Electrically Powered Hydraulic Steering Market Size, Share, Industry Trends and Forecast to 2033
This report provides an in-depth analysis of the Electrically Powered Hydraulic Steering market, highlighting key trends, market size, CAGR, segmentation, and regional insights. The forecast period spans from 2023 to 2033, offering valuable projections and data for industry stakeholders.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $5.20 Billion |
| CAGR (2023-2033) | 6.8% |
| 2033 Market Size | $10.22 Billion |
| Top Companies | Bosch Group, JTEKT Corporation, ThyssenKrupp AG, TRW Automotive (a subsidiary of ZF Friedrichshafen AG), Nexteer Automotive |
| Last Modified Date | 15 Nov 2024 |
Electrically Powered Hydraulic Steering Market Report (2023 - 2033)
Electrically Powered Hydraulic Steering Market Overview
What is the Market Size & CAGR of Electrically Powered Hydraulic Steering market in 2023?
Electrically Powered Hydraulic Steering Industry Analysis
Electrically Powered Hydraulic Steering Market Segmentation and Scope
Request a custom research report for industry.
Electrically Powered Hydraulic Steering Market Analysis Report by Region
Europe Electrically Powered Hydraulic Steering Market Report:
Valued at $1.28 billion in 2023, the European market for EPHS is expected to double in size, reaching $2.52 billion by 2033. Stringent safety regulations, along with a strong automotive industry push towards sustainability, are vital to this growth.Asia Pacific Electrically Powered Hydraulic Steering Market Report:
In 2023, the Asia Pacific region is anticipated to have a market size of $1.12 billion, projected to grow to $2.21 billion by 2033. The growth is driven by increasing automotive production in countries like China and India, along with rising consumer demand for advanced steering solutions as vehicle electrification continues.North America Electrically Powered Hydraulic Steering Market Report:
North America is projected to lead the market, starting at $2.01 billion in 2023 and growing to approximately $3.95 billion by 2033. The rapid adoption of electric vehicles and stringent government regulations on vehicle emissions significantly contribute to this region's market expansion.South America Electrically Powered Hydraulic Steering Market Report:
The South American EPHS market, valued at $0.35 billion in 2023, is expected to reach $0.69 billion by 2033. Factors driving this growth include increasing vehicle production and investments from international automotive companies in the region.Middle East & Africa Electrically Powered Hydraulic Steering Market Report:
The Middle East and Africa market for EPHS is modest but growing, with a market size of $0.43 billion in 2023, projected to rise to $0.85 billion by 2033. Growth drivers include increased vehicle ownership and demand for energy-efficient systems.Request a custom research report for industry.
Electrically Powered Hydraulic Steering Market Analysis By Product
Global Electrically-Powered Hydraulic Steering Market, By Product Market Analysis (2023 - 2033)
The sector is led by Steering Gear, with an expected market size increase from $3.22 billion in 2023 to $6.32 billion by 2033, maintaining a market share of 61.87%. Hydraulic Power Units (HPU) are forecasted to grow from $1.40 billion to $2.75 billion, sustaining a 26.88% market share. Actuators are projected to evolve from $0.59 billion to $1.15 billion, representing an 11.25% share, indicating increasing demand across various applications.
Electrically Powered Hydraulic Steering Market Analysis By Application
Global Electrically-Powered Hydraulic Steering Market, By Application Market Analysis (2023 - 2033)
Passenger vehicles constitute the largest application segment, expected to maintain its share of approximately 61.87% and grow from $3.22 billion in 2023 to $6.32 billion by 2033. Commercial vehicles, accounting for 26.88% market share, are set to see a rise from $1.40 billion to $2.75 billion. Off-road vehicles, currently at 11.25%, will experience growth from $0.59 billion to $1.15 billion.
Electrically Powered Hydraulic Steering Market Analysis By End User
Global Electrically-Powered Hydraulic Steering Market, By End-User Industry Market Analysis (2023 - 2033)
Key end-user segments include automotive manufacturers and automotive repair shops, which have shown robust demand for EPHS systems. Manufacturers' market share is projected to sustain around 61.87%, growing from $3.22 billion to $6.32 billion, while automotive repair shops will rise in value from $1.40 billion to $2.75 billion.
