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2021
Power Steering Pump Market

Power Steering Pump Market by Pump Type (Blade, Gear, and Plunger), and Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021–2030

A14088
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Dec 2021 | 156 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Power steering pumps work on the principle of fluid mechanics which converts the engine’s energy into hydraulic power used for the movement of power steering in the vehicle. Steering pumps also enhances the steering performance and reduces the noise level in the steering system caused during harsh turning. It starts with a drive belt connected to the engine which spins the rotary in the pump and the movement of the rotor pulls the power steering fluid through it, injecting it back into the system under high pressure. Flexible hoses are used for power fluid transmission, and it provides dynamic balancing for the pump mechanism. Thus, the hydraulic pressure translates into force applied to the rack and pinion steering column whenever the steering is turned.  Moreover, generally, vain-type pumps are used in power steering since it can subsequently increase the pressure of transmitting power by using vanes. Currently, original equipment manufacturers (OEMs) are focusing on manufacturing lightweight casings for power steering pumps that are energy-efficient and provide high turn ability to the vehicle.

Market Scope and Structure Analysis

Report Metric

Details

  Market size available for years 

  2020–2030

  Base year considered

  2020

   Forecast period

  2021–2030

   Forecast units

  Value (USD)

  Segments covered

  Pump Type, Vehicle Type, and Region

  Regions covered

North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies covered

Robert Bosch GmbH, Nexteer Automotive, ZF Friedrichshafen AG, Melling, Hitachi Automotive Systems Ltd., JTEKT Corporation, Rapid Precision Engineering, Maval Industries, Automation Tooling Systems Inc., and GKN Plc.

 

COVID-19 Impact Analysis

  • Due to COVID-19, the governments of major countries have imposed lockdown and various other restrictions. Thus, the manufacturing of automobiles across the globe has been halted and the demand for power steering pumps has been disrupted. The decline in people’s disposable income affected the purchase of automobiles. Furthermore, social distancing norms and other restrictions by various governments across the globe led to the unavailability of labor for the production of power steering pumps. In addition, the pandemic has disrupted the supply of raw materials required for power steering pump manufacturing. 
  • COVID-19 could also cause a long-term effect by changing consumer behavior, preferences, and causing regulatory developments. The lockdown has also resulted in an overflow of inventories since the manufactured products were still not been shipped to the supplier.  

Top Impacting Factors 
Advancement of technology, rise in production of new vehicles, and surge in usage of lightweight material for manufacturing are expected to drive the growth of the market.
However, high maintenance costs and popularity in electronic power steering hamper the market growth. 
Moreover, high demand for vehicles with new features, easier & better vehicle handling, and rise in the number of heavy commercial vehicles in the market act as various opportunities for growth of the market. 
Market Trends
Advancement in the electronic power steering

  • The advantage of Electric power steering (EPS) system over a hydraulic system is the advantage of steering assistance to the driver during the engine stall. It eliminates the need for a pump, hoses, and drive belts connected to the engine. The configuration of the EPS system allows the entire power assist system to be packaged on the rack and pinion steering gear or in the steering column. The system does not take power from the engine thus reducing the loss of power from the engine. 
  • For instance, Robert Bosch GmbH EPS meets the requirement for small, mid-range, sports cars and light commercial vehicles. The EPS has an electric motor that controls the vehicle steering providing optimal steering. EPS is best suited for electric and autonomous vehicles providing maximum security till SAE-Level 4. All these advantages of EPS can hamper the growth of the power steering pump market.

    
Key Segments Covered

Segments

Sub-segments

  Pump Type

  • Blade
  • Gear
  • Plunger

 Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

  Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

 

Key Benefits of the Report

  • This study presents the analytical depiction of the power steering pump market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with challenges of the power steering pump market.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the power steering pump market growth scenario.
  • The report provides a detailed power steering pump market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Report

  • Which are the leading market players active in the power steering pump market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the power steering pump market?
  • What are the projections for the future that would help in taking further strategic steps? 
 
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