Worldwide Automotive Power Steering Pump Industry Share, Size, Gross Margin, Trend, Demand and Forecast till 2028

Posted on 2021-02-22 by Future Market Insights, Inc in Automotive // 0 Comments

CITY, Country, 2021-Feb-22 — /EPR Network/ —

Automotive power steering pumps assist the moment of power steering system by applying the principle of fluid mechanics. Steering pumps also enhance the performance of steering as well as reduce the noise level of steering system, which is caused due to harsh turning of the vehicle. Generally, vane type pumps are used in the power steering system as they subsequently increase the pressure of transmitted pump by the utilizing vanes. Flexible hoses are used for transmitting the power of engine to steering pump through fluid medium. Tech giants are engaged in manufacturing of lightweight casing of automotive power steering pumps, in which the mechanism and controlling will be ecofriendly and energy efficient and consume less energy of engine and provide high turn ability to the vehicle. Manufacturers are also focusing on reducing the weight of pulley of steering pump. The pulley helps to provide dynamic balancing in the pump mechanism, owing to which it is considered as a major component of the steering pump. However, the sale of automotive power steering system directly depends on the volume production of the vehicle. On the flip side, in terms of growth the global automotive power steering market is likely to witness sluggish growth owing to phasing in of electronic power steering system, which is the completely the replacement of pumps, pulleys, hoses and other small components used in power steering system.

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Automotive Power Steering Pump Market: Dynamics

Steering pumps are installed in a vehicle in order to reduce the driver’s effort. The sale of the automotive power steering pump is correlated to the sale of the vehicles. Moreover, since the last decade, the rapid advancement in steering system as well as consistently rising innovation related to steering system across the world is expected to drive the growth of the global automotive power steering pump market. In addition, automotive component manufacturers are focusing on introducing advanced auto parts so as to make driving safe, comfortable and efficient. This has consequently reduced the use of manual steering system and increased the sale of automotive power steering pump.

Increasing adoption of electronic power steering is the major factor expected to hamper the growth of the global automotive power steering pump market, as the electronic power system is the replacement of power steering pumps and their components by brushless motors. Moreover, automotive power steering power system requires regular maintenance owing to high chance of oil leakage. Besides, the associated high replacement cost is also a factor expected to hinder the growth of the automotive power steering pump market during the forecast period.

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Automotive Power Steering Pump Market: Segmentation

The global automotive power steering pump market can segmented on the basis of product type, vehicle type and sales channel.

On the basis of product type, the global automotive power steering pump market is segmented as:

Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump

On the basis of vehicle type, the global automotive power steering pump market is segmented as:

LCV (Light Commercial Vehicle)
HCV (Heavy Commercial Vehicle)
PC (Passenger Car)
Sport Car
Others

On the basis of sales channel, the global automotive power steering pump market is segmented as:

OEM
Aftermarket

Automotive Power Steering Pump Market: Regional Outlook

Asia Pacific is projected to be a dominant market in the global automotive power steering pump market owing to increasing production of conventional vehicles and passenger cars. Japan is expected to lead in the global automotive power steering pump market after China and India, due to increase in the domestic auto production over the last few years. North America is projected to grow at a noteworthy growth rate during the forecast period owing to increasing production of commercial vehicles. Western Europe is projected to grow at a significant CAGR owing to increasing production of power-assisted steering column. India is projected to grow with an utmost growth rate. The Middle East and Africa is projected to have sluggish growth as the consumers are shifting towards electric assist steering system and increasing the sales of luxurious vehicle, which have only electric motors in steering column for turning the vehicle.

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Examples of some of the key players in the global automatic power steering pump market are:

Robert Bosch GmbH
Nexteer Automotive
ZF Friedrichshafen AG
Melling
Hitachi Automotive Systems, Ltd.
JTEKT Corporation
Rapid Precision Engineering
Quanxing Machining Group Co., Ltd.
GKN plc.
Maval Industries
Automation Tooling Systems Inc.

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