Power Steering Market By Size, Share and Forecast 2028

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 29 billion
CAGR (2023-2028)	6.76%
Fastest Growing Segment	Sensors
Largest Market	Europe

Market Overview

Global Power Steering Market has valued at USD 29 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.76% through 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.

Key Market Drivers

Increase In Demand For Automobiles

As the market for automobiles continues to increase, the global automotive market is expected to continue growing. Developing nations such as India, China, and Brazil, among others, are the most demanding for the automobile business. China, the world's largest car market, is likely to expand more in the next years, since major OEMs are also making significant investments in this area. The growth in demand for automobiles in the automotive industry directly leads in an increase in demand for steering systems, as every automobile requires a steering system to manage vehicle direction. Furthermore, a vehicle accident may result in a modification in the steering system or one of its components, increasing demand for steering systems in the aftermarket.

Adoption Of A Power Steering System

The car industry has progressed from manual steering systems that rely solely on mechanical connections such as rack and pinion to power steering systems. The manual steering system has limits in terms of maneuverability and vehicle fuel economy. However, the power steering system includes hydraulics and electrical components that aid in driving while also increasing vehicle efficiency. As a result, the power steering system has been widely adopted all around the world. The increased usage of power-assisted steering is responsible for the growth in demand for steering systems in the automobile industry.

Power Steering Systems Are Expensive

Power steering systems are widely utilized in a variety of vehicles, including passenger automobiles, light commercial vehicles, and large commercial vehicles. When opposed to a manual steering system, a power steering system has either an electrical motor or a hydraulic piston. These parts are more expensive, raising the price of the steering system. The high cost of power steering systems is to blame for the increase in automobile pricing. As a result, the high cost of power steering systems is projected to limit the market's expansion.

Consumer Preference For Driving Comfort

Consumers expect maximum amenities in their vehicles from manufacturers, including power steering systems that boost vehicle responsiveness, resulting in increased driving comfort and quality. Road conditions in emerging nations such as China and India are uneven, necessitating the use of a superior steering system to improve driving quality. In addition, industrialized nations such as the United States, the United Kingdom, and Germany have motorways where automobiles require adaptive steering systems to handle vehicles travelling at high speeds. These elements also make the drive more comfortable for customers. As a result, the automotive steering system market is likely to expand as customers priorities driving comfort.

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Key Market Challenges

Cost and Affordability

One of the primary challenges facing the EPS market is the cost associated with developing, manufacturing, and implementing Power Steering systems. While EPS systems offer superior efficiency and performance, their initial costs can be higher compared to traditional hydraulic systems. The integration of electronic components, sensors, and control units contributes to the elevated upfront expenses. As automakers strive to offer competitive pricing and meet the demands of cost-conscious consumers, finding ways to reduce the overall cost of EPS systems without compromising quality remains a critical challenge.

Reliability and Durability

EPS systems rely on intricate electronic components, sensors, and control algorithms. Ensuring the reliability and durability of these systems is essential to maintaining vehicle safety and performance. Components such as sensors and electric motors must withstand diverse environmental conditions, road vibrations, and the test of time. Manufacturers face the challenge of designing EPS systems that can endure the rigors of daily driving while delivering consistent and reliable steering performance over the vehicle's lifecycle.

Energy Consumption and Battery Impact

Power Steering systems rely on the vehicle's electrical system for power, which can impact energy consumption, especially in electric and hybrid vehicles. While EPS systems are designed to be energy-efficient, they still draw power from the vehicle's battery, potentially affecting the vehicle's overall range in electric vehicles or fuel efficiency in hybrids. As automakers strive to optimize electric power usage and extend battery life, managing the energy consumption of EPS systems becomes crucial.

Integration with Advanced Technologies

As vehicles become more technologically advanced with features such as advanced driver assistance systems (ADAS) and autonomous driving capabilities, the integration of EPS systems with these technologies presents a challenge. EPS systems need to seamlessly communicate with other electronic systems to ensure the safe and coordinated operation of the vehicle. This requires complex software integration and rigorous testing to ensure compatibility and reliability across all scenarios.

