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Hydraulic Steering System Market Segmented By type of steering system such as Manual Steering Systems and Power Assisted Steering Systems with type of vehicle such as Passenger Vehicle, Light Commercial Vehicle and Heavy Commercial Vehicle
Over the years the automotive steering system has changed from age old conventional steering system to power assisted steering systems. The increase in demand for automobile has directly boosted the growth of steering system market. Hydraulic of electric steering wheels add controlled energy to the steering mechanism which in turn provides effortless maneuvering to take smooth turns and reduce physical efforts to turn the wheels when the vehicle is at slow speed or stopped.
With the introduction of new technologies in the steering system market like, EPS, EPHS, automotive steering market is taking a new curve. The hydraulic steering system in cars provides augmented steering effort via an actuator, a hydraulic cylinder. These systems have a direct connection between the steering wheel and the linking path that steers the wheel.
Many OEMs are working on innovating new technologies in the automotive steering systems. Various technologies are being worked on in automotive steering system such as steer by wire and control technology for steering systems. The global demand for the Hybrid loader and construction machinery will rise due to increased demand for smooth driving and the rise of emerging markets.
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One of the prime factors leading to the increase of hydraulic steering system is the increased production of automobiles in the 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 the HPS consumes less fuel, which in turn acts in cost saving. The rise in car share option is also affecting the sales of Hydraulic steering systems market as the consumers prefer sharing a car than buying one for themselves.
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| On the basis of the type of vehicle |
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Geographically, Hydraulic Steering System Market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, Japan, APEJ, Latin America, and the Middle East & Africa. Europe holds the largest market share in the Hydraulic Steering System Market, with countries like Germany, Italy, UK, and Russia leading the race.
Following Europe, North America is the second largest Hydraulic Steering System Market in the world, with few of the biggest automotive OEMs situated in USA and Canada. Emerging markets such as APJ and Japan are expected to grow at a high rate owing to increased sales of automobiles in these market. They are expected to have high Year-on-Year growth in Hydraulic Steering System market due to increased sales in passenger vehicles.
Latin America is expected to grow at a slow rate even though Brazil and Mexico have many OEMs set up their production plants there. The Middle East and Africa also show a trend of slow growth in the automotive Hydraulic steering system market.
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Some of the key players identified in the Hydraulic Steering System Market include:
