Meeting the Demand for Driving Comfort: Surge in Vehicle Sales Propels Growth in the Global Power Steering Market
DUBLIN, Nov. 3, 2023 /PRNewswire/ -- The "Global Power Steering Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global power steering market reached an impressive valuation of USD 29 billion in 2022 and is set for strong growth in the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 6.76% through 2028.
The surge in demand for vehicles worldwide is a key driver fueling the expansion of the automotive steering system market, which is witnessing remarkable technological advancements, including Steer by Wire (SbW) and control technology.
The automotive steering system, a critical component governing vehicle motion, has evolved from manual to power-assisted steering, enhancing vehicle control. As the demand for vehicles grows, so does the need for steering systems, resulting in intense competition in the market.
Key Market Drivers
- Increase in Demand for Automobiles: The persistent growth in the automobile market, especially in developing nations such as India, China, and Brazil, is driving the demand for steering systems. Major Original Equipment Manufacturers (OEMs) investing in these regions, like China, the world's largest car market, further contribute to this growth.
- Adoption of Power Steering Systems: The shift from manual to power steering systems has significantly impacted the automotive industry. Power steering systems, incorporating hydraulics and electronics, enhance driving experience and vehicle efficiency.
- Power Steering Systems' Cost Factor: While power steering systems offer benefits, their higher cost compared to manual systems, attributed to components like electric motors and hydraulic pistons, can affect overall vehicle pricing.
- Consumer Preference for Driving Comfort: Consumer demand for driving comfort has led to the adoption of advanced systems, including power steering, to enhance driving quality. Adaptable steering systems cater to varying road conditions, further satisfying customers.
Key Market Challenges
- Cost and Affordability: The development and manufacturing costs of Electric Power Steering (EPS) systems can be high due to the integration of electronic components, sensors, and control units.
- Reliability and Durability: Ensuring the reliability and durability of EPS systems, with intricate electronic components, is vital for vehicle safety and performance.
- Energy Consumption and Battery Impact: EPS systems draw power from the vehicle's electrical system, impacting energy consumption in electric and hybrid vehicles.
- Integration with Advanced Technologies: Integrating EPS systems with advanced driver assistance systems (ADAS) and autonomous driving capabilities presents challenges in software integration and cybersecurity.
- Electromagnetic Interference (EMI): EMI from electronic components within EPS systems can disrupt critical vehicle systems, necessitating proper design and shielding.
- Maintenance and Repair Complexity: The complexity of EPS systems may lead to challenges in maintenance and repair, potentially resulting in higher costs and delays.
Key Market Trends
- Sensor Adoption: Increasing use of sensors, such as torque sensors and position sensors, to monitor driver inputs and enhance steering control.
- Electrification Synergy: The alignment between electric powertrains and EPS systems is driving the growth of electric vehicles (EVs) and EPS technology.
- Autonomous Driving Enabler: EPS systems play a pivotal role in enabling autonomous driving, enhancing safety and reducing driver workload.
- Customizable Steering Dynamics: EPS systems offer customizable steering modes, meeting drivers' demand for personalized experiences.
- Energy Efficiency and Sustainability: EPS systems contribute to energy efficiency and sustainability, aligning with environmental goals.
Companies Mentioned
- Showa Corporation
- Nexteer Automotive Corporation
- NSK Ltd
- JTEKT Corporation
- Robert Bosch GmbH
- Mando Corporation
- Sona Corporation
- ZF Friedrichshafen AG
- Hitachi Automotive Systems Limited.
Report Scope:
In this report, the Global Power Steering Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Power Steering Market, By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- Off the Road Vehicle
Power Steering Market, By Mechanism:
- Electronic Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electro-Hydraulic Power Steering (EHPS)
Power Steering Market, By Component:
- Hydraulic Pump
- Sensors
- Electric Motor
- Others
Power Steering Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/24iehk
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