Vehicle Power Steering Cylinders Market : Competitive Landscape, Key Insights & Future Outlook (2023-2032)

Power steering is an advanced steering system that helps the driver to steer the vehicles easily with less effort, making it easier for the vehicle to turn or maneuver. This is achieved by the use of electric or hydraulic devices, which produce a smooth and quick directional change of vehicle. The steering cylinder is a hydraulic ram that is attached to the steering linkage, as the pump creates pressure the fluid is sent to the steering box via a pressure hose. The steering box supplies the pressure to the power steering cylinder through its auxiliary ports via additional hoses, which extend or retracts the ram depending on the steering direction. Power steering cylinders are classified into two types hydraulic and electrical. Hydraulic power steering cylinder takes in the pressure required to steer from rotary vane pump driven by vehicle's engine, where a double-acting hydraulic cylinder applies force to the steering gear which in turn steers the roadwheels. In an electric power steering cylinder, the hydraulic pressure comes from a pump driven by an electric motor instead of the engine. Thus, the power steering cylinder enhances the steering ability of the vehicle making it easier to steer.

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COVID-19 Impact Analysis

Due to COVID-19, the government of major countries has imposed lockdown and various other restrictions. Thus, manufacturing of automobiles across the world has been halted. Since, the interruption of automobile production has been stopped the demand for vehicle power steering cylinders. Moreover, the demand for automobiles also reduced because of the decline in people's disposable income affecting the sale of the automobile. Furthermore, the government's social distancing norms and other restrictions led to the unavailability of labor for the production of vehicle power steering cylinders. In addition, the pandemic has disrupted the supply of raw materials required for vehicle power steering cylinder manufacturing. COVID-19 could also cause a long-term effect by changing consumer behavior, preferences, and causing regulatory developments.

Top Impacting Factors

Rise in demand for better comfort & added features in vehicles, increase in vehicle production, and surge in disposable income of consumers is expected to drive growth of the market.

However, high cost of power steering system and high chances of oil leakage & regular maintenance can hamper growth of the market.

Moreover, rise in demand for electric vehicles, surge in R&D for new advanced features, and implementation of drive-by-wire can act as an opportunity for growth of the market.

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Market Trends

Disposable income of the consumer

With the rise in people's disposable income, the demand for luxury vehicles and vehicles with new advanced features has increased. Developing countries such as India, China, Brazil, and others are the most demanding countries for the automotive sector. Moreover, original equipment manufacturers (OEMs) are investing heavily into this sector for developments. Thus, the rise in demand for vehicles will increase the demand for power steering cylinders which is expected to drive the growth of the vehicle power steering cylinders market.

High cost of the power steering system

The power steering system is used in both passenger cars and commercial vehicles it might be electronic or hydraulic powered. Power steering tends to be an expensive part of the vehicles since, it involves extensive engineering, difficult manufacturing, and many components which are required for its proper functioning. Thus, a vehicle with a power steering system subsequently increases the price of the vehicle. Therefore, since the power steering cylinder is a part of the power steering system the high cost can hamper the growth of the product market.

Rise in demand for better comfort & added features in vehicles

The consumer demand new & advanced features in their vehicles from OEMs including a power steering system that makes the vehicles more responsive increasing driving comfort and drive quality. For instance, at times when the road conditions are uneven, the steering mechanism needs to be better to improve drive quality. Many developed countries such as U.S., U.K, and Germany have freeways where vehicles need adaptive steering systems to control the vehicles running at high speed which makes the drive comfortable for consumers. Thus, the demand for a good steering system is expected to drive the growth of the vehicle power steering cylinders market.

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Key Benefits of the Report

This study presents the analytical depiction of the vehicle power steering cylinders market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with challenges of the vehicle power steering cylinders market.

The current market is quantitatively analyzed to highlight the vehicle power steering cylinders market growth scenario.

The report provides detailed vehicle power steering cylinders market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions Answered in the Report

Which are the leading market players active in the vehicle power steering cylinders market?

What would be the detailed impact of COVID-19 on the market?

What current trends would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the vehicle power steering cylinders market?

What are the projections for the future that would help in taking further strategic steps?

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