Increasing focus on considering enhanced Noise, Vibration, and Harshness (NVH) control and integration of sensor technologies is a major factor driving the Power Steering Pump market revenue growth.
Vancouver, Dec. 26, 2023 (GLOBE NEWSWIRE) -- The global power steering pump market size was USD 1.74 Billion in 2022 and is expected to register a revenue CAGR of 3.1% during the forecast period, according to latest analysis by Emergen Research. Increasing focus on considering enhanced Noise, Vibration, and Harshness (NVH) control in power steering pump design is a major factor driving the market revenue growth. Manufacturers are employing advanced techniques, such as improved pump rotor profiles, vibration-dampening technologies, and noise reduction measures, to minimize noise and vibration levels. Hydraulic Power Unit
This ensures a smoother and quieter driving experience. The automotive industry is rapidly shifting toward sensor technologies. Power steering pumps are increasingly being equipped with sensors and Electronic Control Units (ECUs) to enhance performance and enable advanced functionalities. These sensors provide real-time data on steering inputs, vehicle speed, and driving conditions, allowing for more precise and adaptive power assistance.
Increasing awareness regarding alternative steering technologies is a major factor restraining the market revenue growth. The development of alternative steering technologies, such as steer-by-wire and active steering systems, can impact the demand for traditional power steering pumps. These technologies aim to offer more advanced and adaptable steering capabilities, potentially reducing the reliance on conventional hydraulic power steering. Shift to autonomous vehicles is another major factor restraining the market revenue growth. As autonomous technology advances, the role of human drivers in controlling the steering diminishes. Fully autonomous vehicles do not require conventional power steering pumps, further influencing the future demand for these components.
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Revenue in USD Billion and CAGR in % from 2023 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Application, product type, and region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Denso Corporation, Bosch, Cardone Industries, Delphi Technologies, Thyssenkrupp AG, Nexteer Automotive, Melling, ACDelco, JTEKT Corporation, Mavalgear
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Major Companies and Competitive Landscape
The global power steering pump market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective power steering pumps.
Some major players included in the global power steering pump market report are:
On 17 December 2020, PWR Steer Motion Control Systems, which is a U.S.-based leading manufacturer of power steering products and a division of global automotive replacement parts supplier, Premium Guard Inc., announced adding eight new rack and pinion assemblies and 17 power steering pumps to its first growing new power steering component line. The new additions provide exceptional coverage for over 33 million import and domestic passenger cars and light trucks on the road.
In addition, the product line includes a variety of innovative product enhancements that make the replacement parts ready to use right out of the box. The new application-specific Rack and Pinion units come with outer tie rods and jam nuts, while new power steering pumps come with a pre-installed reservoir and cap, pulley, return line block fitting, and any pressure switch or sensor that is required. These improved products are intended to help reduce warranty issues, increase shop profitability, and provide a higher level of repair quality.
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Some Key Highlights from the Report
The heavy machinery segment accounted for a significantly large revenue share in 2022. Increasing focus on providing a precise combination of technology, topology, and size and control for the power steering system used in a heavy-duty vehicle and overcoming drawbacks of a sequential design approach are major factors driving revenue growth of the segment. Power steering pumps in heavy machinery are designed to withstand the demanding operating conditions and heavy loads associated with construction, agriculture, and industrial applications.
The gear-type power steering pump segment accounted for a significantly large revenue share in 2022. Increasing focus on simplicity, cost-effectiveness, and excellent low-speed performance are major factors contributing to revenue growth of this segment. Gear-type pumps perform well at low speeds, making them suitable for applications where precise maneuverability is crucial. They provide consistent power assistance, even at idle or during low-speed operations, which is advantageous in tight spaces or during parking maneuvers.
The market in North America accounted for a significantly large revenue share in 2022. Increasing focus on improving product availability and rapid investments in building strong and extensive experience in the commercial vehicle steering segment are major factors driving the market revenue growth in this region. In addition, rising application of power steering pumps in commercial vehicle segment is another major factor contributing to the market revenue growth in this region. It is intended to provide on-demand hydraulic flow, allowing the commercial vehicle's hydraulic steering system to operate efficiently independent of the vehicle's drivetrain.
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Emergen Research has segmented the global power steering pump market on the basis of application, product type, and region:
Application Outlook (Revenue, USD Billion; 2019-2032)
Product Type Outlook (Revenue, USD Billion; 2019-2032)
Regional Outlook (Revenue, USD Billion; 2019–2032)
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