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Japan Electrically Powered Hydraulic Steering Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: January, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 178
Forecast Year: 2024-2032
Category

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Market Overview

Japan is a technologically advanced nation that has consistently been at the forefront of innovation and development. As the automotive industry continues to evolve, one of the critical areas of focus has been steering systems. Electrically powered hydraulic steering systems have gained significant traction in the Japanese market due to their superior performance and efficiency. This article delves into the Japan electrically powered hydraulic steering market, exploring its current state, trends, key players, growth drivers, and challenges.

Meaning

The Japan Electrically Powered Hydraulic Steering Market refers to the sector that deals with the production, distribution, and usage of electrically powered hydraulic steering systems in vehicles across Japan. Electrically powered hydraulic steering systems are an advanced technology that combines the benefits of both electric and hydraulic steering systems. These systems use an electric motor to assist in the turning of the vehicle’s wheels, reducing the effort required by the driver and enhancing overall control and maneuverability. The market encompasses various components such as electronic control units, pumps, hoses, and sensors, which work in harmony to deliver a smooth and efficient steering experience.

Executive Summary

The Japan Electrically Powered Hydraulic Steering Market has experienced substantial growth in recent years, driven by technological advancements and increasing demand for enhanced driving comfort and safety. The market has witnessed a surge in the adoption of electrically powered hydraulic steering systems in passenger cars, commercial vehicles, and off-road vehicles. Additionally, the rising focus on eco-friendly and fuel-efficient technologies has further boosted the demand for electrically powered hydraulic steering systems in the automotive industry.

Japan Electrically Powered Hydraulic Steering Market

Key Market Insights

  1. Market Drivers
  • Technological Advancements: Ongoing research and development in the automotive industry have led to significant advancements in electrically powered hydraulic steering systems, making them more reliable, efficient, and responsive.
  • Enhanced Driving Experience: Electrically powered hydraulic steering systems offer a smoother and more responsive driving experience, reducing driver fatigue and increasing overall safety.
  • Growing Automotive Industry: The robust growth of the automotive industry in Japan has created a substantial demand for innovative steering systems to meet the evolving consumer preferences.
  1. Market Restraints
  • High Initial Cost: The initial cost of implementing electrically powered hydraulic steering systems is relatively high, which may deter budget-conscious consumers and manufacturers.
  • Limited Awareness: Some consumers and manufacturers may still be unaware of the benefits of electrically powered hydraulic steering systems, leading to slower adoption rates.
  • Infrastructure Challenges: The successful implementation of these systems requires adequate charging infrastructure, which might not be universally available in all regions.
  1. Market Opportunities
  • Electrification Trend: The growing trend towards vehicle electrification presents a significant opportunity for electrically powered hydraulic steering systems as they complement electric drivetrains.
  • Increasing Safety Standards: Stringent safety regulations and the need for advanced driver assistance systems (ADAS) create a favorable environment for the adoption of electrically powered hydraulic steering systems.
  • Autonomous Vehicles: The rise of autonomous vehicles opens up new possibilities for steering systems, and electrically powered hydraulic steering can play a crucial role in enhancing control and safety in such vehicles.

Market Dynamics

The Japan Electrically Powered Hydraulic Steering Market is characterized by intense competition, with several key players vying for market share. Continuous innovation and product development remain vital to stay ahead in this dynamic market. Furthermore, collaborations between automakers and steering system manufacturers have become commonplace, leading to enhanced technological integration and better synergy between vehicle components.

Regional Analysis

The demand for electrically powered hydraulic steering systems varies across different regions of Japan. Major metropolitan areas and industrial hubs have a higher adoption rate due to greater vehicle density and the presence of technologically aware consumers. On the other hand, rural areas may show slower adoption rates due to limited awareness and infrastructure challenges.

Competitive Landscape

The Japan Electrically Powered Hydraulic Steering Market is highly competitive, with both domestic and international players competing for market share. Key industry players invest heavily in research and development to bring innovative steering solutions to the market. Collaborations, mergers, and acquisitions are common strategies to expand their product portfolios and geographical presence.

Segmentation

The market can be segmented based on vehicle type, steering system type, and application. By vehicle type, the segments include passenger cars, commercial vehicles, and off-road vehicles. Based on the steering system type, the market can be divided into rack and pinion, column-assist electrically powered hydraulic steering, and parallel-assist electrically powered hydraulic steering. Application-wise, the segments encompass original equipment manufacturers (OEMs) and aftermarket sales.

Category-wise Insights

  1. Passenger Cars Segment

The passenger cars segment dominates the market, driven by the increasing demand for comfort, safety, and enhanced driving experience among consumers. Electrically powered hydraulic steering systems offer a perfect balance between ease of driving and precision, making them highly attractive for passenger car owners.

  1. Commercial Vehicles Segment

The commercial vehicles segment is also witnessing steady growth as fleet operators and transport companies seek advanced steering systems to improve driver efficiency and reduce maintenance costs. Electrically powered hydraulic steering systems offer durability and reliability required for commercial vehicles’ demanding operations.

  1. Off-Road Vehicles Segment

Off-road vehicles, such as agricultural machinery and construction equipment, require robust steering systems to navigate challenging terrains. Electrically powered hydraulic steering systems provide the necessary power and precision, making them an ideal choice for off-road vehicles.