Software Complexity and Cybersecurity

EPS systems are heavily reliant on software algorithms to control steering assistance and feedback. The complexity of this software brings forth challenges in terms of development, testing, and maintenance. Ensuring the security of the software from potential cyber threats is of paramount importance. As vehicles become more connected and vulnerable to hacking attempts, manufacturers must invest resources in robust cybersecurity measures to safeguard the functionality and safety of EPS systems.

Electromagnetic Interference (EMI)

The electronic components within EPS systems can emit electromagnetic interference that may affect other nearby electronic systems in the vehicle. This interference can lead to malfunctions or disruptions in critical vehicle systems, compromising safety and performance. Managing EMI requires careful design and shielding of components, as well as extensive testing to ensure that EPS systems do not interfere with the proper operation of other electronic systems.

Maintenance and Repair Complexity

EPS systems, with their complex electronic and mechanical components, can be challenging to repair and maintain. Unlike traditional hydraulic systems that are more familiar to mechanics, EPS systems often require specialized knowledge, tools, and diagnostics. This can lead to higher maintenance costs and potential delays in repairs, which can be a concern for vehicle owners and fleet operators seeking efficient and cost-effective maintenance solutions.

Key Market Trends

Sensor Adoption is Growing

The steering column sensor monitors two key driver inputs: torque (steering effort) and steering wheel speed and position. In such systems, three types of sensors are used: torque sensor, steering wheel speed sensor, and position sensor. These sensors send signals to an ECU, which then sends an appropriate output to the steering system to initiate an action.

Torque sensors are typically non-contact devices. The sensor monitors the driver's steering power and so enables delicate regulation of the electric steering assistance. However, as technology advances, sensor goods in the automobile sector are being modified and enhanced on a regular basis.

Electrification Synergy: Pioneering the Shift towards Electric Vehicles (EVs)

The rise of electric vehicles has brought about a paradigm shift in the automotive landscape, with Power Steering systems playing a pivotal role. As EVs replace conventional internal combustion engine vehicles, EPS systems are emerging as the steering solution of choice. The synergy between electric powertrains and EPS systems is profound. Both technologies are electrified and share electrical power sources, simplifying integration and optimizing energy usage. EPS systems are inherently electric, aligning seamlessly with the electric propulsion trend and contributing to overall vehicle efficiency. The transition to EVs catalyzes the growth of the EPS market, cementing its significance in the automotive ecosystem.

Autonomous Driving Enabler: Steering into the Future of Mobility

The race towards autonomous driving is transforming vehicles into intelligent platforms capable of navigating without human intervention. Power Steering systems are a crucial enabler of this transformation. As vehicles evolve from driver assistance to full autonomy, EPS systems provide precise and adaptable steering control. Their electronic nature allows for real-time adjustments in response to data from various sensors, cameras, and lidar systems. These systems facilitate complex maneuvers such as lane changes and parking, enhancing safety and reducing driver workload. EPS technology is a fundamental building block in the foundation of self-driving cars, solidifying its role in shaping the future of mobility.

Customizable Steering Dynamics: Enhancing Driver Experience

Modern drivers seek personalized experiences that align with their preferences and driving conditions. Power Steering systems are meeting this demand through customizable steering dynamics. By adjusting software parameters, automakers can tailor steering effort, responsiveness, and feedback levels. This adaptability allows drivers to switch between different steering modes, ranging from comfort-oriented to sporty, at the touch of a button. Customizable steering dynamics enhance driver engagement and satisfaction, making every journey a tailored experience. As automakers strive to differentiate their offerings, EPS systems are becoming a vital tool for delivering a diverse range of driving sensations.

Energy Efficiency and Sustainability: Supporting Green Mobility Goals

The global push for sustainability and reduced carbon emissions is reshaping the automotive industry's priorities. Power Steering systems are aligning with these goals by offering superior energy efficiency compared to traditional hydraulic systems. EPS systems use electric motors to assist with steering, eliminating the need for hydraulic fluids and reducing mechanical losses. This efficiency translates to improved fuel economy in internal combustion engine vehicles and extended range in electric vehicles. As governments implement stricter emissions regulations and consumers become more environmentally conscious, automakers are adopting EPS technology to support their sustainability agendas.

