Automotive Electro-Hydraulic Power Steering System Market Grows
According to Stratistics MRC, the Global Automotive Electro-hydraulic Power Steering System Market is growing at a CAGR of 12.8% during the forecast period. Some of the key factors influencing the market growth include rising penetration of 48V electrical architecture in modern vehicles and development of steer-by-wire systems. However, high cost associated with power steering system is restraining the market growth.
An automotive EHPS system is a hybrid steering system that combines the positive features of hydraulic steering systems, such as the natural smooth feel, and the fuel-efficient operations of the power steering systems, which draw power from the vehicle battery instead of the engine.
Amongst application, the passenger vehicle growth is due to increased demand for sedans, luxury sedans, and mid-range vehicles that have robust steering systems to ensure seamless drivability. By Geography, Asia-Pacific is estimated to have a lucrative growth during the forecast period owing to continuous developments in the automotive sector and increase in production of heavy commercial vehicles coupled with higher adoption rate of such systems as compared to other regions.
Some of the key players in global automotive electro-hydraulic power steering system market are Hitachi Automotiec Systems, Nexteer Automotive, Delphi Automotive Systems, Mando, Continental, Robert Bosch, Hafei Industrial, Infineon Technologies, ZF Friedrichshafen, JTEKT Corporation, Mitsubishi Electric, ATS Automation, Hyundai Mobis, TRW Automotive, GKN and Thyssenkrupp Presta.
