Hydraulic Steering System Market Forecasts to 2030 – Global Analysis By Type (Hydraulic Helm Pump, Hydraulic Cylinder and Other Types), Steering System Configurations (Rack and Pinion, Worm and Roller Steering and Other Steering System Configurations), Ap

Hydraulic Steering System Market Forecasts to 2030 – Global Analysis By Type (Hydraulic Helm Pump, Hydraulic Cylinder and Other Types), Steering System Configurations (Rack and Pinion, Worm and Roller Steering and Other Steering System Configurations), Application and By Geography

According to Stratistics MRC, the Global Hydraulic Steering System Market is growing at a CAGR of 6.44% during the forecast period. A hydraulic steering system is a mechanism used in vehicles to facilitate the controlled movement of the vehicle's wheels by transmitting force from the driver's input to the steering mechanism. It uses hydraulic pressure to help with steering, which makes it simpler for the drivers to turn the wheels, especially at slow speeds or when the car is stopped. Many different types of vehicles, such as cars, trucks, and some off-road and industrial vehicles, have hydraulic steering systems. These systems are also renowned for their dependability and durability and frequently give the driver better feedback.
Market Dynamics:

Driver:

Preference for power steering

Power steering is frequently preferred by drivers in the hydraulic steering system market because of its improved control and ease of maneuverability. By using hydraulic assistance, power steering systems lessen the effort needed by drivers to turn the steering wheel. This feature improves overall driving comfort and is especially useful in heavy-duty vehicles and during low-speed maneuvers. Power steering is a popular option for many automotive applications since it also helps to increase vehicle stability and safety.

Restraint:

Weight and fuel efficiency concerns

Reducing the weight of steering components becomes essential as automakers aim for lightweight and fuel-efficient designs. Space is of the essence in modern vehicles, so compact and efficient designs are also essential. These limitations force producers of hydraulic steering systems to be creative and provide lightweight, compact solutions without sacrificing functionality. In order to ensure compliance with strict industry standards and meet the changing needs of the automotive market, manufacturers are facing problems to balance performance with minimal weight and space requirements when designing hydraulic steering systems.

Opportunity:

Autonomous and semi-autonomous vehicles

The Autonomous and Semi-Autonomous Opportunity is witnessing significant growth due to the rising demand for advanced steering solutions in vehicles with autonomous capabilities. These systems provide accurate and effective control, guaranteeing the dependability and safety of partially and fully autonomous vehicles. Hydraulic steering systems made especially for autonomous vehicles are becoming more and more in demand as these technologies are integrated more and more. Hydraulic steering system growth is being driven by manufacturers' focus on developing advanced steering technologies to meet the changing demands of the autonomous and semi-autonomous vehicle markets.

Threat:

Electromechanical steering systems

Electromechanical steering requires less maintenance than hydraulic systems, which lowers the overall cost of operating a vehicle. The advantages of electromechanical systems include increased fuel economy, accurate control, and simpler integration with advanced driver assistance systems (ADAS). Because electromechanical systems use less energy, driving becomes a more environmentally friendly experience. Manufacturers are urged to adjust to the shifting market dynamics as the preference for electromechanical steering systems grows, which could eventually lead to a decline in the demand for hydraulic systems as automotive technology advances.

Covid-19 Impact:

Significant effects of the COVID-19 pandemic have been seen in the worldwide market for hydraulic steering systems. The market for hydraulic steering systems has decreased as a result of manufacturing closures, supply chain disruptions, and decreased car production. Component procurement difficulties impacted automakers' ability to produce and deliver vehicles with hydraulic steering systems. A downturn in car sales was also a result of decreased consumer spending and economic uncertainty, which further hurt the market. However, the market for hydraulic steering systems is anticipated to stabilize as the automotive sector gradually recovers and adjusts to new standards.

The power assisted steering systems segment is expected to be the largest during the forecast period

Because of its improved fuel efficiency and improved steering control, the Power Assisted Steering Systems (PAS) segment of the hydraulic steering system market is expanding significantly. By reducing steering effort and increasing driving comfort, PAS systems make use of hydraulic assistance. With the advancement of automotive technology, PAS is becoming more and more preferred over conventional hydraulic steering since it offers variable steering assistance that can adjust to various driving situations. Additionally, the growing integration of advanced driver-assistance systems (ADAS) in contemporary cars, which emphasize overall driving safety and convenience, is another factor driving demand for PAS.
The heavy commercial vehicle segment is expected to have the highest CAGR during the forecast period

Due to the dependability and robustness, the heavy commercial vehicle (HCV) segment of the hydraulic steering system market is expanding rapidly. Hydraulic steering systems are becoming more and more common in HCVs due to the growing need for responsive and effective steering solutions that can improve driver control and safety in large vehicles. Hydraulic steering system demand is also fueled by the growing popularity of advanced driver-assistance systems (ADAS) and the need for increased fuel economy in heavy-duty applications. These systems' make them a top option for producers serving the growing HCV market.

Region with largest share:

Asia-Pacific region has seen robust growth in the market due to rising consumer demand for advanced steering technologies and expanding automotive production. The growing automotive sector in the region, along with rising disposable incomes, has driven the use of hydraulic steering systems. The market's shift toward electric power steering (EPS) has spurred growth as producers look to lower emissions and increase fuel efficiency. Additionally, the adoption of sophisticated steering systems has been impacted by government campaigns to raise automotive safety standards, which has helped the Asia-Pacific region's market for automobiles grow overall.
Region with highest CAGR:

Because of the prominence of the automotive industry, the market in the European region has shown steady growth. The market for hydraulic steering systems has grown as a result of rising demand for cutting-edge steering technologies, improved vehicle safety features, and the ongoing development of the European automotive industry. Improved vehicle performance, fuel economy, and an emphasis on driver comfort are the factors that have contributed to this market's steady rise in the area.

Key players in the market

Some of the key players in Hydraulic Steering System market include ATS Automation Tooling Systems Inc, JTEKT Corp., Knorr Bremse AG, Mando Corp, Melrose Industries Plc, Nexteer Automotive, Pailton Engineering Ltd, Robert Bosch GmbH , Thyssenkrupp AG and ZF Friedrichshafen AG.

Key Developments:

In November 2023, Melrose Industries and GE Aerospace have significantly widened their long-term partnership with a new agreement that expands RRSP participation on the GEnx programme, the fastest-selling high-thrust engine. The new agreement also covers new technology insertion, aftermarket repair of high-volume engines structures, and production of fan cases for a range of GE engines.

In June 2023, Robert Bosch GmbH has signed an agreement with PowerCell to manufacture the fuel cell stack S3. PowerCell thereby increases its production capacity significantly and focuses on scaling up the assembly and deliveries of fuel cell systems as well as development of the next generation of fuel cell stacks. With the new agreement, Bosch will add PowerCell’s volumes of S3 to its own production.

Types Covered:
• Hydraulic Helm Pump• Hydraulic Cylinder• Power Assisted Steering Systems• Manual Steering Systems• Rigid or Flexible Hoses• Electric Power Hydraulic System
• Other Types
Steering System Configurations Covered:
• Rack and Pinion • Worm and Roller Steering • Recirculating Ball Steering • Other Steering System Configurations Applications Covered:
• Passenger Vehicle • Heavy Commercial Vehicle • Light Commercial Vehicle • Marine • Agricultural Machinery • Construction Equipment
• Other Applications
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
JapanChinaIndiaAustralia
New Zealand
South Korea
Rest of Asia Pacific• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances