Market Size of Electro Hydraulic Power Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Electro-hydraulic Power Steering Market Analysis
The Automotive Electro-Hydraulic Power Steering Market is valued at USD 2.84 billion in the current year and is anticipated to reach a net valuation of USD 4.12 billion within the next five years, registering a CAGR growth of 7.75% over the forecast period.
Over the long term, increasing investments in R&D by major industry players, a rise in sales of electric and hybrid vehicles coupled with rising demand for commercial vehicles, attributed to the growth in the e-commerce sector. It is assisting in creating demand in the automotive and transportation industry, thereby positively impacting the surging growth of the automotive electro-hydraulic power steering market. Some factors like the high cost of electro-hydraulic power steering systems and the strong focus of major commercial vehicle manufacturers on cost-cutting may hamper the growth outlook of the automotive electro-hydraulic power steering systems industry.
Major players in the market are expanding their production capacity to cater to the increased demand for electro-hydraulic power steering systems and also engaging in mergers and acquisitions to bolster their portfolio. For instance, in August 2022, Kongsberg Automotive announced the divestiture of its Shawinigan operations in Canada to Bombardier Recreational Products, Inc.(BRP Inc.) for EUR 104 million (USD 110 million). The Shawinigan manufacturing facility produces sensors, actuators, electronic power steering, wire harnesses, and dashboard assemblies for power sports and recreational vehicles. Further, with rapid transformation in advanced driver assistance systems (ADAS), automated driving, and connected cars, there exists a greater demand for introducing new-age components to improve fuel consumption capability, which in turn is positively impacting the surging growth of the electro-hydraulic power steering market.
Asia-Pacific is the largest automotive electro-hydraulic power steering market in the world, owing to the presence of various electric vehicle manufacturers, high sales of commercial vehicles, and a well-developed automotive components industry. North America and Europe are the next biggest markets due to the presence of major parts and components manufacturers like ZF Friedrichshafen AG and the strong prospect of commercial vehicle sales, including long-distance touring coaches and multi-axle trucks.