Segmental Insights

Mechanism Analysis

Electric Power Steering Segment to Dominate-Rising Usage by Automakers Will Favor Growth. The automobile steering system market is further subdivided into Power Steering (EPS), hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS). The Power Steering category is expected to dominate the market throughout the projected period, owing to manufacturers' increased deployment of Power Steering in all vehicle types. Advances in Power Steering to steer-by-wire technology are also expected to promote market expansion in this area. Because of its widespread use in commercial vehicles, the hydraulic power steering category is predicted to rise rapidly in the market throughout the projection period. Because of its restricted load-bearing capability, electronic power steering does not function in commercial vehicles. Furthermore, hydraulic power steering is capable of absorbing road shocks. Because of its leaking, less durability, and vibration features, the manual steering category is predicted to rise steadily in the market. Steering the vehicle involves significant human effort.

The electro-hydraulic power steering category is predicted to increase significantly in the automotive steering market over the forecast period. When compared to conventional hydraulic power steering, it delivers smoother and more responsive handling.

Vehicle Type Analysis

The passenger car segment is expected to dominate the market throughout the forecast period. The automotive steering system market is divided into three segments: passenger automobiles, light commercial vehicles, and heavy commercial vehicles. Due to rising sales and production in Asia Pacific emerging nations, the passenger vehicle category is likely to dominate the market in the next years. The increasing deployment of Power Steering systems in passenger automobiles is also expected to drive market expansion in this sector. The light commercial vehicle category is predicted to develop rapidly in the market. The hydraulic power steering system is most found in light commercial vehicles.

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Regional Insights

During the projected period, Asia Pacific is estimated to lead the automobile steering system market. The growing sales and production of automakers from emerging nations are likely to drive the growth of the automotive steering system market in this area. Demand for high-end luxury vehicles and rising disposable income in developing nations are also expected to drive market expansion in this area.

Europe is estimated to be the second-largest market stakeholder and to exhibit significant growth in the market throughout the projection period. Government fuel economy standards in this region have resulted in an increase in the use of fuel-efficient automobiles with an effective steering system. The global market for electric vehicles is quickly expanding. In Europe, for example, 2021 was a record year for electric car sales. European manufacturers were reluctant to enter the EV industry but rapidly established themselves as significant participants. Furthermore, some governments throughout the world have developed regulations, incentives, and initiatives to encourage the use of electric vehicles.

By 2024, electric vehicles are predicted to account for approximately 4% of new car sales and 7% of the global car fleet. With the increasing sales of electric vehicles, the deployment rate of power steering systems (such as Power Steering (EPS)) is predicted to increase throughout the projection period.

Over the projected period, North America is also predicted to see strong growth in the automobile steering system market. It is the second-largest market for hydraulic power steering systems, with a few big automakers operating in both Canada and the United States. This aspect is projected to drive the market expansion of this area.

Recent Developments

Melexis launched the new MLX90376, an absolute magnetic position sensor IC capable of handling 360° rotating automotive applications while demonstrating strong stray field immunity, in December 2022. The gadget delivers cutting-edge sensing for steering and valve applications and facilitates system integration up to ASIL D-level functional safety.
DAF introduces an electronic hydraulic steering (EHS) system on a 6x2 tractor and rigid trucks with a steered pusher axle in December 2022. The new technology is available for the whole New Generation DAF truck range, including the XF, XG, XD, and XG+.
The FAW Hongqi R&D Centre stated in November 2022 that the Hongqi steering team of the FAW New Energy Development Center's chassis development division created the Hands On/Off Detection (HOD) steering wheel technology, which debuted in China.
ZF expects to invest around USD 100 million in November 2022 to enhance the existing product range and chassis component production capability at the Zhangjiagang facility. The chassis component facility will produce control arms, steering knuckles, steering tie rods and stabiliser links, effectively covering the whole chassis component product line.

Key Market Players

Showa Corporation
Nexteer Automotive Corporation
NSK Ltd
JTEKT Corporation
Robert Bosch GmbH
Mando Corporation
Sona Corporation
ZF Friedrichshafen AG
Hitachi Automotive Systems Limited.

