Global Power Steering Market Demand: Insights into USD 29 Billion Market and Projected [6.76%] Growth

The global power steering market is a fundamental component of the automotive industry, significantly impacting vehicle performance, safety, and comfort. With technological advancements, the demand for efficient and responsive steering systems has increased.

The transition toward electric power steering (EPS) and steer-by-wire technology reflects the industry’s focus on sustainability, fuel efficiency, and automation. Additionally, stringent regulatory measures concerning emissions and fuel economy have accelerated the adoption of advanced power steering mechanisms. This report provides a comprehensive analysis of the market, including growth drivers, technological innovations, market segmentation, competitive landscape, and future prospects.

Global Power Steering Market Overview

According to the TechSci Research report, the global power steering market was valued at USD 29 billion in 2022 and is projected to grow at a CAGR of 6.76% from 2024 to 2028. The increasing demand for passenger vehicles, coupled with advancements in steering technology, is propelling market growth. Additionally, regulations aimed at improving fuel efficiency and reducing emissions are driving the adoption of EPS systems over traditional hydraulic systems. Automakers are integrating cutting-edge steering solutions to enhance driving experience, safety, and vehicle performance.

Key factors influencing market growth include:

• Rising sales of electric and autonomous vehicles.

• Government policies promoting fuel-efficient technologies.

• Increasing investments in automotive R&D for safer and more reliable steering mechanisms.

• Growing preference for comfort and customizable driving experiences.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on “Global Power Steering Market.” @ https://www.techsciresearch.com/report/power-steering-market/16841.html

Key Growth Drivers of Global Power Steering Market 

Growth in Passenger Car Sales

The global rise in disposable income, rapid urbanization, and increasing middle-class populations have led to a surge in passenger vehicle sales. Consumers seek technologically advanced vehicles that offer improved safety, ease of driving, and efficiency. Power steering systems play a crucial role in enhancing maneuverability and control, making them a key feature in modern vehicles. Furthermore, luxury and premium car manufacturers are investing in intelligent power steering solutions that cater to personalized driving preferences.

Shift Towards Electrification

The shift from internal combustion engine (ICE) vehicles to electric vehicles (EVs) has fueled the demand for EPS systems. Unlike hydraulic power steering (HPS), EPS eliminates the need for hydraulic fluid, reducing overall energy consumption. Additionally, EPS enables seamless integration with electronic control units (ECUs) for enhanced automation and safety. This shift is crucial for achieving sustainability targets while improving vehicle dynamics.

Adoption of Advanced Driver Assistance Systems (ADAS)

Modern vehicles are increasingly incorporating ADAS technologies, such as lane-keeping assist, automated parking, and adaptive cruise control. These systems require precise steering inputs, which EPS facilitates through sensor-based feedback mechanisms. Autonomous and semi-autonomous vehicles rely heavily on EPS to execute controlled movements and safety maneuvers, making it an indispensable technology in future mobility solutions.

Regulatory Push for Fuel Efficiency

Governments worldwide have imposed strict fuel economy and emissions regulations, compelling automakers to adopt energy-efficient steering systems. Hydraulic power steering systems contribute to energy losses, whereas EPS optimizes power consumption by using electric motors. This transition supports carbon reduction initiatives and aligns with global sustainability goals.

Global Power Steering Market Segmentations

By Vehicle Type

• Passenger Cars: The largest segment due to increasing consumer preference for advanced steering systems in compact, mid-size, and luxury vehicles.

• Light Commercial Vehicles (LCVs): Growing demand in logistics and last-mile delivery services is fueling the need for efficient power steering solutions.

• Medium & Heavy Commercial Vehicles (MHCVs): Predominantly using hydraulic power steering due to high torque requirements and durability concerns.

• Off-the-Road Vehicles: Specialized steering solutions are required for construction, mining, and agricultural machinery, which demand high resilience and reliability.

By Mechanism

• Electronic Power Steering (EPS): Leading the market due to its energy efficiency, precise control, and integration with ADAS technologies.

• Hydraulic Power Steering (HPS): Still relevant in heavy-duty applications where robustness and high-power assistance are critical.

• Electro-Hydraulic Power Steering (EHPS): A hybrid system that combines the benefits of both hydraulic and electric steering, offering a balance between performance and efficiency.

By Component

• Hydraulic Pump: Essential for traditional HPS systems, providing fluid pressure for steering assistance.

