The global Passenger Vehicle Hydraulic Steering System Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Type (Pure Hydraulic, Electric), By Application (Sedan & Hatchback, SUV, Others).
In 2024, the Passenger Vehicle Hydraulic Steering System Market plays a vital role in ensuring responsive and precise steering control for a smooth and comfortable driving experience. Hydraulic steering systems utilize fluid pressure to assist steering efforts, providing drivers with enhanced maneuverability and stability, especially at high speeds and during tight maneuvers. Despite the rise of electric power steering systems, hydraulic steering remains popular in many passenger vehicles, particularly in larger or performance-oriented models where precise feedback and road feel are prioritized. Moreover, advancements in hydraulic system design, including variable-assist technology and speed-sensitive steering, contribute to improved fuel efficiency and driver comfort. As automotive manufacturers strive to balance performance, efficiency, and safety in passenger vehicles, the Hydraulic Steering System Market continues to evolve, offering innovative solutions to enhance driving dynamics and control.
The global Passenger Vehicle Hydraulic Steering System market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Passenger Vehicle Hydraulic Steering System Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Passenger Vehicle Hydraulic Steering System Market Industry include- Hitachi Automotive Systems Americas Inc, Hyundai Mobis Co. Ltd, JTEKT Corp, Nexteer Automotive Corp, NSK Ltd, Robert Bosch GmbH, Showa Corp, thyssenkrupp AG, ZF Friedrichshafen AG.
A prominent trend in the Passenger Vehicle Hydraulic Steering System market is the gradual shift towards electric power steering systems, driven by advancements in automotive technology and consumer demand for improved fuel efficiency and driving comfort. Electric power steering systems offer several advantages over traditional hydraulic systems, including reduced weight, increased energy efficiency, and enhanced responsiveness. As automakers prioritize electrification and vehicle efficiency, there's a growing preference for electric power steering systems that can be seamlessly integrated with electric and hybrid vehicle platforms. This trend is reshaping the passenger vehicle steering system market, with increasing adoption of electric power steering technology across a wide range of vehicle segments.
A key driver for the Passenger Vehicle Hydraulic Steering System market is the focus on fuel efficiency and emissions regulations imposed by governments worldwide. With stricter emission standards and rising fuel prices, automakers are under pressure to improve the efficiency of their vehicles while reducing environmental impact. Hydraulic steering systems, although reliable and robust, are inherently less efficient than electric power steering systems, leading to increased adoption of the latter to meet regulatory requirements and consumer expectations for fuel-efficient vehicles. This driver is pushing automakers to transition towards electric power steering technology, driving the demand for electric power steering systems and components in the passenger vehicle market.
An emerging opportunity within the Passenger Vehicle Hydraulic Steering System market lies in retrofitting solutions for legacy vehicles equipped with hydraulic steering systems. As electric power steering technology becomes more prevalent in new vehicles, there's a growing demand for aftermarket solutions that enable owners of older vehicles to upgrade to electric power steering for improved performance and driving experience. Retrofitting kits and conversion packages offer a cost-effective and convenient way to modernize legacy vehicles with electric power steering technology, providing benefits such as enhanced steering feel, reduced steering effort, and compatibility with advanced driver-assistance systems (ADAS). By capitalizing on this opportunity, aftermarket manufacturers and service providers can tap into a niche market segment and offer value-added solutions to vehicle owners looking to upgrade their steering systems to meet modern standards and requirements.
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
OthersGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa
Hitachi Automotive Systems Americas Inc
Hyundai Mobis Co. Ltd
JTEKT Corp
Nexteer Automotive Corp
NSK Ltd
Robert Bosch GmbH
Showa Corp
thyssenkrupp AG
ZF Friedrichshafen AG
*- List not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Passenger Vehicle Hydraulic Steering System Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Passenger Vehicle Hydraulic Steering System Market Size Outlook, $ Million, 2021 to 2030
3.2 Passenger Vehicle Hydraulic Steering System Market Outlook by Type, $ Million, 2021 to 2030
3.3 Passenger Vehicle Hydraulic Steering System Market Outlook by Product, $ Million, 2021 to 2030
3.4 Passenger Vehicle Hydraulic Steering System Market Outlook by Application, $ Million, 2021 to 2030
3.5 Passenger Vehicle Hydraulic Steering System Market Outlook by Key Countries, $ Million, 2021 to 2030
4 Market Dynamics
4.1 Key Driving Forces of Passenger Vehicle Hydraulic Steering System Industry
4.2 Key Market Trends in Passenger Vehicle Hydraulic Steering System Industry
4.3 Potential Opportunities in Passenger Vehicle Hydraulic Steering System Industry
4.4 Key Challenges in Passenger Vehicle Hydraulic Steering System Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Passenger Vehicle Hydraulic Steering System Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Passenger Vehicle Hydraulic Steering System Market Outlook by Segments
7.1 Passenger Vehicle Hydraulic Steering System Market Outlook by Segments, $ Million, 2021- 2030
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
Others
8 North America Passenger Vehicle Hydraulic Steering System Market Analysis and Outlook To 2030
8.1 Introduction to North America Passenger Vehicle Hydraulic Steering System Markets in 2024
8.2 North America Passenger Vehicle Hydraulic Steering System Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Passenger Vehicle Hydraulic Steering System Market size Outlook by Segments, 2021-2030
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
Others
9 Europe Passenger Vehicle Hydraulic Steering System Market Analysis and Outlook To 2030
9.1 Introduction to Europe Passenger Vehicle Hydraulic Steering System Markets in 2024
9.2 Europe Passenger Vehicle Hydraulic Steering System Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Passenger Vehicle Hydraulic Steering System Market Size Outlook by Segments, 2021-2030
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
Others
10 Asia Pacific Passenger Vehicle Hydraulic Steering System Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Passenger Vehicle Hydraulic Steering System Markets in 2024
10.2 Asia Pacific Passenger Vehicle Hydraulic Steering System Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Passenger Vehicle Hydraulic Steering System Market size Outlook by Segments, 2021-2030
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
Others
11 South America Passenger Vehicle Hydraulic Steering System Market Analysis and Outlook To 2030
11.1 Introduction to South America Passenger Vehicle Hydraulic Steering System Markets in 2024
11.2 South America Passenger Vehicle Hydraulic Steering System Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Passenger Vehicle Hydraulic Steering System Market size Outlook by Segments, 2021-2030
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
Others
12 Middle East and Africa Passenger Vehicle Hydraulic Steering System Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Passenger Vehicle Hydraulic Steering System Markets in 2024
12.2 Middle East and Africa Passenger Vehicle Hydraulic Steering System Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Passenger Vehicle Hydraulic Steering System Market size Outlook by Segments, 2021-2030
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
Others
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
Hitachi Automotive Systems Americas Inc
Hyundai Mobis Co. Ltd
JTEKT Corp
Nexteer Automotive Corp
NSK Ltd
Robert Bosch GmbH
Showa Corp
thyssenkrupp AG
ZF Friedrichshafen AG
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Type
Pure Hydraulic
Electric
By Application
Sedan & Hatchback
SUV
Others
The global Passenger Vehicle Hydraulic Steering System Market is one of the lucrative growth markets, poised to register a 4.1% growth (CAGR) between 2024 and 2030.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Hitachi Automotive Systems Americas Inc, Hyundai Mobis Co. Ltd, JTEKT Corp, Nexteer Automotive Corp, NSK Ltd, Robert Bosch GmbH, Showa Corp, thyssenkrupp AG, ZF Friedrichshafen AG
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: USD; Volume