In the Global Power Steering Pump Market Research Report published by Emergen Research, key business details are analyzed along with a geographical overview of the Power Steering Pump industry, which provides extensive analysis of this sector. This study provides a comprehensive look at the Power Steering Pump market from both a qualitative and quantitative perspective as well as crucial statistical information about the market. Furthermore, the report describes emerging and established players of the market, providing an overview of their business, their product portfolio, their strategic alliances, and their plans for expansion.
The power steering pump market has witnessed significant growth in recent years, driven by the increasing demand for smooth and effortless steering in vehicles. Power steering pumps play a crucial role in modern vehicles, providing hydraulic assistance to reduce the effort required to steer the vehicle. This article provides an overview of the power steering pump market, including its drivers, restraints, and key statistics from government organizations.
The global power steering pump market size was USD 1.74 Billion in 2022 and is expected to register a revenue CAGR of 3.1% during the forecast period, according to latest analysis by Emergen Research. One of the primary drivers of the power steering pump market is the growing automotive industry. As the number of vehicles on the road continues to increase, the demand for power steering systems rises in tandem. Power steering pumps enable drivers to maneuver their vehicles with ease, enhancing safety and comfort. The automotive industry’s focus on improving driving experience and reducing driver fatigue has fueled the adoption of power steering pumps in various vehicle segments.
Another driver of the power steering pump market is the increasing preference for electric power steering (EPS) systems. EPS systems utilize electric motors instead of hydraulic pumps to provide steering assistance. EPS offers several advantages over traditional hydraulic power steering, including improved fuel efficiency, reduced maintenance requirements, and enhanced control and responsiveness. The shift towards EPS systems has driven the demand for electric power steering pumps, which are integral components of these systems.
However, the power steering pump market also faces certain restraints. One significant challenge is the increasing demand for electric vehicles (EVs) and autonomous vehicles. EVs typically utilize electric power steering systems, eliminating the need for hydraulic power steering pumps. Similarly, autonomous vehicles rely on advanced steering technologies, such as steer-by-wire systems, which do not require traditional power steering pumps. The rise of EVs and autonomous vehicles may impact the demand for power steering pumps in the long run.
Government organizations play a crucial role in monitoring and regulating the automotive industry, indirectly influencing the power steering pump market. For instance, the National Highway Traffic Safety Administration (NHTSA) in the United States sets safety standards and regulations for vehicles, including steering systems. These regulations ensure that power steering pumps and systems meet safety requirements and provide reliable steering assistance.
Statistics from government organizations shed light on the significance of the power steering pump market. According to the International Energy Agency (IEA), the global electric car stock surpassed 10 million vehicles in 2020, reflecting a 43% increase compared to the previous year. This surge in electric vehicle adoption indicates the shift towards electric power steering systems, which may impact the demand for traditional power steering pumps.
Furthermore, the IEA reports that the global fleet of autonomous vehicles is expected to reach 60 million by 2040. Autonomous vehicles rely on advanced steering technologies that do not require traditional power steering pumps. While the impact on the power steering pump market may be gradual, the growth of autonomous vehicles presents a potential restraint for the market in the future.
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In view of the current COVID-19 pandemic, the growth of the Power Steering Pump industry is expected to be significantly affected, especially due to movement restrictions and lockdowns affecting supply and demand. There has been a significant impact of the COVID-19 pandemic on several sectors of the global market. The Power Steering Pump sector is expected to be affected too. The economic slowdown and dynamic changes in the demands will also adversely affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall Power Steering Pump industry.
Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled in the Report:
Denso Corporation, Bosch, Cardone Industries, Delphi Technologies, Thyssenkrupp AG, Nexteer Automotive, Melling, ACDelco, JTEKT Corporation, Mavalgear
Report Highlights:
- Besides offering a vivid depiction of the global Power Steering Pump business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.
- The report scrutinizes the salient factors influencing the growth of the market in the near future.
- The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.
Additionally, the report covers the analysis of the key players in the industry with a special focus on their global position, financial status, and their recent developments. Porter’s Five Forces Analysis and SWOT analysis have been covered by the report to provide relevant data on the competitive landscape.
Detailed Regional Analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Market Dynamics:
The report offers insightful information about the market dynamics of the Power Steering Pump market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Power Steering Pump market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Power Steering Pump market.
Power Steering Pump Market Segmentation:
-
Application Outlook (Revenue, USD Billion; 2019-2032)
- Automotive Vehicles
- Heavy Machinery
- Marine Vessels
- Aircraft
- Others
-
Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Vane-Type Power Steering Pump
- Gear-Type Power Steering Pump
- Others
-
Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Key Benefits for Stakeholders:
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- The report offers a competitive landscape of the minimally invasive surgical systems market to assist players to gain insights into the competition scenario. Key companies operating in the market are profiled to provide valuable insights.
The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals.
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ToC of the report:
Chapter 1: Market overview and scope
Chapter 2: Market outlook
Chapter 3: Impact analysis of COVID-19 pandemic
Chapter 4: Competitive Landscape
Chapter 5: Drivers, Constraints, Opportunities, Limitations
Chapter 6: Key manufacturers of the industry
Chapter 7: Regional analysis
Chapter 8: Market segmentation based on type applications
Chapter 9: Current and Future Trends
Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.
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