OTR Power Steering Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 By Mechanism (Electronic power steering (EPS), Hydraulic power steering (HPS) and Electro-Hydraulic Power Steering), By Component (Hydraulic Pump, Sensors, Electric Motor and other components), By Region, By Competition.

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2018-2028

Market Size (2022)

USD 2 billion

CAGR (2023-2028)

7.5%

Fastest Growing Segment

Hydraulic Power Steering

Largest Market

Asia Pacific

 

Market Overview

Global OTR Power Steering Market has valued at USD 2 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.5% through 2028. The Off-the-Road (OTR) vehicle power steering market is a crucial sector within the heavy machinery industry, providing essential solutions for construction, mining, agriculture, forestry, and various other demanding applications. OTR vehicles are known for their robustness and ability to operate in challenging environments, and power steering systems play a pivotal role in enhancing their maneuverability, safety, and overall efficiency. Safety is a paramount concern in the OTR industry, where operators often work in hazardous conditions. Power steering systems significantly contribute to safety by enabling precise control and reducing the risk of accidents. These systems also alleviate operator fatigue during long hours of operation, enhancing comfort and attentiveness. Moreover, the OTR vehicle power steering market is intrinsically linked to productivity and efficiency. In industries such as construction and mining, time-sensitive tasks demand optimal maneuverability. Power steering systems enable operators to navigate through tight spaces, execute precise movements, and handle heavy loads with ease, ultimately boosting productivity. Additionally, these systems lead to fuel savings, reducing operational costs and promoting efficiency gains.

Key Market Drivers

Safety and Operator Comfort

Safety is paramount in the OTR industry, where heavy machinery is often operated in challenging and hazardous conditions. Power steering systems play a pivotal role in ensuring the safety of both operators and those working in proximity to the machinery. These systems enhance operator control, making it easier to navigate heavy equipment and execute precise movements. When operating large OTR vehicles in uneven terrains, responsive power steering reduces the risk of accidents caused by sudden or uncontrollable movements. Additionally, power steering systems contribute to operator comfort by reducing the physical effort required to steer heavy machinery, thus minimizing operator fatigue and enhancing alertness. In challenging OTR environments, where split-second decisions can make the difference between safety and disaster, power steering systems are indispensable safety features.

Productivity and Efficiency

The OTR industry thrives on productivity and efficiency gains. Construction, mining, and agriculture are often time-sensitive industries where the ability to complete tasks efficiently can have a significant impact on profitability. Power steering systems that optimize vehicle maneuverability are essential for achieving higher productivity levels. Operators need the ability to navigate through tight spaces, execute precise movements for tasks like digging or lifting, and handle heavy loads efficiently. Advanced power steering solutions, particularly those that reduce the effort required to steer large and heavy vehicles, contribute not only to productivity but also to fuel savings. A more efficient power steering system translates to less power consumption and, consequently, lower operational costs. These efficiency gains are a powerful driver, as they directly impact on the bottom line and make OTR vehicles more competitive in their respective industries.

Regulatory Compliance and Emissions Reduction

Environmental regulations and emissions reduction initiatives are powerful drivers in the OTR vehicle power steering market. Governments worldwide are imposing increasingly stringent emissions standards and environmental regulations to curb pollution and mitigate the environmental impact of heavy machinery. Manufacturers and operators are obligated to adopt technologies that minimize emissions and enhance environmental sustainability. Electric power steering (EPS) systems, for instance, are gaining traction due to their energy efficiency and lower emissions compared to traditional hydraulic systems. The shift towards EPS and other eco-friendly power steering solutions is driven by the imperative to comply with these regulations and reduce the carbon footprint of OTR vehicles. As environmental concerns intensify, the power steering market continues to evolve, with a focus on sustainable and environmentally responsible solutions.


