Automotive Power Steering Pump Market

Automotive Power Steering Pump Market Outlook (2023 to 2033)

A power steering system in a car lessens the effort needed to turn the front wheels by using a separate motor or engine power. The assistance aids in steering and facilitates manoeuvring at slower speeds. While parking and turning a corner slowly, it is a useful function.

Automotive power steering pumps help in the moment of the 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 the 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 the transmitted pump by utilizing vanes. Flexible hoses are used for transmitting the power of the engine to the steering pump through a fluid medium.

What are impelling factors behind the rise in the production of automotive vehicle components?

Tech giants are engaged in manufacturing lightweight casing of automotive power steering pumps, in which the mechanism and control will be eco-friendly and energy efficient and consume less energy of the engine and provide high turn ability to the vehicle.

Manufacturers are also focusing on reducing the weight of the pulley of the steering pump. The pulley helps to provide dynamic balancing in the pump mechanism, owing to which it is considered a major component of the steering pump. However, the sale of automotive power steering systems directly depends on the volume of production of the vehicle.

What are the challenges ahead for manufacturers?

The astonishing development in the autonomous vehicles segment in recent decades is indicating the rise in electrically powered steering systems in passenger cars and other light vehicles. Since it began, the automotive industry has developed.

Car safety, convenience, and comfort have all evolved dramatically over time. Thanks to diverse hardware, these upgrades featured a diversity of functions. As a result, the cost of ownership increased, which harmed the customer's finances. Manufacturers have developed a remedy for this problem in the form of virtualization.

The market for autonomous vehicles was assessed at USD 106 billion globally in 2021, and by the end of 2030, it is anticipated to reach USD 2.3 trillion.

Increasing adoption of electronic power steering is the major factor expected to hamper the growth of the global market, as the electronic power system is the replacement of power steering pumps and their components by brushless motors.

Moreover, the automotive steering power system requires regular maintenance owing to the high chance of oil leakage. Besides, the associated high replacement cost is also a factor expected to hinder the growth of the market during the forecast period.

Key players

• 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.

Region Wise Insights

Asia Pacific is projected to be a dominant market in the global market owing to the increasing production of conventional vehicles and passenger cars. Japan is expected to lead in the global market after China and India, due to an increase in 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 the increasing production of commercial vehicles.

Western Europe is projected to grow at a significant CAGR owing to increasing production of the power-assisted steering column. India is projected to grow at the utmost growth rate. The Middle East and Africa are projected to have sluggish growth as consumers are shifting towards electric-assist steering system and increasing the sales of luxurious vehicle, which have only electric motors in the steering column for turning the vehicle.

Recent Developments

• Jan 2022- ZF Friedrichshafen AG announced investment into strengthening its commitment to the SmartWay program in partnership with the Environmental Protection Agency which provides a framework to evaluate the movements of goods across supply chains.
• Aug 2022- GKN automotive developers have created a novel test rig for the EV driveline components. These unique rigs are meant to unfold new industry standards regulating precision and control testing among vehicles.
• Jan 2021- ZF and KPIT joined hands for cooperation in industry-leading middleware solutions dealing with the complexities of retaining full control over the architecture of vehicles. This investment is in terms of the software-defined vehicle plan.
• March 2019- The team Hitachi and Penske announced the continuation of their partnership for the NTT IndyCar series season. The team Penske entered its 53rd year of car racing competition and carried Hitachi as a global partner for the 8th consecutive year.

Segmentation

• By Product Type :

  • Vane
  • Roller
  • Slipper

• By Vehicle Type :

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

• By Sales Channels :

  • OEM
  • Aftermarket

• By Regions :

  • North America 
  • Latin America 
  • Western Europe 
  • Eastern Europe 
  • Asia Pacific 
  • Japan
  • Middle East and Africa