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The hydraulic power steering system is a closed loop system that uses pressurized hydraulic fluids for changing the wheel angle of front wheels based on steering angle. It contains a hydraulic pump driven by a belt, valves, cylinder, reservoir and a driver control mechanism(rack & pinion/steering gearboxes).
When the driver rotates the steering wheel, the belt and pulley arrangement of the engine will pull fluid from the reservoir to pump. The hydraulic pump will pressurize this fluid and will release it through hydraulic fluid lines towards the rack. The rack has a piston and cylinder arrangement. The cylinder has two openings on either side of the piston and the openings are connected with the hydraulic fluid lines.
The steering gear’s internal cavity is divided into two chambers by a sealed piston attached to the rack. Applying pressurized hydraulic fluid to one side of the piston while allowing fluid to return from the other side to a reservoir provides steering assistance. A valve attached to the pinion shaft controls the hydraulic-fluid flow.
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The market is driven by the high penetration of hydraulic power steering in commercial vehicles and growing demand for high torque and performance in trucks. In addition, high penetration of hydraulic power steering in commercial vehicles is anticipated to boost the growth of the market as well.
This study identifies the stringent regulations to control emissions as one of the prime reasons driving the hydraulic steering system market growth during the next few years. The report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hydraulic steering system market vendors that include ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., thyssenkrupp AG, and ZF Friedrichshafen AG.
Also, the hydraulic steering system market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
One of the prime factors leading to the increase of hydraulic steering systems is the increased production of automobiles in countries like India, China, Brazil, and Mexico. With the customers emphasizing more and more on easy driving, the manufacturers are focusing more on the power assisted steering systems.
With high demand and sales of Body-on-Frame SUVs and commercial vehicles, the hydraulic steering system market has grown at an exponential level. The hydraulic steering system is being challenged by the new market entrant, the Electric Powered Steering Systems (EPS).
With the need for reducing fuel consumption and logistical benefits, the OEMs are driving towards new innovations. The EPS compared to the HPS consumes less fuel, which in turn acts in cost saving. The rise in car share options is also affecting the sales of Hydraulic steering systems market as the consumers prefer sharing a car than buying one for themselves.
The increasing demand for automobiles, increased demand for smooth driving and the rise of emerging markets are the key driving factors for the market growth. However, the rise in car share options is a factor hindering the market growth.
Hydraulic power steering systems work by using a hydraulic system to multiply force applied to the steering wheel inputs to the vehicle’s steered (usually front) road wheels. The hydraulic pressure typically comes from a gerotor or rotary vane pump driven by the vehicle’s engine.
By Geography, Asia Pacific is likely to have a huge demand during the forecast period because the utilization of the hydraulic steering system in full-size SUVs, LCVs, and M&HCVs and the high penetration are increasing in this region.
The optimization of energy consumption and the electrification of automotive components are the key considerations during the development of new vehicles, especially for power steering systems. In a hydraulic power steering system, 70% of the fuel gets consumed by hydraulics, which can be avoided by the application of more advanced power steering systems such as EPS and EHPS.
Electrohydraulic power steering system has been used in passenger cars since the 1980s and is known to provide high fuel efficiency. Most automotive manufacturers have developed similar steering systems for their vehicles, thereby boosting the market.
A steer-by-wire technology helps in the elimination of a physical connection between the steering wheel and the steering system. This technology provides better handling and safety, and reduces the cost of production and allows for a wide array of designs.
The steer-by-wire system also provides improved performance, reliability, and safety with reduced manufacturing and operating costs and better fuel economy. Such advantages provided by the steer-by-wire technology is driving its increasing adoption, thereby boosting the market growth.
The boost in the adoption of vehicles with better fuel economy is a major driving factor for the electrification of mechanical components. Taking out the ancillary system from the engine reduces the load from the engines and increases their efficiency.
The electric power steering (EPS) system responds more quickly and efficiently and allows for the integration of software such as parking and lane-change assists. In EPS, steering wheel movements are converted into electronic signals, which control the electric motors. For instance, electric coolant pumps manage the internal combustion engine proactively and ensure optimal coolant is supplied to the engine.
During the outbreak of pandemic COVID-19, the market was hit adversely because of the disruptions caused in the supply chain as several major economies of the world were forced into lockdown and economic activities were halted during this period.
All the manufacturing units and OEM plants stopped their production to adhere to the social distancing norms and restrict the spread of virus. The demand for passenger vehicles also fell drastically during this period. Yet with the gradual opening up of economies the demand returned to the market and markets like China and India witnessed huge demand for passenger cars as the consumer preference changed from public transport to personal vehicles.
Some of the major players dominating the global market are JTEKT Corporation, Nexteer Automotive Group Ltd, ZF Friedrichshafen AG, NSK Ltd, and Robert Bosch GmbH.
There are few players in the market who hold a major share in the market. The players prefer a long-standing partnership with the major OEMs and are OEMs preferred suppliers for steering systems. The top 5 players hold almost 75% of the market as of 2020.
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