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Technological Advancements and Integration

OTR vehicle power steering systems are witnessing rapid technological advancements and integration of innovative features. These advancements are driven by the need to improve vehicle performance, enhance operator experience, and stay competitive in the market. Advanced power steering systems are now equipped with sensors that continuously monitor critical variables such as steering angle, vehicle speed, and terrain conditions. This real-time data allows the power steering system to adjust assistance levels on the fly, ensuring optimal control and stability. Moreover, feedback mechanisms, including haptic feedback in the steering wheel, provide operators with better situational awareness and control, especially in challenging off-road conditions. Integration with telematics and connectivity solutions has become increasingly common, enabling remote monitoring, diagnostics, and predictive maintenance. These technological advancements not only meet market demands but also drive market growth as operators seek to leverage the benefits of cutting-edge power steering systems to gain a competitive edge in their respective industries.

Customization and Adaptability

The diverse nature of OTR applications necessitates power steering systems that can be customized and adapted to specific needs. This customization and adaptability are crucial drivers in the power steering market, as they address the varied requirements of different OTR vehicles. Operators demand power steering solutions that can be tailored to the vehicle's size, load capacity, and intended use. Whether it's a compact agricultural tractor, a massive mining haul truck, or a versatile construction machine, power steering systems need to be adaptable to meet the unique demands of each application. This trend toward customization allows operators to optimize vehicle performance for specific tasks and terrains. For example, a construction vehicle may require more responsive steering for precise digging, while an agricultural tractor may prioritize smooth and steady steering for planting or harvesting. This level of customization enhances operational efficiency and productivity, making it a significant driver in the OTR vehicle power steering market 

Key Market Challenges

Extreme Operating Conditions and Durability Requirements

OTR vehicles are subjected to some of the harshest and most challenging operating conditions imaginable. These machines work in dusty construction sites, muddy agricultural fields, rocky mining terrains, and dense forestry areas. Power steering systems installed in these vehicles must endure a myriad of challenges, including extreme temperatures, heavy vibrations, and constant exposure to elements such as dust, water, and debris. The primary challenge lies in ensuring the durability and reliability of power steering components under these brutal conditions. Manufacturers must engineer systems that can withstand the relentless onslaught of environmental factors, minimizing downtime and costly repairs for operators while enhancing vehicle safety and longevity.

Load Variability and Handling Precision

OTR vehicles are designed to handle a wide range of loads, from massive machinery attachments to hefty payloads. Achieving precise and responsive power steering control in these situations is a significant challenge. Manufacturers must design power steering systems capable of adapting to fluctuating loads while maintaining the stability and safety of the vehicle. Striking the right balance between load variability and handling precision is essential because it directly impacts productivity and safety in OTR applications. Moreover, power steering solutions must be versatile enough to cater to different types of machinery, each with its unique load characteristics.

Lack of Standardization

Unlike the passenger vehicle segment, where standardization of power steering components and systems is prevalent, the OTR vehicle market lacks uniformity. The absence of standardized power steering systems stems from the vast diversity of OTR vehicles, each with its specialized power steering requirements. Manufacturers must offer highly customizable solutions to cater to the diverse needs of OTR vehicles, which range from small and nimble utility tractors to colossal mining trucks. This lack of standardization complicates the development and supply chain management for power steering systems in the OTR market. Manufacturers need to navigate this intricate landscape to ensure that their power steering solutions meet the precise demands of various OTR vehicles.

Environmental Impact and Sustainability

Compliance with evolving environmental regulations and the quest for sustainability present a substantial challenge in the OTR vehicle power steering market. Governments worldwide are tightening emissions standards and imposing stricter regulations to reduce the environmental impact of heavy machinery. As a result, manufacturers and operators must adopt technologies that minimize emissions and enhance environmental sustainability. Electric power steering (EPS) systems have gained traction due to their energy efficiency and lower emissions compared to traditional hydraulic systems. Nevertheless, the shift towards eco-friendly power steering solutions also involves addressing the environmental impact of the entire product lifecycle, including manufacturing, disposal, and recycling. Developing environmentally responsible practices for power steering components and systems becomes crucial as sustainability takes center stage.