By Vehicle Type	By Mechanism	By Component	By Region
Passenger Cars Light Commercial Vehicle Medium & Heavy Commercial Vehicle Off the Road Vehicle	Electronic Power Steering (EPS) Hydraulic Power Steering (HPS) Electro-Hydraulic Power Steering (EHPS)	Hydraulic Pump Sensors Electric Motor Others	North America Europe Asia Pacific South America Middle East & Africa

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:

o Passenger Cars

o Light Commercial Vehicle

o Medium & Heavy Commercial Vehicle

o Off the Road Vehicle

Power Steering Market, By Mechanism:

o Electronic Power Steering (EPS)

o Hydraulic Power Steering (HPS)

o Electro-Hydraulic Power Steering (EHPS)

Power Steering Market, By Component:

o Hydraulic Pump

o Sensors

o Electric Motor

o Others

Power Steering Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ France

§ United Kingdom

§ Italy

§ Germany

§ Spain

o Asia-Pacific

§ China

§ India

§ Japan

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

§ Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Power Steering Market.

Available Customizations:

Global Power Steering Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Power Steering Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on Global Power Steering Market

5. Global Power Steering Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.1.2. By Volume

5.2. Market Share & Forecast

5.2.1. By Vehicle Type Market Share Analysis (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road Vehicles)

5.2.2. By Mechanism Market Share Analysis (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS) and Electro-Hydraulic Power Steering)

5.2.3. By Component Market Share Analysis (Hydraulic Pump, Sensors, Electric Motor, and Others)

5.2.4. By Regional Market Share Analysis

5.2.4.1. North America Market Share Analysis

5.2.4.2. Europe Market Share Analysis

5.2.4.3. Asia-Pacific Market Share Analysis

5.2.4.4. South America Market Share Analysis

5.2.4.5. Middle East & Africa Market Share Analysis

5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value 2022)

5.3. Global Power Steering Market Mapping & Opportunity Assessment

5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment

5.3.2. By Mechanism Market Mapping & Opportunity Assessment

5.3.3. By Component Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. North America Power Steering Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.1.2. By Volume

6.2. Market Share & Forecast

6.2.1. By Vehicle Type Market Share Analysis

6.2.2. By Mechanism Market Share Analysis

6.2.3. By Component Market Share Analysis

6.2.4. By Country Market Share Analysis

6.2.4.1. United States Market Share Analysis

6.2.4.2. Canada Market Share Analysis

6.2.4.3. Mexico Market Share Analysis

6.3. North America: Country Analysis

6.3.1. United States Power Steering Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.1.2. By Volume

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Vehicle Type Market Share Analysis

6.3.1.2.2. By Mechanism Market Share Analysis

6.3.1.2.3. By Component Market Share Analysis

6.3.2. Canada Power Steering Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.1.2. By Volume

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Vehicle Type Market Share Analysis

6.3.2.2.2. By Mechanism Market Share Analysis

6.3.2.2.3. By Component Market Share Analysis

6.3.3. Mexico Power Steering Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.1.2. By Volume

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Vehicle Type Market Share Analysis

6.3.3.2.2. By Mechanism Market Share Analysis

6.3.3.2.3. By Component Market Share Analysis

7. Europe Power Steering Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.1.2. By Volume

7.2. Market Share & Forecast

7.2.1. By Vehicle Type Market Share Analysis

7.2.2. By Mechanism Market Share Analysis

7.2.3. By Component Market Share Analysis

7.2.4. By Country Market Share Analysis

7.2.4.1. Germany Market Share Analysis

7.2.4.2. United Kingdom Market Share Analysis

7.2.4.3. Italy Market Share Analysis

7.2.4.4. France Market Share Analysis

7.2.4.5. Spain Market Share Analysis

7.2.4.6. Rest of Europe Market Share Analysis

7.3. Europe: Country Analysis

7.3.1. Germany Power Steering Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.1.2. By Volume

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Vehicle Type Market Share Analysis

7.3.1.2.2. By Mechanism Market Share Analysis

7.3.1.2.3. By Component Market Share Analysis

7.3.2. United Kingdom Power Steering Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.1.2. By Volume

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Vehicle Type Market Share Analysis

