Europe Electro Hydraulic Power Steering Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Component Types (Steering Motors, Sensors, and Others) and Vehicle Types (Passenger Vehicles and Commercial Vehicles) |
Geography |
Germany, The UK, Italy, Spain, France, and Rest of Europe |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
TEKT Corporation; Nexteer Automotive Group Ltd; ZF Friedrichshafen AG; NSK Ltd; and Robert Bosch GmbH |
Europe Electro Hydraulic Power Steering Market Segment Insights
Steering motors segment is expected to grow at a rapid pace
On the basis of component types, the market is segregated into steering motors, sensors, and others. The sensors segment is anticipated to hold a key share of the market in the coming years It helps in providing critical information and measuring steering wheel position angle and rate of turn. On the other hand, the steering motors segment is anticipated to hold a key share of the market in the coming years due to reduction in driver fatigue and prevents the wheel from transferring the loading to the steering column.
Commercial vehicles segment to hold a significant market share
On the basis of vehicle types, the market is segregated into passenger vehicles and commercial vehicles. The passenger vehicles segment is expected to represent a key share of the market in the coming years owing to increased demand for sedans, luxury sedans, and mid-range vehicles that have robust steering systems to ensure seamless drivability. However, the commercial vehicles segment is anticipated to expand at a rapid pace during the forecast period owing to improvement in fuel economy as compared to hydraulic power steering.
The UK is estimated to account a major market share
In terms of geography, the market is classified as Germany, The UK, Italy, Spain, France, and Rest of Europe. The Germany is expected to constitute a key share of the market during the projected period. Wide expansion in term of R&D investment for the development of electro hydraulic power steering acts as a major driver of the market growth in the country. However, the market in the UK is anticipated to expand at a rapid pace during the forecast period owing to increasing production of automobiles.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electro Hydraulic Power Steering 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. Electro Hydraulic Power Steering Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Electro Hydraulic Power Steering Market - Supply Chain
4.5. Global Electro Hydraulic Power Steering Market Forecast
4.5.1. Electro Hydraulic Power Steering Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Electro Hydraulic Power Steering Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Electro Hydraulic Power Steering Market Absolute $ Opportunity
5. Global Electro Hydraulic Power Steering 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. Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering Demand Share Forecast, 2019-2026
6. North America Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering Demand Share Forecast, 2019-2026
7. Latin America Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering Demand Share Forecast, 2019-2026
8. Europe Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering Demand Share Forecast, 2019-2026
9. Asia Pacific Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering Demand Share Forecast, 2019-2026
10. Middle East & Africa Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering 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 Electro Hydraulic Power Steering Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Electro Hydraulic Power Steering Market: Market Share Analysis
11.2. Electro Hydraulic Power Steering Distributors and Customers
11.3. Electro Hydraulic Power Steering Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. TEKT Corporation
11.4.2. Nexteer Automotive Group Ltd
11.4.3. ZF Friedrichshafen AG
11.4.4. NSK Ltd
11.4.5. Robert Bosch GmbH