Retrofitting Challenges and Aftermarket Services

Many OTR vehicles have a long operational lifespan, and operators often seek to retrofit or upgrade power steering systems to enhance performance or comply with evolving safety regulations. However, retrofitting OTR vehicles with modern power steering technology can be challenging due to the diversity of vehicle models and configurations. Manufacturers must offer retrofit solutions that are compatible with a wide range of OTR vehicles, addressing the inherent complexity of adapting new technology to older machines. This requires in-depth knowledge of different OTR vehicle designs and power steering requirements, making retrofitting a technically demanding endeavor. Additionally, providing reliable and cost-effective aftermarket services, including maintenance and replacement parts, is crucial in the OTR Power Steering Market. Operators depend on dependable support to minimize downtime and ensure the continued operation of their aging vehicles, adding further complexity to aftermarket services and support.

Technological Complexity and Maintenance

The increasing technological complexity of power steering systems is a multifaceted challenge in the OTR vehicle power steering market. Modern power steering systems, including electric power steering (EPS) and steer-by-wire technology, involve intricate electronic components, sensors, and software controls. While these technologies offer numerous benefits, they also pose challenges in terms of maintenance and repair. Maintenance personnel and technicians must be equipped with the knowledge and skills required to diagnose and rectify issues in these advanced systems. Keeping up with the rapid pace of technological advancements is a continuous challenge. Failure to properly maintain or repair power steering systems can lead to safety hazards and operational disruptions for OTR operators. Furthermore, the intricacies of power steering technology can also increase the cost of maintenance and repairs, adding to the overall ownership costs of OTR vehicles. Navigating this technological complexity while keeping maintenance costs manageable is a persistent challenge for both manufacturers and operators.

Competitive Landscape and Pricing Pressures

The OTR vehicle power steering market is highly competitive, with multiple players vying for market share. This competitive landscape can lead to price wars and aggressive marketing strategies, potentially eroding profit margins and affecting sustainability. Striking the right balance between innovation, competitiveness, and profitability in a crowded marketplace is a persistent challenge for manufacturers in the OTR power steering segment. Manufacturers must invest in research and development to stay ahead of the competition, continuously improving the performance and features of their power steering systems.

Key Market Trends

Electrification and Adoption of Electric Power Steering (EPS)

One of the most prominent trends in the OTR vehicle power steering market is the gradual shift towards electrification. Many OTR vehicle manufacturers are exploring or already implementing Electric Power Steering (EPS) systems in their heavy machinery. EPS offers several advantages, including improved energy efficiency, precise control, and reduced maintenance requirements compared to traditional hydraulic systems. This trend towards electrification aligns with the broader industry shift towards sustainability and reduced emissions. Additionally, EPS is well-suited for integration with advanced driver assistance systems (ADAS), enhancing safety and maneuverability in OTR applications.

Advanced Sensors and Real-time Data Monitoring

OTR vehicle power steering systems are increasingly equipped with advanced sensors and real-time data monitoring capabilities. These sensors continuously collect data on steering angle, vehicle speed, load conditions, and terrain roughness. The real-time data is then used to adjust power steering assistance levels on the fly, optimizing vehicle stability and control. Additionally, feedback mechanisms, such as haptic feedback in the steering wheel, provide operators with better situational awareness and control, especially in challenging off-road conditions. This trend towards advanced sensors and data-driven adjustments enhances vehicle performance and operator experience.

Customization and Adaptability for Diverse Applications

The diverse nature of OTR applications, from mining to agriculture and construction, requires power steering systems that can be customized and adapted to specific needs. Manufacturers are offering highly customizable solutions that allow operators to fine-tune steering parameters to match the requirements of various tasks and terrains. This customization and adaptability are essential in optimizing vehicle performance and safety for specific applications. Operators can configure power steering systems to cater to the unique demands of different OTR vehicles, making them more versatile and productive.

Integration with Telematics and Connectivity

OTR vehicles are increasingly equipped with telematics and connectivity solutions, and power steering systems are no exception. Integration with telematics allows for real-time monitoring of power steering system health, performance, and efficiency. This data can be transmitted to central control centers, enabling remote diagnostics and predictive maintenance. Telematics and connectivity solutions contribute to better maintenance practices and reduced downtime for OTR vehicles. Additionally, they offer valuable insights into vehicle operation and efficiency, helping operators optimize their fleets.

