Electro Hydraulic Power Steering Market

Electro Hydraulic Power Steering Market Size Survey Report – In a Glance

As per the survey report on global Electro hydraulic power steering market, the market is projected to foresee a CAGR of CAGR value 5.7% between 2024-2033, and further generate a market size of USD 44.7 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 28.9 billion revenue.

• The global Electro hydraulic power steering market is projected to grow on account of the rising demand for fuel-efficient vehicles.
• In Japan, the Electro hydraulic power steering market growth can be attributed to the growing environmental consciousness.
• KDMI analyst’s growth analysis foresees reliability concerns in extreme conditions to challenge the market growth.
• Asia-Pacific, having the highest market share in the Electro hydraulic power steering market, is projected to dominate the global market.

Electro Hydraulic Power Steering Market Analysis

Electro hydraulic power steering (EHPS) is a product that merges a traditional steering system with an electric motor in which the electric motor facilitates the hydraulic pump in enhancing steering performance by bettering fuel efficiency and minimizing the engine load. EHPS is now widely preferred due to the rising demand for fuel-efficient vehicles. Moreover, the amplified prioritization by the government and people to save fuel and reduce carbon emissions is also driving the demand. According to reports, the global sales of electric cars were around 14 million in 2023, reaching 18% of all cars sold. This is up from 14% in 2022. Electric car sales in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. EPS also doesn’t use power-steering fluid, enhancing sustainability and minimizing ecological footprint. Therefore, EPS is turning itself as a hallmark in the production of modern and eco-friendly cars, reducing the overall environmental impact. Bosch, JTEKT Corporation, Mitsubishi Electric Corporation, are some of the significant parties in the global market for Electro hydraulic power steering.

Analyst’s Observation on Japan Electro Hydraulic Power Steering Market Survey

In Japan, the market growth for Electro hydraulic power steering (EHPS) can be attributed to the growing environmental consciousness. It is propelled by government initiatives, public awareness and technological innovations, by adopting sustainable practices such as energy conservation, recycling and usage of renewable energy. The World Economic Forum states that a total of 136 countries across the planet have vowed to achieve net zero by 2050, despite the undergoing climate crisis. This includes Japan as well, which is approaching carbon neutrality with a goal to minimize greenhouse gas (GHG) emissions by 2030. The energy-efficient system of EHPS with lower emissions is helping the overall fuel economy to improve because of the stricter guidelines and eco-friendly preferences of the consumers, eventually driving the EHPS market globally. Robert Bosch GmbH, Nexteer Automotive Group Ltd., NSK Ltd., are some of the significant parties in the market for Electro hydraulic power steering in Japan.

Electro Hydraulic Power Steering Market Growth Driver and Challenges

Growth Driver

Growing popularity of electric vehicles:

In recent times, there has been a rise of electric vehicles (EVs) on the streets due to increasing government initiatives, growing environmental awareness and increasing advancements in battery technology. Nowadays, people prefer eco-friendly options instead of traditional gasoline-powered cars due to its various lucrative benefits such as quieter operations, lower gas emissions and lower fuel costs, making it a sustainable transportation choice worldwide. According to survey, in 2023, near about 14 million new electric cars were sold and 70% of them were battery electric cars. Hence, the electro hydraulic power steering (EHPS) market is surging due to the adoption of electric drive systems by the automakers.

Restraint

Reliability concerns in extreme conditions:

Ensuring the electro hydraulic power steering (EHPS) system’s performance in any kind of weather or terrain conditions is absolutely essential for risk-free and reliable driving. That is why EHPS is engineered to work flawlessly and without hitches. But in some cases, the system may experience difficulty in operating efficiently like in very cold weather, very hot climates or rugged roads, leading to wear and tear on the steering system. Hence, these pose challenges to the automakers, thereby, limiting the growth of the EHPS market worldwide. Recently, Honda Motor Co. has been asking 1.7 million vehicles for returns due to a manufacturing issue that has steering defects and could complicate driving the vehicles which may lead to crashes.

Electro Hydraulic Power Steering Market Segmentation

Our experts at KD Market Insights have segmented the global Electro hydraulic power steering market research report as:

Electro Hydraulic Power Steering Market Regional Synopsis

The Asia-Pacific Electro hydraulic power steering (EHPS) market is majorly driven by the growing urbanization rate, increasing production of electric vehicles, new technological advancements, and the increasing per capita disposable incomes of consumers. Major countries such as India, China and Japan hold a large share in the region which can be attributed to the expanding reach of the EHPS system throughout the area. In China, the total electric car sales reached 8.1 million in 2023, and more than one in three new car registrations in China was electric in 2023. Additionally, in Japan, two electric cars from the smallest “Kei” category, the Nissan Sakura and Mitsubishi eK-X contributed to almost 50% of national electric car sales alone. Therefore, the surging sales of electric vehicles is creating a demand for EHPS system, pushing the overall EHPS market forward.

Asia-Pacific is also expected to grow at the fastest rate at a CAGR of 7.0% during the given time frame. The electronic power steering market is expected to expand rapidly because of the rising concerns over comfort and safety. Besides, the heightened rivalry to develop electronic, machine-driven, or autopilot-compatible cars is likely to strengthen the global EHPS market. It has also been reported that cutting-edge advancements in crash avoidance technologies, such as front and rear automatic braking and automatic braking with pedestrian detection have been identified as 30%-50% effective in avoiding front and rear crashes.

As per our analysts at KD Market Insights, the following five players lead the Asia-Pacific Electro hydraulic power steering market growth:

• JTEKT Corporation (Japan)
• Nidec Corporation (Japan)
• HYCET Technology Co. Ltd. (China)
• Mitsubishi Electric Mobility Corporation (Japan)
• NSK Ltd. (Japan)

Electro Hydraulic Power Steering Market Competitive Landscape

Some of the key players who top the global Electro hydraulic power steering market share:

• Bosch
• JTEKT Corporation
• Nexteer Automotive
• ZF Steering Gear (India) Limited
• Denso Corporation
• Mando Automotive India
• Mitsubishi Electric Corporation
• SHOWA Corporation
• NSK Ltd
• Hyundai Mobis
• ZF Friedrichshafen AG
• Zhuzhou Elite Electro-Mechanical Co. Ltd.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Electro Hydraulic Power Steering Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Vehicle type
      2. By Component type
      3. By Sales channel
      4. By Region
5. Market Segmentation by Vehicle type
   1. 1. Passenger cars
      2. Commercial vehicles
6. Market Segmentation by Component type
   1. 1. Steering motors
      2. Sensors
      3. Others (Pumps, Hoses,etc.)
7. Market Segmentation by Sales channel
   1. 1. Original equipment manufacturer (OEM)
      2. Aftermarket
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
         4. South Korea
         5. Market Size and Forecast
         6. Key Trends and Developments
         7. Market Analysis by Vehicle type, Component type, and Sales channel
      5. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Vehicle type, Component type, and Sales channel
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
   3. Medtronic (Ireland)
   4. IBM
   5. Apple Inc.
   6. Siemens Medical Solutions
   7. Pepperl+Fuchs
   8. Cisco
   9. GE Healthcare
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References