Hydraulic Steering System Market | Market Highlights and Insights to Recovery from COVID-19
Market Forecast and Growth Projections 2021-2025

The Global hydraulic steering system market is expected to grow by 3135.72 th units, decelerating at a CAGR of almost -6.44% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.

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Hydraulic Steering System Market: Market Segments and Growth Forecasts

This research report will provide insights into the current market share of each segment along with growth projections for the next five years.

• Market is segmented Application (LCVs, MCVs and HCVs, and Passenger Cars) and Geography (North America, APAC, Europe, MEA, and South America).
• The South America region emerged as the leading segment in recent years. 2% of the market growth will originate from South America during the forecast period. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the Hydraulic Steering System Market size.

Hydraulic Steering System Market: Trends, Drivers, Challenges

The report also offers a detailed impact analysis of various trends, drivers, and challenges that are likely to influence the market growth during the forecast period. These insights will equip clients to design a growth strategy for their business and area of operations.

• A significant factor in driving the growth of the Hydraulic Steering System Market will be the high penetration of hydraulic power steering in commercial vehicles.
• Growing demand for high torque and performance in trucks will be instrumental in driving the market growth during the forecast period.
• One of the key challenges that market players need to contend with in order to achieve further success is the Increasing penetration of EPS systems.

Hydraulic Steering System Market: Vendor Analysis

• The market is concentrated.
• The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
• ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr Bremse AG, Mando Corp., Melrose Industries Plc, NEXTEER AUTOMOTIVE GROUP LTD., Pailton Engineering Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG are some of the major market participants.

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The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is decelerate at a CAGR of almost -6.44%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by 3135.72 th units through 2021-2025.
    
3. What is a key factor driving this market?
   High penetration of hydraulic power steering in commercial vehicles will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   North America, APAC, Europe, MEA, and South America are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   2% growth will originate from South America
    
6. Who are the leading market vendors?
   The leading vendors in this market are ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr Bremse AG, Mando Corp., Melrose Industries Plc, NEXTEER AUTOMOTIVE GROUP LTD., Pailton Engineering Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG
    
7. What are the market segments covered in this report?
   The market is segmented by Application (LCVs, MCVs and HCVs, and Passenger Cars) and Geography (North America, APAC, Europe, MEA, and South America)