Sustainability and Eco-Friendly Solutions

Sustainability is a growing trend in the OTR vehicle power steering market, driven by environmental concerns and regulatory pressures. Manufacturers are focusing on developing eco-friendly power steering systems that are energy-efficient and have a reduced environmental footprint. This includes optimizing power consumption in EPS systems, using recyclable materials in component manufacturing, and implementing responsible disposal practices. Operators and fleet managers are increasingly prioritizing sustainability in their operations, which is driving the demand for power steering systems that align with these environmental objectives.

Operator Assist Features and Enhanced Safety

OTR vehicle power steering systems are increasingly integrated with operator assist features aimed at enhancing safety and productivity. These features may include automated steering controls, obstacle detection systems, and collision avoidance technology. These technologies rely heavily on precise and responsive power steering for their functionality. As safety regulations become more stringent, operators are seeking power steering systems that not only improve vehicle control but also contribute to overall safety, particularly in challenging off-road conditions.

Enhanced Durability and Robustness

OTR vehicles operate in harsh and demanding environments, and power steering systems must be robust and durable to withstand the rigors of these conditions. Manufacturers are investing in research and development to enhance the durability of power steering components and systems. This includes the use of rugged materials, improved sealing and protection against environmental elements, and thorough testing under extreme conditions. The trend towards enhanced durability ensures that power steering systems can endure the challenging environments in which OTR vehicles operate, reducing downtime and maintenance costs for operators.


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Regional Insights

During the projected period, Asia Pacific is estimated to lead the automobile steering system market. The growing sales and production of automakers from emerging nations are likely to drive the growth of the automotive steering system market in this area. Demand for high-end luxury vehicles and rising disposable income in developing nations are also expected to drive market expansion in this area.

Europe is estimated to be the second-largest market stakeholder and to exhibit significant growth in the market throughout the projection period. Government fuel economy standards in this region have resulted in an increase in the use of fuel-efficient automobiles with an effective steering system. The global market for electric vehicles is quickly expanding. In Europe, for example, 2021 was a record year for electric car sales. European manufacturers were reluctant to enter the EV industry but rapidly established themselves as significant participants. Furthermore, some governments throughout the world have developed regulations, incentives, and initiatives to encourage the use of electric vehicles.

By 2024, electric vehicles are predicted to account for approximately 4% of new car sales and 7% of the global car fleet. With the increasing sales of electric vehicles, the deployment rate of OTR power steering systems (such as OTR power steering (EPS)) is predicted to increase throughout the projection period.

Over the projected period, North America is also predicted to see strong growth in the automobile steering system market. It is the second-largest market for hydraulic OTR power steering systems, with a few big automakers operating in both Canada and the United States. This aspect is projected to drive the market expansion of this area.

Recent Developments

  • Melexis launched the new MLX90376, an absolute magnetic position sensor IC capable of handling 360° rotating automotive applications while demonstrating strong stray field immunity, in December 2022. The gadget delivers cutting-edge sensing for steering and valve applications and facilitates system integration up to ASIL D-level functional safety.
  • DAF introduces an electronic hydraulic steering (EHS) system on a 6x2 tractor and rigid trucks with a steered pusher axle in December 2022. The new technology is available for the whole New Generation DAF truck range, including the XF, XG, XD, and XG+.
  • The FAW Hongqi R&D Centre stated in November 2022 that the Hongqi steering team of the FAW New Energy Development Center's chassis development division created the Hands On/Off Detection (HOD) steering wheel technology, which debuted in China.
  • ZF expects to invest around USD 100 million in November 2022 to enhance the existing product range and chassis component production capability at the Zhangjiagang facility. The chassis component facility will produce control arms, steering knuckles, steering tie rods and stabilizer links, effectively covering the whole chassis component product line.

Key Market Players

  • Showa Corporation
  • Nexteer Automotive Corporation
  • NSK Ltd
  • JTEKT Corporation
  • Robert Bosch GmbH
  • Mando Corporation
  • Sona Corporation
  • ZF Friedrichshafen AG
  • Hitachi Automotive Systems Limited.

