The global [FURL=https://www.industryarc.com/Research/Automotive-Electro-hydraulic-Power-Steering-Market-Research-509058?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Automotive Electro-Hydraulic Power Steering Market[/FURL] is estimated to surpass $22.6 billion mark by 2026 growing at an estimated CAGR of more than 5.8% during the forecast period 2021 to 2026. The market growth is mainly driven by the factors including increasing penetration of 48V architecture in latest vehicles, deployment of electronic control units and advancement in steer-by-wire systems. Automotive Electro Hydraulic Steering system has positive features such as natural smooth feel, fuel efficient system which uses power from battery rather than engine. Consumer preference towards the power steering has increased due to lower fuel usage and decreased manual effort required. Key Takeaways
Growth of Commercial vehicles is expected during the forecast period as Electro-Hydraulic Power Steering offers higher fuel saving compared to the conventional steering which reciprocates with cost benefits for the commercial vehicle owners.
The heavier vehicles which are difficult to handle are introduced in the market and to reduce the manual effort, power steering or power assisted steering were introduced. This has increased the growth of the market.
APAC is expected to show growth during the estimated period. India and China are the major markets for the automobiles production as well as the consumption. Rising demand for vehicle will impact in rising demand for electro-hydraulic power steering.
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Automotive Electro-Hydraulic Power Steering Market Segment Analysis – By Geography
APAC region has the highest share in production of both commercial and passenger vehicles thus resulting in market share of 35.5% in 2020 in the eletro hydraulic steering market. ROW is expected to grow its market share at fastest rate due to increased sales of luxury vehicles in the region. North America and Europe are providing the stable demand among the segmented regions. Europe is one of the key maturing regions that will generate creditable opportunity in the global automotive electric power steering market over the forecast period due to the existence of significant automotive manufacturer presence.
Automotive Electro- Hydraulic Power Steering Market Drivers
Increased production of automobiles
Increased Focus on Automotive Safety
Automotive Electro- Hydraulic Power Steering Market Landscape
Acquisition is the major key strategy used by the top players in the Automotive Electro-Hydraulic Power Steering Market. The market for Automotive Electro- Hydraulic Power Steering market is consolidated with the top players including Nexteer Automotive Group Ltd, NSK Ltd, JTEKT Corporation, ZF Friedrichshafen AG, Robert Bosch GmbH and other key players.
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