According to TechSci Research report, “Power Steering Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Power Steering Market stood at USD 29 billion in 2022 and is anticipated to grow with a CAGR of 6.76% in the forecast period, 2024-2028. The automotive steering system market forecast, increased passenger car sales, along with improved steering systems, are driving demand for automotive steering systems.
The changing dynamics of the car industry, such as the expansion of electric vehicles and the introduction of autonomous driving controls and sophisticated braking systems, fuel market growth.
Furthermore, tight fuel economy and pollution control regulations have compelled manufacturers to use electrically assisted steering systems. The market’s potential includes average emissions. New product innovations and expansions, as well as investments, provided the automobile steering system market with new profitable chances.
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The global power steering market is a cornerstone of the automotive industry, profoundly influencing driving dynamics, safety, and comfort. As vehicles have evolved into intricate technological platforms, power steering systems have emerged as essential components that translate driver intentions into precise vehicular movements. This market encompasses a diverse array of technologies, with hydraulic power steering (HPS), Power Steering (EPS), and steer-by-wire systems each addressing distinct aspects of modern driving needs.
Power Steering (EPS) has emerged as a pivotal force in the market, driven by a surge in vehicle electrification and a growing emphasis on energy efficiency. EPS systems offer several advantages over their hydraulic counterparts, notably their improved energy efficiency and adaptability. These systems optimize power usage by utilizing electric motors to provide steering assistance, minimizing energy wastage compared to traditional hydraulic setups. Additionally, the electronic nature of EPS facilitates seamless integration with advanced driver assistance systems (ADAS), enabling features like lane-keeping assistance, automated parking, and adaptive cruise control. The compatibility of EPS with ADAS further solidifies its importance in shaping the trajectory of autonomous driving.
EPS systems also cater to the diversifying preferences of modern drivers. Their customizable steering dynamics allow users to tailor their driving experience, offering settings ranging from light and comfortable to sporty and responsive. This adaptability bridges the gap between technology and individual preference, enhancing overall driver satisfaction.
Despite the advancements in EPS technology, hydraulic power steering (HPS) remains a significant player in the market, particularly in commercial and heavy-duty applications. HPS systems, which rely on hydraulic fluid to assist steering, offer robust support and familiar driving dynamics. However, they come with inherent inefficiencies, as hydraulic systems generate greater energy losses compared to their electric counterparts. Nonetheless, HPS continues to serve industries where robustness and simplicity are key considerations.
The power steering landscape is poised for further transformation with the advent of steer-by-wire systems, an emerging technology that could potentially redefine vehicular architecture. Steer-by-wire systems remove the mechanical connection between the steering wheel and the wheels, replacing it with electronic sensors and actuators.
This paradigm shift has the potential to revolutionize the design of vehicles, allowing for greater flexibility in cabin layouts and paving the way for advanced autonomous driving capabilities. While still in the nascent stages of adoption, steer-by-wire systems signify a future where traditional steering mechanisms could undergo a profound metamorphosis.
The trajectory of the global power steering market is inexorably linked to the automotive industry’s broader challenges and aspirations. As governments worldwide impose stringent emissions standards and consumer demand for fuel efficiency rises, EPS technology becomes integral to automakers’ strategies for sustainability. Additionally, the pursuit of enhanced vehicle safety aligns with the integration of EPS and ADAS systems, reducing accidents and enhancing driving experiences. The steady progression towards autonomous driving further underscores the significance of power steering systems in shaping the mobility landscape of the future.
Major companies operating in the Global Power Steering Market are:
- Showa Corporation
- Nexteer Automotive Corporation
- NSK Ltd
- JTEKT Corporation
- Robert Bosch GmbH
- Mando Corporation
- Sona Corporation
- ZF Friedrichshafen AG
- Hitachi Automotive Systems Limited.
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“The global power steering market is undergoing significant evolution, marked by the rise of electric power steering (EPS) systems and emerging steer-by-wire technology. With EPS delivering energy efficiency and customizable steering dynamics, and steer-by-wire systems promising to reshape vehicle architecture, the market is pivotal in enhancing driving experiences and advancing autonomous capabilities. As the automotive industry steers towards efficiency, safety, and innovation, the power steering market remains a crucial driver of progress.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Power Steering Market Segmented By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road Vehicles), By Mechanism (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS) and Electro-Hydraulic Power Steering), By Component (Hydraulic Pump, Sensors, Electric Motor and Other Components), By Regional, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Power Steering Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Power Steering Market.
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Table of Content-Power Steering Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of theStudy
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Power Steering Market
- Global Power Steering Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.1.2. By Volume
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road Vehicles)
5.2.2. By Mechanism Market Share Analysis (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS) and Electro-Hydraulic Power Steering)
5.2.3. By Component Market Share Analysis (Hydraulic Pump, Sensors, Electric Motor, and Others)
5.2.4. By Regional Market Share Analysis
5.2.4.1. North America Market Share Analysis
5.2.4.2. Europe Market Share Analysis
5.2.4.3. Asia-Pacific Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value 2022)
5.3. Global Power Steering Market Mapping & Opportunity Assessment
5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.2. By Mechanism Market Mapping & Opportunity Assessment
5.3.3. By Component Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- North America Power Steering Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Mechanism Market Share Analysis
6.2.3. By Component Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. United States Market Share Analysis
6.2.4.2. Canada Market Share Analysis
6.2.4.3. Mexico Market Share Analysis