By Mechanism

By Component

By Region
  • Electronic power steering (EPS)
  • Hydraulic power steering (HPS)
  • Electro-Hydraulic power steering (EHPS)
  • Hydraulic Pump Sensors
  • Electric Motor
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global OTR Power Steering Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • OTR Power Steering Market, By Mechanism:

o   Electronic power steering (EPS)

o   Hydraulic power steering (HPS)

o   Electro-Hydraulic power steering (EHPS)

  •  OTR Power Steering Market, By Component:

o   Hydraulic Pump

o   Sensors

o   Electric Motor

o   Others

  • OTR Power Steering Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global OTR Power Steering Market.

Available Customizations:

Global OTR Power Steering Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global OTR Power Steering Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Global OTR Power Steering Market

5.    Global OTR Power Steering Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.1.2.    By Volume

5.2.  Market Share & Forecast

5.2.1.    By Mechanism Market Share Analysis (Electronic power steering (EPS), Hydraulic power steering (HPS) and Electro-Hydraulic Power Steering)

5.2.2.    By Component (Hydraulic Pump, Sensors, Electric Motor, and other components

5.2.3.    By Regional Market Share Analysis

5.2.3.1.        Asia-Pacific Market Share Analysis

5.2.3.2.        Europe & CIS Market Share Analysis

5.2.3.3.        North America Market Share Analysis

5.2.3.4.        South America Market Share Analysis

5.2.3.5.        Middle East & Africa Market Share Analysis

5.2.4.    By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

5.3.  Global OTR Power Steering Market Mapping & Opportunity Assessment

5.3.1.    By Mechanism Market Mapping & Opportunity Assessment

5.3.2.    By Component Market Mapping & Opportunity Assessment

5.3.3.    By Regional Market Mapping & Opportunity Assessment

6.    North America OTR Power Steering Market Outlook

6.1.  Market Size & Forecast       

6.1.1.    By Value

6.1.2.    By Volume

6.2.  Market Share & Forecast

6.2.1.    By Mechanism Market Share Analysis

6.2.2.    By Component Market Share Analysis

6.2.3.    By Country Market Share Analysis

6.2.3.1.        United States Market Share Analysis

6.2.3.2.        Mexico Market Share Analysis

6.2.3.3.        Canada Market Share Analysis

6.3.  North America: Country Analysis

6.3.1.    United States OTR Power Steering Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value

6.3.1.1.2.           By Volume

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Mechanism Market Share Analysis

6.3.1.2.2.           By Component Market Share Analysis

6.3.2.    Canada OTR Power Steering Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value

6.3.2.1.2.           By Volume

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Mechanism Market Share Analysis

6.3.2.2.2.           By Component Market Share Analysis

6.3.3.    Mexico OTR Power Steering Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value

6.3.3.1.2.           By Volume

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Mechanism Market Share Analysis

6.3.3.2.2.           By Component Market Share Analysis

7.    Europe OTR Power Steering Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value

7.1.2.    By Volume

7.2.  Market Share & Forecast

7.2.1.    By Mechanism Market Share Analysis

7.2.2.    By Component Market Share Analysis

7.2.3.    By Country Market Share Analysis

7.2.3.1.        Germany Market Share Analysis

7.2.3.2.        Spain Market Share Analysis

7.2.3.3.        France Market Share Analysis

7.2.3.4.        Russia Market Share Analysis

7.2.3.5.        Italy Market Share Analysis

7.2.3.6.        United Kingdom Market Share Analysis

7.2.3.7.        Belgium Market Share Analysis

7.2.3.8.        Rest of Europe & CIS Market Share Analysis

7.3.  Europe: Country Analysis

7.3.1.    Germany OTR Power Steering Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.1.2.           By Volume

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Mechanism Market Share Analysis

7.3.1.2.2.           By Component Market Share Analysis

7.3.2.    United Kingdom OTR Power Steering Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.1.2.           By Volume

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Mechanism Market Share Analysis

