Power Steering Market to Grow with a CAGR of 6.76% through 2028
Rise in the demand for automobiles, consumer
preference for smooth driving and adoption of power steering system are factors
driving the Global Power Steering Market in the forecast period 2024-2028.
According to TechSci Research report, “Power
Steering Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Power Steering Market stood
at USD 29 billion in 2022 and is anticipated to grow with a CAGR of 6.76% in
the forecast period, 2024-2028. The automotive steering system market forecast,
increased passenger car sales, along with improved steering systems, are
driving demand for automotive steering systems. The changing dynamics of the
car industry, such as the expansion of electric vehicles and the introduction
of autonomous driving controls and sophisticated braking systems, fuel market
growth. Furthermore, tight fuel economy and pollution control regulations have
compelled manufacturers to use electrically assisted steering systems. The
market's potential includes average emissions. New product innovations and
expansions, as well as investments, provided the automobile steering system
market with new profitable chances.
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The global power steering market is a
cornerstone of the automotive industry, profoundly influencing driving dynamics,
safety, and comfort. As vehicles have evolved into intricate technological
platforms, power steering systems have emerged as essential components that
translate driver intentions into precise vehicular movements. This market
encompasses a diverse array of technologies, with hydraulic power steering
(HPS), Power Steering (EPS), and steer-by-wire systems each addressing distinct
aspects of modern driving needs.
Power Steering (EPS) has emerged as a pivotal force in
the market, driven by a surge in vehicle electrification and a growing emphasis
on energy efficiency. EPS systems offer several advantages over their hydraulic
counterparts, notably their improved energy efficiency and adaptability. These
systems optimize power usage by utilizing electric motors to provide steering
assistance, minimizing energy wastage compared to traditional hydraulic setups.
Additionally, the electronic nature of EPS facilitates seamless integration
with advanced driver assistance systems (ADAS), enabling features like lane-keeping
assistance, automated parking, and adaptive cruise control. The compatibility
of EPS with ADAS further solidifies its importance in shaping the trajectory of
autonomous driving.
EPS systems also cater to the diversifying preferences
of modern drivers. Their customizable steering dynamics allow users to tailor
their driving experience, offering settings ranging from light and comfortable
to sporty and responsive. This adaptability bridges the gap between technology
and individual preference, enhancing overall driver satisfaction.
Despite the advancements in EPS technology, hydraulic
power steering (HPS) remains a significant player in the market, particularly
in commercial and heavy-duty applications. HPS systems, which rely on hydraulic
fluid to assist steering, offer robust support and familiar driving dynamics.
However, they come with inherent inefficiencies, as hydraulic systems generate
greater energy losses compared to their electric counterparts. Nonetheless, HPS
continues to serve industries where robustness and simplicity are key
considerations.
The power steering landscape is poised for further
transformation with the advent of steer-by-wire systems, an emerging technology
that could potentially redefine vehicular architecture. Steer-by-wire systems
remove the mechanical connection between the steering wheel and the wheels,
replacing it with electronic sensors and actuators. This paradigm shift has the
potential to revolutionize the design of vehicles, allowing for greater
flexibility in cabin layouts and paving the way for advanced autonomous driving
capabilities. While still in the nascent stages of adoption, steer-by-wire
systems signify a future where traditional steering mechanisms could undergo a
profound metamorphosis.
The trajectory of the global power steering market is
inexorably linked to the automotive industry's broader challenges and
aspirations. As governments worldwide impose stringent emissions standards and
consumer demand for fuel efficiency rises, EPS technology becomes integral to
automakers' strategies for sustainability. Additionally, the pursuit of
enhanced vehicle safety aligns with the integration of EPS and ADAS systems,
reducing accidents and enhancing driving experiences. The steady progression
towards autonomous driving further underscores the significance of power
steering systems in shaping the mobility landscape of the future.
Major companies operating in Global 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 global
power steering market is undergoing significant evolution, marked by the rise
of electric power steering (EPS) systems and emerging steer-by-wire technology.
With EPS delivering energy efficiency and customizable steering dynamics, and
steer-by-wire systems promising to reshape vehicle architecture, the market is
pivotal in enhancing driving experiences and advancing autonomous capabilities.
As the automotive industry steers towards efficiency, safety, and innovation,
the power steering market remains a crucial driver of progress.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Global
Power Steering Market Segmented By Vehicle Type (Passenger Cars, Light
Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road
Vehicles), 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 Regional, By Competition Forecast & Opportunities,
2018-2028F”, has evaluated
the future growth potential of Global 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 Power Steering Market.
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