Global Power Steering Pump Market : Trends & Growth Forecast (2023-2032)

Power steering pumps work on the principle of fluid mechanics which converts the engine's energy into hydraulic power used for the movement of power steering in the vehicle. Steering pumps also enhances the steering performance and reduces the noise level in the steering system caused during harsh turning. It starts with a drive belt connected to the engine which spins the rotary in the pump and the movement of the rotor pulls the power steering fluid through it, injecting it back into the system under high pressure. Flexible hoses are used for power fluid transmission, and it provides dynamic balancing for the pump mechanism. Thus, the hydraulic pressure translates into force applied to the rack and pinion steering column whenever the steering is turned. Moreover, generally, vain-type pumps are used in power steering since it can subsequently increase the pressure of transmitting power by using vanes. Currently, original equipment manufacturers (OEMs) are focusing on manufacturing lightweight casings for power steering pumps that are energy-efficient and provide high turn ability to the vehicle.

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COVID-19 Impact Analysis

Due to COVID-19, the governments of major countries have imposed lockdown and various other restrictions. Thus, the manufacturing of automobiles across the globe has been halted and the demand for power steering pumps has been disrupted. The decline in people's disposable income affected the purchase of automobiles. Furthermore, social distancing norms and other restrictions by various governments across the globe led to the unavailability of labor for the production of power steering pumps. In addition, the pandemic has disrupted the supply of raw materials required for power steering pump manufacturing.
COVID-19 could also cause a long-term effect by changing consumer behavior, preferences, and causing regulatory developments. The lockdown has also resulted in an overflow of inventories since the manufactured products were still not been shipped to the supplier.

Top Impacting Factors

Advancement of technology, rise in production of new vehicles, and surge in usage of lightweight material for manufacturing are expected to drive the growth of the market.

However, high maintenance costs and popularity in electronic power steering hamper the market growth.

Moreover, high demand for vehicles with new features, easier & better vehicle handling, and rise in the number of heavy commercial vehicles in the market act as various opportunities for growth of the market.

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Market Trends

Advancement in the electronic power steering

The advantage of Electric power steering (EPS) system over a hydraulic system is the advantage of steering assistance to the driver during the engine stall. It eliminates the need for a pump, hoses, and drive belts connected to the engine. The configuration of the EPS system allows the entire power assist system to be packaged on the rack and pinion steering gear or in the steering column. The system does not take power from the engine thus reducing the loss of power from the engine.

For instance, Robert Bosch GmbH EPS meets the requirement for small, mid-range, sports cars and light commercial vehicles. The EPS has an electric motor that controls the vehicle steering providing optimal steering. EPS is best suited for electric and autonomous vehicles providing maximum security till SAE-Level 4. All these advantages of EPS can hamper the growth of the power steering pump market.

Key Benefits of the Report

This study presents the analytical depiction of the power steering pump 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 power steering pump market.

The current market is quantitatively analyzed from 2020 to 2030 to highlight the power steering pump market growth scenario.

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

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Questions Answered in the Report

Which are the leading market players active in the power steering pump 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 power steering pump market?

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

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