7.3.2.2.2. By Mechanism Market Share Analysis

7.3.2.2.3. By Component Market Share Analysis

7.3.3. Italy Power Steering Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.1.2. By Volume

7.3.3.2. Market Share & Forecasty

7.3.3.2.1. By Vehicle Type Market Share Analysis

7.3.3.2.2. By Mechanism Market Share Analysis

7.3.3.2.3. By Component Market Share Analysis

7.3.4. France Power Steering Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.1.2. By Volume

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Vehicle Type Market Share Analysis

7.3.4.2.2. By Mechanism Market Share Analysis

7.3.4.2.3. By Component Market Share Analysis

7.3.5. Spain Power Steering Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Vehicle Type Market Share Analysis

7.3.5.2.2. By Mechanism Market Share Analysis

7.3.5.2.3. By Component Market Share Analysis

8. Asia-Pacific Power Steering Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.1.2. By Volume

8.2. Market Share & Forecast

8.2.1. By Vehicle Type Market Share Analysis

8.2.2. By Mechanism Market Share Analysis

8.2.3. By Component Market Share Analysis

8.2.4. By Country Market Share Analysis

8.2.4.1. China Market Share Analysis

8.2.4.2. India Market Share Analysis

8.2.4.3. Japan Market Share Analysis

8.2.4.4. South Korea Market Share Analysis

8.2.4.5. Australia Market Share Analysis

8.2.4.6. Rest of Asia-Pacific Market Share Analysis

8.3. Asia-Pacific: Country Analysis

8.3.1. China Power Steering Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.1.2. By Volume

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Vehicle Type Market Share Analysis

8.3.1.2.2. By Mechanism Market Share Analysis

8.3.1.2.3. By Component Market Share Analysis

8.3.2. India Power Steering Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.1.2. By Volume

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Vehicle Type Market Share Analysis

8.3.2.2.2. By Mechanism Market Share Analysis

8.3.2.2.3. By Component Market Share Analysis

8.3.3. Japan Power Steering Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.1.2. By Volume

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Vehicle Type Market Share Analysis

8.3.3.2.2. By Mechanism Market Share Analysis

8.3.3.2.3. By Component Market Share Analysis

8.3.4. South Korea Power Steering Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.1.2. By Volume

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Vehicle Type Market Share Analysis

8.3.4.2.2. By Mechanism Market Share Analysis

8.3.4.2.3. By Component Market Share Analysis

8.3.5. Australia Power Steering Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.1.2. By Volume

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Vehicle Type Market Share Analysis

8.3.5.2.2. By Mechanism Market Share Analysis

8.3.5.2.3. By Component Market Share Analysis

9. South America Power Steering Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.1.2. By Volume

9.2. Market Share & Forecast

9.2.1. By Vehicle Type Market Share Analysis

9.2.2. By Mechanism Market Share Analysis

9.2.3. By Component Market Share Analysis

9.2.4. By Country Market Share Analysis

9.2.4.1. Brazil Market Share Analysis

9.2.4.2. Argentina Market Share Analysis

9.2.4.3. Colombia Market Share Analysis

9.2.4.4. Rest of South America Market Share Analysis

9.3. South America: Country Analysis

9.3.1. Brazil Power Steering Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.1.2. By Volume

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Vehicle Type Market Share Analysis

9.3.1.2.2. By Mechanism Market Share Analysis

9.3.1.2.3. By Component Market Share Analysis

9.3.2. Argentina Power Steering Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.1.2. By Volume

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Vehicle Type Market Share Analysis

9.3.2.2.2. By Mechanism Market Share Analysis

9.3.2.2.3. By Component Market Share Analysis

9.3.3. Colombia Power Steering Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.1.2. By Volume

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Vehicle Type Market Share Analysis

