With the electrification of steering systems in passenger cars and LCVs, the revenue will likely shift towards EPS technology. As a result, the revenue generated from Hydraulic Power Steering (HPS) is likely to reduce. HPS can witness growth in the agricultural tractor segment as HPS is now becoming a standard feature in tractors across the power segment. By components, the revenue will shift away from the sales of hydraulic pumps towards more sales of ECUs, sensors, and electric motors used in EPS. A similar trend is to be witnessed in the aftermarket as well.
Read More