LONDON–(BUSINESS WIRE)–The hydraulic steering system market growth is expected to reduce by 3.13 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Hydraulic power steering is highly used in heavy commercial vehicles as they require more power to steer compared to a car. Also, since the electronic power systems have not been able to cross the 15 KN barrier, hydraulic power systems are considered to be ideal for vehicles with high front axle load. These factors are increasing the penetration of hydraulic power steering systems in commercial vehicles, which is driving the growth of the market.
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As per Technavio, the growing demand for high torque and performance in trucks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Hydraulic Steering System Market: Growing Demand for High Torque and Performance in Trucks
Technological advancements and the growing need for performance has led to the development of trucks with higher torque, better steering control, and improved responsiveness of steering systems. This is leading to the development of steering systems to meet the specific demands of medium and heavy-duty vehicles. For instance, steering gears such as RCS assist gears to increase the reliability of steering systems at low operating temperatures. They are also capable of providing Class 8 trucks with better performance and higher torque. Such improvements are expected to have a positive impact on the growth of the global hydraulic steering system market during the forecast period.
“The rising penetration of steer-by-wire technology and stringent regulations to control emissions will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Hydraulic Steering System Market: Segmentation Analysis
This market research report segments the hydraulic steering system market by Application (LCVs and MCVs and HCVs) and Geographic Landscape (APAC, North America, Europe, South America, and MEA).
The APAC region led the hydraulic steering system market in 2019, followed by North America, Europe, South America, and MEA respectively. However, during the forecast period, the South America region is expected to register the highest incremental growth due to increasing investments in automobile production facilities in Brazil.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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