9.3.3.2.2. By Mechanism Market Share Analysis

9.3.3.2.3. By Component Market Share Analysis

10. Middle East and Africa Power Steering Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.1.2. By Volume

10.2. Market Share & Forecast

10.2.1. By Vehicle Type Market Share Analysis

10.2.2. By Mechanism Market Share Analysis

10.2.3. By Component Market Share Analysis

10.2.4. By Country Market Share Analysis

10.2.4.1. South Africa Market Share Analysis

10.2.4.2. Saudi Arabia Market Share Analysis

10.2.4.3. UAE Market Share Analysis

10.2.4.4. Rest of Middle East & Africa Market Share Analysis

10.3. MEA: Country Analysis

10.3.1. South Africa Power Steering Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.1.2. By Volume

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Vehicle Type Market Share Analysis

10.3.1.2.2. By Mechanism Market Share Analysis

10.3.1.2.3. By Component Market Share Analysis

10.3.2. Saudi Arabia Power Steering Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.1.2. By Volume

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Vehicle Type Market Share Analysis

10.3.2.2.2. By Mechanism Market Share Analysis

10.3.2.2.3. By Component Market Share Analysis

10.3.3. UAE Power Steering Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.1.2. By Volume

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Vehicle Type Market Share Analysis

10.3.3.2.2. By Mechanism Market Share Analysis

10.3.3.2.3. By Component Market Share Analysis

11. Market Dynamics

11.1. Market Drivers

11.2. Market Challenges

12. Market Trends & Developments

13. SWOT Analysis

13.1. Strength

13.2. Weakness

13.3. Opportunities

13.4. Threats

14. Competitive Landscape

14.1. Company Profiles (Up To 10 Major Companies)

14.1.1. Showa Corporation

14.1.1.1. Company Details

14.1.1.2. Key Product Offered

14.1.1.3. Recent Developments

14.1.1.4. Key Management Personnel

14.1.2. Nexteer Automotive Corporation

14.1.2.1. Company Details

14.1.2.2. Key Product Offered

14.1.2.3. Recent Developments

14.1.2.4. Key Management Personnel

14.1.3. NSK Ltd

14.1.3.1. Company Details

14.1.3.2. Key Product Offered

14.1.3.3. Recent Developments

14.1.3.4. Key Management Personnel

14.1.4. JTEKT Corporation

14.1.4.1. Company Details

14.1.4.2. Key Product Offered

14.1.4.3. Recent Developments

14.1.4.4. Key Management Personnel

14.1.5. Robert Bosch GmbH

14.1.5.1. Company Details

14.1.5.2. Key Product Offered

14.1.5.3. Recent Developments

14.1.5.4. Key Management Personnel

14.1.6. Mando Corporation

14.1.6.1. Company Details

14.1.6.2. Key Product Offered

14.1.6.3. Recent Developments

14.1.6.4. Key Management Personnel

14.1.7. Sona Corporation

14.1.7.1. Company Details

14.1.7.2. Key Product Offered

14.1.7.3. Recent Developments

14.1.7.4. Key Management Personnel

14.1.8. ZF Friedrichshafen AG

14.1.8.1. Company Details

14.1.8.2. Key Product Offered

14.1.8.3. Recent Developments

14.1.8.4. Key Management Personnel

14.1.9. Hitachi Automotive Systems Limited

14.1.9.1. Company Details

14.1.9.2. Key Product Offered

14.1.9.3. Recent Developments

14.1.9.4. Key Management Personnel

15. Strategic Recommendations

15.1. Key Focus Areas

15.1.1. Target Regions

15.1.2. Target Vehicle Type

16.About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Global Power Steering Market in 2023?

The market size of the Global Power Steering Market was estimated to be USD 29 billion in 2023.

Which was the dominant segment by vehicle type in the Global Power Steering Market in 2022?

Which is the dominant region in the Global Power Steering Market?

Asia Pacific is estimated to lead the automobile steering system market. The growing sales and production of automakers from emerging nations are likely to drive the growth of the automotive steering system market in this area. Demand for high-end luxury vehicles and rising disposable income in developing nations are also expected to drive market expansion in this area.

What are the major drivers for the Global Power Steering Market?

Increase in demand for automobiles, Adoption of a power steering system and Consumer preference for driving comfort are the major drivers for the Global Power Steering Market.

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Srishti Verma

Business Consultant

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Press Release

Power Steering Market to Grow with a CAGR of 6.76% through 2028

Oct, 2023

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.

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