• Sensors: Used in EPS to detect steering input and road conditions for adaptive steering assistance.

• Electric Motor: Drives EPS systems, reducing energy consumption and allowing for advanced steering control.

• Other Components: Steering columns, control modules, and actuators contribute to the overall functionality of power steering systems.

By Region

• North America: High adoption of EPS due to stringent emission norms, growing EV market, and the presence of leading automotive manufacturers.

• Europe: A strong market for advanced steering technologies, driven by luxury vehicle manufacturers and stringent safety regulations.

• Asia-Pacific: The fastest-growing region, with China, India, and Japan leading vehicle production and technology adoption.

• Rest of the World: Growth in Latin America and the Middle East, driven by increasing infrastructure projects and rising demand for commercial vehicles.

Technological Advancements

Evolution of EPS

EPS technology has significantly advanced, offering customizable steering dynamics to match different driving styles. Modern EPS systems enable drivers to switch between comfort, normal, and sport modes, enhancing user experience. Additionally, steer-by-wire technology is emerging as a revolutionary advancement, replacing traditional mechanical connections with electronic sensors and actuators.

Integration with AI and IoT

Artificial intelligence (AI) and the Internet of Things (IoT) are playing a vital role in modern power steering systems. AI-powered steering assists in real-time road condition monitoring, while IoT-based connectivity enhances vehicle diagnostics and predictive maintenance. This integration ensures improved safety and performance.

Lightweight Materials and Design Innovations

To further improve efficiency, manufacturers are investing in lightweight materials, such as high-strength aluminum alloys and composites. These innovations reduce the overall weight of the steering system, contributing to better fuel economy and lower emissions.

Competitive Landscape of Global Power Steering Market 

Major companies operating in the global power steering market include:

• Showa Corporation

• Nexteer Automotive Corporation

• NSK Ltd

• JTEKT Corporation

• Robert Bosch GmbH

• Mando Corporation

• Sona Corporation

• ZF Friedrichshafen AG

• Hitachi Automotive Systems Limited

These companies focus on strategic collaborations, mergers, acquisitions, and research & development to gain a competitive edge in the evolving market.

Download Free Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=16841

Customers can also request 10% free customization on this report.

Recent Developments

• Melexis introduced MLX90376: A magnetic position sensor designed for steer-by-wire systems, enhancing steering performance and safety.

• DAF launched an Electronic Hydraulic Steering (EHS) system: Integrated into 6×2 tractors and rigid trucks, improving vehicle maneuverability and efficiency.

Market Challenges

High Initial Costs

The transition to EPS and steer-by-wire systems requires substantial investment in R&D, making these technologies more expensive than traditional HPS solutions. However, long-term benefits in energy efficiency and vehicle performance outweigh the initial costs.

Reliability and Safety Concerns

While electronic steering systems provide numerous advantages, concerns about software failures and cybersecurity vulnerabilities remain challenges for widespread adoption. Automakers are working on advanced fail-safe mechanisms to mitigate these risks.

Limited Adoption in Heavy-Duty Vehicles

EPS has yet to fully penetrate the heavy-duty vehicle segment due to durability concerns and the high torque requirements of large commercial trucks and construction machinery.

Future Outlook

The global power steering market is expected to witness substantial growth, driven by:

• Increased electrification of vehicles, leading to higher EPS adoption.

• Advancements in autonomous driving technologies, boosting demand for steer-by-wire systems.

• Expansion in emerging markets, particularly in Asia-Pacific, due to rising vehicle production and sales.

• Stricter government regulations favoring energy-efficient and environmentally friendly steering solutions.

Conclusion

The power steering market is undergoing a transformative phase, with innovations such as EPS, steer-by-wire, and AI integration reshaping the industry. The market’s growth is fueled by increasing vehicle demand, technological advancements, and stringent regulations. As the industry continues to evolve, power steering systems will remain a critical enabler of future automotive advancements.

You may also read:

Passenger Car Brake Systems Market to Grow at [5.5% CAGR]: Latest Report, Share & Key Players

India Tyre Market Overview: USD 12.84 Billion, Expected to Reach USD 29.16 Billion

Passenger Car Clutch Pressure Plate Market Overview: [Key Players], [Size], and [Growth Projections]

Passenger Car Heat Shield Market Trends: [USD 7.41 Billion] Size with [5.58%] CAGR Forecast

India Commercial Vehicle Market Share & Growth Trends: USD 69.06 Billion