Market Size of Electrically Powered Hydraulic Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electrically Powered Hydraulic Steering Market Analysis
The Electrically Powered Hydraulic Steering market is valued at USD 1.60 billion in the current year. It is anticipated to grow to USD 2.51 billion by the next five years, registering a CAGR of 7.8% in terms of revenue during the forecast period.
Over the medium term, as customers are becoming more aware of new safety systems and technology, they are increasingly selecting vehicles with improved safety features. Automotive manufacturers are forced to equip their vehicles with driver assistance systems, particularly steering assistance systems, as passenger safety concerns grow. Such factors are pushing the demand in the coming years.
Traditional hydraulic steering can now be operated without the use of an engine-driven hydraulic pump owing to the usage of electro-hydraulic hybrid systems. Instead, an electric motor pump unit that does not take power from the engine provides hydraulic pressure. This technique is most useful in vehicles that use traditional hydraulic steering as their primary technology, but it is also available in hybrid-electric vehicle types.
The advantage of electro-hydraulic power steering is greater comfort: steering is light to handle when maneuvering. The steering, on the other hand, is strong at high speeds. As the power uptake changes as needed, this improves overall fuel economy. Sales in Asia-Pacific are expected to hold a significant rise throughout the forecast period.
The electro-hydraulic power steering pump (EHPS) delivers precisely the proper amount of oil for hydraulic steering systems in medium and heavy commercial vehicles. EHPS provides up to 70% energy savings over traditional power steering pumps with a constant supply volume, and energy usage adapts to the driving environment.
Among regions, Asia-Pacific dominated the automotive EPS market. The Asia-Pacific EPS market is primarily driven by growing vehicle production and sales, rapid electrification of vehicles, rising stringency of emission norms, and increasing disposable income of consumers. It, in turn, is increasing the demand for vehicle sales, owing to the growing preference for safety and comfort.
