Automotive Hydraulics System Market

Global Automotive Hydraulics System Market (2023 to 2028)

The global automotive hydraulics system market is worth USD 46.47 billion in 2023 and is anticipated to reach a valuation of USD 62.31 billion by 2028. It is predicted to register a CAGR of 6.04% from 2023 to 2028.

Over the years, the vehicle's steering system has changed from an old conventional steering system to a power steering system. The increase in demand for automobiles has directly driven the growth of the steering systems market. The electric steering wheel's hydraulic system adds controlled power to the steering mechanism, which in turn allows effortless maneuvering for smooth turns and reduces the body effort required to turn the wheels when the vehicle slows down or stops. With the introduction of new technologies in steering systems, such as EPS and EPHS, the market for motor vehicles is taking a new turn.

The hydraulic steering system in automobiles provides greater steering power through an actuator, a hydraulic cylinder. These systems have a direct connection between the steering wheel and the connection path that directs the steering wheel. Many original equipment manufacturers are working to innovate new technologies in vehicle steering systems. In the reduction of automobiles, various technologies are being worked on, such as Steering by Wire and steering technology for steering systems. The global demand for hybrid and construction machinery will increase due to the increased demand for quiet driving and the rise of emerging markets.

The increasing production of vehicles and the growing demand for commercial vehicles are expected to boost the market for hydraulic systems for motor vehicles over the forecast period. Supervisors around the world have issued tough regulations on CO₂ emissions from motor vehicles to protect the environment. The hydraulic system helps the engine to function properly and ultimately controls the emission. It is expected that this factor will boost the market for automotive hydraulic systems in the near future. All of these factors should drive the market for hydraulic vehicle systems in the coming years. The global market for hydraulic vehicle systems is estimated at $34.23 billion in 2018 and is expected to reach a CAGR of 6.04% by 2023, reaching $45.37 billion.

One of the main factors leading to an increase in hydraulic steering is the increase in car production in countries such as India, China, Brazil, and Mexico. As customers place more and more emphasis on easy driving, manufacturers are increasingly focusing on power steering systems. Due to the high demand and sales of SUV vehicles on commercial vehicles and commercial vehicles, the market for hydraulic steering systems has grown to an exponential level. Hydraulic steering is being challenged by the new market operator, Electrical Steering Systems (EPS). With the need to reduce fuel consumption and logistical benefits, OEMs are driving innovation. The EPS consumes less fuel compared to the HPS, which in turn contributes to cost savings. The increase in the option of sharing cars also impacts the sales of the hydraulic steering system market, as consumers prefer to share a car instead of buying a car.

REPORT COVERAGE:

This market Research Report on the global automotive hydraulics market is segmented and sub-segmented into the following categories. 

Global Automotive Hydraulics System Market - By Application:

• Hydraulic Brakes
• Hydraulic Clutch
• Hydraulic Suspension
• Hydraulic Tappets

Global Automotive Hydraulics System Market - By On-Highway Vehicles:

• Passenger Cars (PCs)
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)

Global Automotive Hydraulics System Market - By Off-Highway Vehicles:

• Construction Vehicles
• Agricultural Vehicles

Global Automotive Hydraulics System Market – By Region:

• North America 
• Europe
• Asia Pacific 
• Latin America
• Middle East and Africa 

Geographically, the global market for automotive hydraulic systems can be divided into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Asia-Pacific represents a large part of the world market for hydraulic systems for motor vehicles. This is due to the high level of acceptance of automotive hydraulic systems and the boom of the automotive sector in the region, which leads to greater production of vehicles with hydraulic systems for vehicles, especially in Europe, China, and India.

KEY MARKET PLAYERS:

Aisin Seiki (Japan), Bosch (Germany), ZF (Germany), BorgWarner (US), JTEKT (Japan), Colorado Off-highway Vehicle Coalition (COHVCO), Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (EAMA), Canadian Automobile Association (CAA), Korea Automobile Manufacturers Association (KAMA). Some of the major key players involved in the global automotive hydraulics system market.

RECENT HAPPENINGS IN THE MARKET:

• January 2018: Schaeffler showcased a portfolio of low-emission and locally zero-emissions driving for all three engine systems, namely, newly manufactured cars using all-electric traction systems, hybrid powertrain systems, and internal combustion engine (ICE). The company developed a hydraulic-switchable valve tappet, which allows individual cylinders to be deactivated. The first three-cylinder engine from Schaeffler using such a system will likely go into production in 2018.