The power steering pump market has witnessed significant growth in recent years, driven by the increasing demand for smooth and effortless steering in vehicles. Power steering pumps play a crucial role in modern vehicles, providing hydraulic assistance to reduce the effort required to steer the vehicle. This article provides an overview of the power steering pump market, including its drivers, restraints, and key statistics from government organizations.
The global power steering pump market size was USD 1.74 Billion in 2022 and is expected to register a revenue CAGR of 3.1% during the forecast period, according to latest analysis by Emergen Research. One of the primary drivers of the power steering pump market is the growing automotive industry. As the number of vehicles on the road continues to increase, the demand for power steering systems rises in tandem. Power steering pumps enable drivers to maneuver their vehicles with ease, enhancing safety and comfort. The automotive industry’s focus on improving driving experience and reducing driver fatigue has fueled the adoption of power steering pumps in various vehicle segments.
Another driver of the power steering pump market is the increasing preference for electric power steering (EPS) systems. EPS systems utilize electric motors instead of hydraulic pumps to provide steering assistance. EPS offers several advantages over traditional hydraulic power steering, including improved fuel efficiency, reduced maintenance requirements, and enhanced control and responsiveness. The shift towards EPS systems has driven the demand for electric power steering pumps, which are integral components of these systems.
However, the power steering pump market also faces certain restraints. One significant challenge is the increasing demand for electric vehicles (EVs) and autonomous vehicles. EVs typically utilize electric power steering systems, eliminating the need for hydraulic power steering pumps. Similarly, autonomous vehicles rely on advanced steering technologies, such as steer-by-wire systems, which do not require traditional power steering pumps. The rise of EVs and autonomous vehicles may impact the demand for power steering pumps in the long run.
Government organizations play a crucial role in monitoring and regulating the automotive industry, indirectly influencing the power steering pump market. For instance, the National Highway Traffic Safety Administration (NHTSA) in the United States sets safety standards and regulations for vehicles, including steering systems. These regulations ensure that power steering pumps and systems meet safety requirements and provide reliable steering assistance.
Statistics from government organizations shed light on the significance of the power steering pump market. According to the International Energy Agency (IEA), the global electric car stock surpassed 10 million vehicles in 2020, reflecting a 43% increase compared to the previous year. This surge in electric vehicle adoption indicates the shift towards electric power steering systems, which may impact the demand for traditional power steering pumps.
Furthermore, the IEA reports that the global fleet of autonomous vehicles is expected to reach 60 million by 2040. Autonomous vehicles rely on advanced steering technologies that do not require traditional power steering pumps. While the impact on the power steering pump market may be gradual, the growth of autonomous vehicles presents a potential restraint for the market in the future.
The Power Steering Pump Market report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behaviour shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Power Steering Pump market.
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Competitive Terrain:
The global Power Steering Pump industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
Denso Corporation, Bosch, Cardone Industries, Delphi Technologies, Thyssenkrupp AG, Nexteer Automotive, Melling, ACDelco, JTEKT Corporation, Mavalgear
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Additional information offered by the report:
- Along with a complete overview of the global Power Steering Pump market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
- The report elaborates on the global Power Steering Pump market size and share governed by the major geographies.
- It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
- It further presents a detailed description of the company profiles of the key market contenders.
Segments Covered in this report are:
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Automotive Vehicles
- Heavy Machinery
- Marine Vessels
- Aircraft
- Others
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Vane-Type Power Steering Pump
- Gear-Type Power Steering Pump
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Radical Highlights of the Power Steering Pump Market Report:
- Comprehensive overview of the Power Steering Pump market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players, including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of the technological developments and R&D advancements on the Power Steering Pump market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about business expansion strategies, product launches, and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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