Key Benefits for Industry Participants and Stakeholders

  • Automakers: Electrically powered hydraulic steering systems offer automakers a competitive edge by providing advanced steering technology that enhances their vehicle offerings’ appeal.
  • Consumers: Vehicle owners benefit from improved driving comfort, reduced driver fatigue, and better control offered by electrically powered hydraulic steering systems.
  • Steering System Manufacturers: Companies specializing in steering system manufacturing can tap into the growing demand for advanced steering solutions, driving revenue growth.
  • Environment: The adoption of electrically powered hydraulic steering systems aligns with the industry’s efforts to reduce carbon emissions and promote sustainable practices.

SWOT Analysis

Strengths:

  • Superior Driving Experience
  • Enhanced Safety Features
  • Technological Advancements
  • Complements Vehicle Electrification

Weaknesses:

  • High Initial Cost
  • Limited Awareness
  • Infrastructure Challenges

Opportunities:

  • Vehicle Electrification Trend
  • Stringent Safety Regulations
  • Rise of Autonomous Vehicles

Threats:

  • Intense Market Competition
  • Economic Uncertainties
  • Technological Disruptions

Market Key Trends

  1. Integration with ADAS

Electrically powered hydraulic steering systems are increasingly integrated with Advanced Driver Assistance Systems (ADAS) to offer additional safety and convenience features such as lane-keeping assist, adaptive cruise control, and automatic emergency braking.

  1. Electrification of Steering Systems

The trend of vehicle electrification extends to steering systems as well. Electrified steering systems are gaining popularity due to their energy efficiency and seamless integration with electric drivetrains.

  1. Smart Steering Technology

Smart steering technology is emerging, allowing vehicles to adapt steering response based on driving conditions and driver behavior, further enhancing the driving experience and safety.

Covid-19 Impact

The outbreak of the Covid-19 pandemic had a significant impact on the Japan Electrically Powered Hydraulic Steering Market. The automotive industry faced disruptions in production, supply chain, and demand due to lockdowns, restrictions, and economic uncertainties. However, the market showed resilience as it gradually recovered with the easing of restrictions and government stimulus packages.

Key Industry Developments

  1. Innovative Product Launches

Several key players in the market launched innovative electrically powered hydraulic steering systems with improved features such as energy-efficient designs, quicker response times, and seamless integration with vehicle electronics.

  1. Strategic Collaborations

Automakers and steering system manufacturers formed strategic partnerships to jointly develop advanced steering solutions tailored to specific vehicle models and market segments.

Analyst Suggestions

  1. Increased Marketing and Awareness

To overcome the limited awareness among consumers, industry players should invest in effective marketing campaigns to educate potential customers about the benefits of electrically powered hydraulic steering systems. Creating awareness about the advantages of these systems, such as improved driving comfort, enhanced safety, and eco-friendliness, will likely drive higher adoption rates.

  1. Affordable Pricing Strategies

To address the concern of high initial costs, steering system manufacturers could explore innovative pricing strategies, such as offering attractive financing options, discounts, or bundled deals with new vehicles. This approach may entice budget-conscious consumers to consider investing in electrically powered hydraulic steering systems.

  1. Investment in R&D

Given the dynamic nature of the automotive industry, continuous investment in research and development is crucial for staying competitive. Industry participants should focus on developing cutting-edge technologies that address emerging challenges and cater to the evolving demands of consumers.

Future Outlook

The future of the Japan Electrically Powered Hydraulic Steering Market looks promising, driven by the increasing emphasis on vehicle safety, comfort, and sustainability. As the automotive industry continues to evolve, electrically powered hydraulic steering systems will play a significant role in shaping the future of steering technology.

The market is expected to witness a surge in demand as vehicle electrification becomes more widespread and autonomous driving technology advances. Additionally, stringent safety regulations and the growing preference for advanced driver assistance systems will drive the adoption of electrically powered hydraulic steering systems in vehicles across various segments.

Furthermore, advancements in materials and manufacturing processes are likely to contribute to cost reductions, making electrically powered hydraulic steering systems more affordable and accessible to a broader consumer base.

Conclusion

The Japan Electrically Powered Hydraulic Steering Market is undergoing a transformative phase, fueled by technological innovations and changing consumer preferences. The market’s growth is attributed to the superior driving experience, enhanced safety features, and the increasing trend of vehicle electrification.

Despite challenges such as high initial costs and limited awareness, the industry remains optimistic about the future. As the automotive sector continues to evolve, electrically powered hydraulic steering systems will remain a key enabler of driving comfort, safety, and sustainability.

To fully capitalize on the market’s potential, stakeholders should focus on creating awareness about the benefits of these systems, investing in research and development, and fostering collaborations to develop cutting-edge steering solutions. By doing so, they can position themselves strategically and thrive in the competitive landscape, contributing to the growth and evolution of the Japan Electrically Powered Hydraulic Steering Market.

Japan Electrically Powered Hydraulic Steering Market Segmentation

Segmentation Details Information
Component Hydraulic Pump, Electric Motor, Steering Column, Others
Vehicle Type Passenger Cars, Commercial Vehicles
Power Steering Type Electric Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS)
Region Hokkaido, Tohoku, Kanto, Chubu, Kansai, Chugoku, Shikoku, Kyushu, Okinawa

Leading Companies in Japan Electrically Powered Hydraulic Steering Market:

  1. JTEKT Corporation
  2. NSK Ltd.
  3. Nexteer Automotive Corporation
  4. ZF Friedrichshafen AG
  5. Mando Corporation
  6. Hitachi Automotive Systems, Ltd.
  7. Bosch Automotive Steering Japan Co., Ltd.
  8. Mitsubishi Electric Corporation (Automotive Equipment Division)
  9. GKN Automotive Limited
  10. Hyundai Mobis Co., Ltd.

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