Press release
Automotive Power Steering Pump Market: Value Chain, Dynamics and Key Players 2018-2028
Steering pumps are installed in a vehicle in order to reduce the driver’s effort. The sale of the automotive power steering pump is correlated to the sale of the vehicles. Moreover, since the last decade, the rapid advancement in steering system as well as consistently rising innovation related to steering system across the world is expected to drive the growth of the global automotive power steering pump market. In addition, automotive component manufacturers are focusing on introducing advanced auto parts so as to make driving safe, comfortable and efficient. This has consequently reduced the use of manual steering system and increased the sale of automotive power steering pump.
Increasing adoption of electronic power steering is the major factor expected to hamper the growth of the global automotive power steering pump market, as the electronic power system is the replacement of power steering pumps and their components by brushless motors. Moreover, automotive power steering power system requires regular maintenance owing to high chance of oil leakage. Besides, the associated high replacement cost is also a factor expected to hinder the growth of the automotive power steering pump market during the forecast period.
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Asia Pacific is projected to be a dominant market in the global automotive power steering pump market owing to increasing production of conventional vehicles and passenger cars. Japan is expected to lead in the global automotive power steering pump market after China and India, due to increase in the 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 increasing production of commercial vehicles. Western Europe is projected to grow at a significant CAGR owing to increasing production of power-assisted steering column. India is projected to grow with an utmost growth rate. The Middle East and Africa is projected to have sluggish growth as the consumers are shifting towards electric assist steering system and increasing the sales of luxurious vehicle, which have only electric motors in steering column for turning the vehicle.
Examples of some of the key players in the global automatic power steering pump market are: 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.etc.
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