Passenger Cars Power Steering Market to Grow with a CAGR of 6.8% through 2028
Increasing Awareness of Vehicle Safety, Technological
Advancements in Airbag Systems, and adoption of electric and hybrid vehicles is
driving the Global Passenger car power steering Market in the forecast period
2024-2028.
According to
TechSci Research report, “Passenger
Cars Power Steering Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Passenger
car power steering Market stood at USD 16 billion in 2022 and is anticipated to
grow with a CAGR of 7.8% in the forecast period, 2024-2028. Globally, growing vehicle demand has directly
fueled the expansion of the automotive steering system market. Many firms are
developing cutting-edge steering technology. The vehicle steering system
employs several technologies, including Steer by Wire (SbW) and control
technology. An automobile steering system is a collection of components that
govern the direction of vehicle motion and assist the driver in maneuvering the
vehicle as needed. The hand-operated steering wheel, steering column, universal
joints, and rack & pinion mechanism all contribute to the vehicle steering
system component. The advancement has resulted in the conversion of the
steering system from manual to power assist steering. The automotive steering
system is regarded non-replaceable in automobiles and is crucial for successful
vehicle control, making it a critical component in automobiles. As steering
systems are required in vehicles, the market for automotive steering systems is
quite competitive.
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The passenger
car power steering market has witnessed significant growth and evolution over
the years, driven by technological advancements, changing consumer preferences,
and increasing demand for comfort and safety features in vehicles. In this
comprehensive 1200-word analysis, we will delve into the key trends, drivers,
challenges, and opportunities shaping this dynamic market.
Power steering
systems have become an integral part of modern passenger cars, revolutionizing
the driving experience by reducing the effort required to steer the vehicle.
This technology has evolved from the traditional hydraulic power steering
systems to the more advanced electric power steering (EPS) systems, offering
greater efficiency, precision, and versatility. The passenger car power
steering market encompasses a wide range of components and technologies that
enhance the control and maneuverability of vehicles.
One of the most
prominent trends in the passenger car power steering market is the increasing
adoption of electric power steering (EPS) systems. Unlike hydraulic systems,
EPS systems use electric motors to assist in steering, offering better fuel
efficiency and adaptability to various driving conditions. With the automotive
industry's growing focus on reducing emissions and improving fuel economy, EPS
has gained popularity and is expected to continue its dominance in the market.
Another
significant trend is the integration of advanced driver assistance systems
(ADAS) with power steering. ADAS features such as lane-keeping assist and
adaptive cruise control rely on precise steering control to enhance vehicle
safety. As a result, power steering systems are being designed to work
seamlessly with these technologies, offering a more comprehensive and
interconnected driving experience.
The rise of
autonomous vehicles is also impacting the passenger car power steering market.
As autonomous driving technology advances, the need for redundant steering
systems becomes critical for safety. This has led to the development of
steer-by-wire systems, where there is no physical connection between the
steering wheel and the wheels, and the steering is controlled electronically.
Such innovations are poised to reshape the power steering landscape as
autonomous vehicles become more prevalent.
The global
automotive industry is witnessing a shift towards electric vehicles, and this
transition is influencing the power steering market. Electric vehicles
typically use electric power steering due to its energy efficiency and
compatibility with electrified drivetrains. As the adoption of EVs continues to
rise, the demand for electric power steering systems is expected to grow
significantly.
The steady
growth in passenger car production worldwide is a key driver of the power
steering market. As more vehicles are manufactured, the demand for power
steering systems, both hydraulic and electric, rises proportionally. Emerging
markets, such as India and China, have witnessed rapid urbanization and
increased disposable incomes, leading to a surge in vehicle ownership.
Stringent fuel
efficiency regulations and the global push towards reducing carbon emissions
are driving automakers to adopt technologies that enhance fuel efficiency.
Electric power steering systems are inherently more efficient than hydraulic
systems, making them an attractive choice for automakers striving to meet these
regulatory standards. EPS systems also contribute to weight reduction, further
improving fuel economy.
Modern consumers
place a premium on comfort and convenience when choosing a vehicle. Power
steering plays a pivotal role in delivering a smooth and effortless driving
experience. As consumer expectations continue to rise, automakers are under
pressure to provide vehicles with responsive and user-friendly power steering
systems.
The increasing
focus on vehicle safety, both from regulatory bodies and consumers, is driving
the integration of ADAS features into passenger cars. Power steering systems
are integral to the functionality of ADAS technologies, such as lane-keeping
assist and automated parking. This driver for enhanced safety features is
pushing automakers to invest in advanced power steering solutions.
Major companies
operating in Global Passenger car power steering Market are:
- Showa Corporation
- Nexteer Automotive Corporation
- NSK Ltd
- JTEKT Corporation
- Robert Bosch GmbH
- Mando Corporation
- Sona Corporation
- ZF Friedrichshafen AG
- Hitachi Automotive Systems Limited.
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“The
passenger car power steering market is undergoing a transformative shift,
characterized by the widespread adoption of Electric Power Steering (EPS)
systems, integration with Advanced Driver Assistance Systems (ADAS), and a
growing emphasis on energy efficiency and weight reduction. As the automotive
industry evolves to meet environmental and consumer demands, power steering
technology is at the forefront of innovation. EPS systems are driving
advancements in responsive and adaptable steering assistance, aligning with the
trend toward autonomous vehicles. Additionally, the industry's commitment to
sustainability is reflected in the move towards more eco-friendly power
steering solutions. In this dynamic landscape, the passenger car power steering
market continues to play a crucial role in enhancing vehicle safety, comfort,
and performance while contributing to the broader goals of fuel efficiency and
emissions reduction.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Passenger
car power steering Market- Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028 ,By Mechanism (Electronic power steering (EPS),
Hydraulic power steering (HPS) and Electro-Hydraulic Power Steering), By
Component (Hydraulic Pump, Sensors, Electric Motor and other components), By
Region, By Competition.”, has evaluated the future growth potential of Global
Passenger car power steering Market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Passenger car power steering Market.
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