Electrically Powered Hydraulic Steering Market Analysis By Technology
Global Electrically-Powered Hydraulic Steering Market, By Technology Market Analysis (2023 - 2033)
The market is dominated by Conventional Hydraulic technology, holding an 86.69% share, expected to grow from $4.51 billion in 2023 to $8.86 billion by 2033. Electric Hydraulic technology, while smaller at 13.31%, is anticipated to grow from $0.69 billion to $1.36 billion, reflecting increasing acceptance of modern steering systems.
Electrically Powered Hydraulic Steering Market Analysis By Vehicle Type
Global Electrically-Powered Hydraulic Steering Market, By Vehicle Type Market Analysis (2023 - 2033)
Light-duty vehicles will continue to dominate the segment, maintaining approximately 86.69% of the market share as it grows from $4.51 billion to $8.86 billion. Heavy-duty vehicles are expected to develop from $0.69 billion to $1.36 billion, which currently holds a 13.31% share.
Electrically Powered Hydraulic Steering Market Trends and Future Forecast
Request a custom research report for industry.
Global Market Leaders and Top Companies in Electrically Powered Hydraulic Steering Industry
Bosch Group:
A leading player in the automotive components market, Bosch specializes in EPHS systems, providing innovative steering solutions that enhance vehicle performance and safety.JTEKT Corporation:
Known for producing high-quality steering systems, JTEKT has made significant advancements in electric and hydraulic steering technologies, establishing itself as a key competitor in the EPHS landscape.ThyssenKrupp AG:
ThyssenKrupp is recognized for its contributions to automotive technology, delivering advanced steering solutions that focus on efficiency and sustainability within the EPHS market.TRW Automotive (a subsidiary of ZF Friedrichshafen AG):
TRW Automotive offers a wide range of steering and suspension products, including EPHS solutions, that meet changing industry demands for safety and efficiency.Nexteer Automotive:
A pioneer in advanced steering technology, Nexteer specializes in developing electric and hydraulic steering systems that cater to the needs of modern vehicle designs.We're grateful to work with incredible clients.
Related Industries
FAQs
What is the market size of electrically Powered Hydraulic Steering?
The global electrically-powered hydraulic steering market is projected to reach $5.2 billion by 2033, growing at a CAGR of 6.8% from its current valuation in 2023. This growth is indicative of increasing demand for efficient steering systems across the automotive industry.
What are the key market players or companies in the electrically Powered Hydraulic Steering industry?
Key players in the electrically-powered hydraulic steering market include major automotive manufacturers, OEMs, and technology providers specializing in automotive components. These players are at the forefront of innovation in steering technologies.
What are the primary factors driving the growth in the electrically Powered Hydraulic Steering industry?
Growth drivers include advancing automotive technologies, increasing vehicle safety requirements, and rising demand for fuel-efficient solutions. Additionally, government regulations promoting electric vehicle adoption further enhance market expansion prospects.
Which region is the fastest Growing in the electrically Powered Hydraulic Steering market?
The fastest-growing region for the electrically-powered hydraulic steering market is Europe, which has a market size projected to expand from $1.28 billion in 2023 to $2.52 billion by 2033, reflecting significant growth opportunities.
Does ConsaInsights provide customized market report data for the electrically Powered Hydraulic Steering industry?
Yes, ConsaInsights offers tailored market report data for the electrically-powered hydraulic steering industry, ensuring that clients receive insights specific to their needs and interests for strategic decision-making.
What deliverables can I expect from this electrically Powered Hydraulic Steering market research project?
Deliverables include comprehensive market analysis, regional insights, competitive landscape evaluation, and detailed segmentation data. Clients can expect actionable recommendations based on the current trends and forecasts.
What are the market trends of electrically Powered Hydraulic Steering?
Market trends indicate a shift towards integrated steering systems and greater electrification in vehicles. The increasing use of electric hydraulic systems for enhanced fuel efficiency and performance is driving innovation in this sector.