Demand for Automotive Power Steering Pump to Grow at a Brisk Pace Reaching USD 2.3 trillion Valuation, Opines Fact.MR
The global automotive power steering pump market is expected to rise by 2.2x in terms of volume over the forecast period of 2023 to 2033. The market size in terms of value is estimated to reach USD 2.3 trillion by 2033, registering a CAGR of 6.3% over the forecast period.
The global automotive power steering pump market is expected to be driven by the increasing demand for electric and hybrid vehicles, which is expected to fuel the market growth. Electric and hybrid vehicles are equipped with electric power steering systems, which are driven by electric motors, rather than hydraulic power steering pumps. This trend is expected to drive the demand for electric power steering systems over the forecast period.
Download Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=1482?AS
Market 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.
Demand Analysis
Increasing demand for advanced passenger vehicles and commercial vehicles across the world is also expected to drive the market growth. The market is further driven by the rising adoption of electric power steering systems in vehicles. The increasing demand for fuel efficiency and improved safety features in cars is driving the demand for automotive power steering pumps. The growing demand for advanced passenger vehicles and commercial vehicles across the world is also expected to drive the market growth. Rising sales of luxury vehicles and sports utility vehicles, along with the increasing sales of electric vehicles, are also anticipated to drive the market.
Additionally, the growing adoption of electric power steering systems in vehicles is expected to boost the market. However, the high cost of power steering pumps and their repair and maintenance cost is expected to restrain the growth of the market. The availability of aftermarket products and counterfeit products is also likely to hamper the market growth. Moreover, the growing trend of autonomous vehicles is expected to create opportunities for the market in the future.
The development of advanced safety and convenience features, such as lane-keeping assistance and adaptive cruise control, is driving the demand for electric power steering systems. These systems require more powerful pumps for higher torque output. This is expected to drive the market for automotive power steering pumps. Furthermore, the growing demand for luxury and high-performance vehicles is expected to drive the demand for advanced power steering pumps. These pumps can provide improved handling and control, which is necessary for high-performance vehicles. The rising popularity of autonomous vehicles is also expected to fuel the market growth. Autonomous vehicles require more sophisticated power steering systems and pumps, which is expected to drive the market.
Market Buoyancy Analysis
- 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.
Get Full Access of Complete Report:
https://www.factmr.com/checkout/1482
Workflow Optimization
- 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
Region Analysis
The global automotive power steering pump market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is one of the largest and most advanced markets for automotive power steering pumps. High demand for automotive power steering pumps in the region is mainly driven by stringent vehicle safety regulations, fuel efficiency standards, and the increasing demand for luxury and premium vehicles. The United States and Canada are the major revenue contributors in the North American automotive power steering pump market.
Europe is another major region in the automotive power steering pump market, driven by stringent government regulations and the increasing demand for luxury vehicles. The European Union is a major contributor to the region’s automotive power steering pump market. The increasing demand for fuel-efficient vehicles and the presence of prominent players in the region are further driving the market growth.
The Asia Pacific region is expected to be the fastest-growing region in the automotive power steering pump market. The region’s market is mainly driven by the increasing demand for passenger cars, the presence of prominent players, and the increasing disposable income of the middle-class population. China, India, and Japan are the major contributors in the Asia Pacific automotive power steering pump market.
The Rest of the World includes the Middle East & Africa and Latin America. The Rest of the World region is expected to witness steady growth in the automotive power steering pump market due to the increasing demand for passenger cars and the presence of prominent players in the region.
Check out more related studies published by Fact.MR Research:
https://www.globenewswire.com/news-release/2023/04/05/2642111/0/en/Global-Train-Control-and-Management-Systems-Market-Is-Estimated-To-Reach-A-Valuation-Of-US-5-78-Billion-By-The-End-Of-2031-Fact-MR-Study.html
Contact:
US Sales Office :
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com
Xherald