7.3.2.2.2.           By Component Market Share Analysis

7.3.3.    Italy OTR Power Steering Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.1.2.           By Volume

7.3.3.2.        Market Share & Forecasty

7.3.3.2.1.           By Mechanism Market Share Analysis

7.3.3.2.2.           By Component Market Share Analysis

7.3.4.    France OTR Power Steering Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value

7.3.4.1.2.           By Volume

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Mechanism Market Share Analysis

7.3.4.2.2.           By Component Market Share Analysis

7.3.5.    Spain OTR Power Steering Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Mechanism Market Share Analysis

7.3.5.2.2.           By Component Market Share Analysis

8.    Asia-Pacific OTR Power Steering Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value

8.1.2.    By Volume

8.2.  Market Share & Forecast

8.2.1.    By Mechanism Market Share Analysis

8.2.2.    By Component Market Share Analysis

8.2.3.    By Country Market Share Analysis

8.2.3.1.        China Market Share Analysis

8.2.3.2.        India Market Share Analysis

8.2.3.3.        Japan Market Share Analysis

8.2.3.4.        Indonesia Market Share Analysis

8.2.3.5.        Thailand Market Share Analysis

8.2.3.6.        South Korea Market Share Analysis

8.2.3.7.        Australia Market Share Analysis

8.2.3.8.        Rest of Asia-Pacific Market Share Analysis

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China OTR Power Steering Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.1.2.           By Volume

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Mechanism Market Share Analysis

8.3.1.2.2.           By Component Market Share Analysis

8.3.2.    India OTR Power Steering Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.1.2.           By Volume

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Mechanism Market Share Analysis

8.3.2.2.2.           By Component Market Share Analysis

8.3.3.    Japan OTR Power Steering Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.1.2.           By Volume

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Mechanism Market Share Analysis

8.3.3.2.2.           By Component Market Share Analysis

8.3.4.    South Korea OTR Power Steering Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.1.2.           By Volume

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Mechanism Market Share Analysis

8.3.4.2.2.           By Component Market Share Analysis

8.3.5.    Australia OTR Power Steering Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.1.2.           By Volume

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Mechanism Market Share Analysis

8.3.5.2.2.           By Component Market Share Analysis

9.    South America OTR Power Steering Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value

9.1.2.    By Volume

9.2.  Market Share & Forecast

9.2.1.    By Mechanism Market Share Analysis

9.2.2.    By Component Market Share Analysis

9.2.3.    By Country Market Share Analysis

9.2.3.1.        Brazil Market Share Analysis

9.2.3.2.        Argentina Market Share Analysis

9.2.3.3.        Colombia Market Share Analysis

9.2.3.4.        Rest of South America Market Share Analysis

9.3.  South America: Country Analysis

9.3.1.    Brazil OTR Power Steering Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.1.2.           By Volume

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Mechanism Market Share Analysis

9.3.1.2.2.           By Component Market Share Analysis

9.3.2.    Argentina OTR Power Steering Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.1.2.           By Volume

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Mechanism Market Share Analysis

9.3.2.2.2.           By Component Market Share Analysis

9.3.3.    Colombia OTR Power Steering Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.1.2.           By Volume

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Mechanism Market Share Analysis

9.3.3.2.2.           By Component Market Share Analysis

10. Middle East and Africa OTR Power Steering Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value

10.1.2. By Volume

10.2.             Market Share & Forecast

10.2.1. By Mechanism Market Share Analysis

10.2.2. By Component Market Share Analysis

10.2.3. By Country Market Share Analysis

10.2.3.1.     South Africa Market Share Analysis

10.2.3.2.     Saudi Arabia Market Share Analysis

10.2.3.3.     UAE Market Share Analysis

10.2.3.4.     Rest of Middle East & Africa Market Share Africa

10.3.             Middle East and Africa: Country Analysis

10.3.1. South Africa OTR Power Steering Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.1.2.         By Volume

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Mechanism Market Share Analysis

10.3.1.2.2.         By Component Market Share Analysis

10.3.2. Saudi Arabia OTR Power Steering Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.1.2.         By Volume

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Mechanism Market Share Analysis

10.3.2.2.2.         By Component Market Share Analysis

10.3.3. UAE OTR Power Steering Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.1.2.         By Volume

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Mechanism Market Share Analysis

