Major challenges in the global automotive electro-hydraulic power steering system market

The global automotive electro-hydraulic power steering system market is expected to grow at a CAGR of 11.36% during the forecast period. Major challenges in the global automotive electro-hydraulic power steering system market include growth of autonomous vehicles without steering wheels, use of hydraulic power steering with variable assist systems, and development of belt drive electric power steering system.

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Autonomous vehicles form a major milestone, in terms of technological superiority, for automotive manufacturers. Thus, a majority of the vehicle manufacturers are contributing a sizable amount of resources for developing advanced driver assist systems to fuel the development of autonomous vehicles. The need for steering essentially declines in level 4 and level 5 autonomous vehicles as the machine will undertake majority of the directional movements.

The concept of autonomous cars or driverless cars is expected to gain momentum during the forecast period. OEMs, namely, Volvo, Scania, Daimler, Bosch, Continental, and Delphi are focusing on expanding their autonomous driving concept. Increased competition among vehicle makers to develop autonomous driving technology is expected to accelerate the development of driverless cars without steering wheels during the forecast period. Therefore, growth of autonomous vehicles will pose a challenge to the development of automotive electro-hydraulic power steering systems. However, despite the challenges, the global automotive electro-hydraulic power steering system market is expected to grow in an accelerating momentum during the forecast period.