10.3.3.2.2.         By Component Market Share Analysis

11. SWOT Analysis

11.1.           Strength

11.2.           Weakness

11.3.           Opportunities

11.4.           Threats

12. Market Dynamics

12.1.           Market Drivers

12.2.           Market Challenges

13. Market Trends & Developments

14. Competitive Landscape

14.1.             Company Profile(Up to 10 major Companies)

14.1.1. Showa Corporation

14.1.1.1.     Company Details

14.1.1.2.     Key Product Offered

14.1.1.3.     Financials (As Per Availability)

14.1.1.4.     Recent Developments

14.1.1.5.     Key Management Personnel

14.1.2. Nexteer Automotive Corporation

14.1.2.1.     Company Details

14.1.2.2.     Key Product Offered

14.1.2.3.     Financials (As Per Availability)

14.1.2.4.     Recent Developments

14.1.2.5.     Key Management Personnel

14.1.3. NSK Ltd

14.1.3.1.     Company Details

14.1.3.2.     Key Product Offered

14.1.3.3.     Financials (As Per Availability)

14.1.3.4.     Recent Developments

14.1.3.5.     Key Management Personnel

14.1.4. JTEKT Corporation

14.1.4.1.     Company Details

14.1.4.2.     Key Product Offered

14.1.4.3.     Financials (As Per Availability)

14.1.4.4.     Recent Developments

14.1.4.5.     Key Management Personnel

14.1.5. Robert Bosch GmbH

14.1.5.1.     Company Details

14.1.5.2.     Key Product Offered

14.1.5.3.     Financials (As Per Availability)

14.1.5.4.     Recent Developments

14.1.5.5.     Key Management Personnel

14.1.6. Mando Corporation

14.1.6.1.     Company Details

14.1.6.2.     Key Product Offered

14.1.6.3.     Financials (As Per Availability)

14.1.6.4.     Recent Developments

14.1.6.5.     Key Management Personnel

14.1.7. Sona Corporation

14.1.7.1.     Company Details

14.1.7.2.     Key Product Offered

14.1.7.3.     Financials (As Per Availability)

14.1.7.4.     Recent Developments

14.1.7.5.     Key Management Personnel

14.1.8. ZF Friedrichshafen AG

14.1.8.1.     Company Details

14.1.8.2.     Key Product Offered

14.1.8.3.     Financials (As Per Availability)

14.1.8.4.     Recent Developments

14.1.8.5.     Key Management Personnel

14.1.9. Hitachi Automotive Systems Limited

14.1.9.1.     Company Details

14.1.9.2.     Key Product Offered

14.1.9.3.     Financials (As Per Availability)

14.1.9.4.     Recent Developments

14.1.9.5.     Key Management Personnel

15. Strategic Recommendations

15.1.           Key Focus Areas

15.1.1. Target Regions

15.1.2. Target By Mechanism

15.1.3. Target By Component

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global OTR Power Steering Market was estimated to be USD 2 billion in 2022.

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The automobile steering system market is further subdivided into Electric power steering (EPS), hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS). The Electric power steering category is expected to dominate the market throughout the projected period, owing to manufacturers' increased deployment of electric power steering in all vehicle types. Advances in electric power steering to steer-by-wire technology are also expected to promote market expansion in this area. Because of its widespread use in commercial vehicles, the hydraulic power steering category is predicted to rise rapidly in the market throughout the projection period.

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Asia Pacific is estimated to lead the automobile steering system market. The growing sales and production of automakers from emerging nations are likely to drive the growth of the automotive steering system market in this area. Demand for high-end luxury vehicles and rising disposable income in developing nations are also expected to drive market expansion in this area.

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Productivity and Efficiency, Regulatory Compliance and Emissions Reduction and Technological Advancements and Integration are the major drivers for the Global OTR Power Steering Market.

Related Reports

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Srishti Verma

Business Consultant
Press Release

OTR Power Steering Market to Grow with a CAGR of 7.5% through 2028

Sep, 2023

Productivity and Efficiency, Regulatory Compliance and Emissions Reduction and Technological Advancements and Integration are factors driving the Global OTR Power Steering Market in the forecast peri

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