Automotive Steering Pump Market: Introduction

  • A power steering pump ensures that the fluid reaches a car’s power steering system. It consists of a slotted rotor that rotates and enables fluid to enter the pump; once fluid enters the rotor, it continues to rotate and moves the fluid to the discharge ports. At this point, the fluid enters a reservoir in the power steering system, where it helps the steering gear apply the proper amount of pressure to turn the wheels smoothly.
  • Automotive power steering pumps assist the movement of power steering system by applying the principle of fluid mechanics. Steering pumps also enhance the performance of steering as well as reduce the noise generated from the steering system, which is caused due to sudden turning of the vehicle.

Key Drivers of Automotive Steering Pump Market

  • Steering pumps are installed in a vehicle in order to increase driving comfort. The sale of the automotive power steering pump depends entirely on the sale of vehicles. Moreover, rapid advancements witnessed in the steering system in the last few years as well as consistent innovation related to steering system across the world is expected to drive the global automotive power steering pump market.
  • The passenger car segment is expected to be leading the automotive market, which in turn is projected to boost the automotive steering pump market. On other hand, automotive component manufacturers are working on introducing advanced auto parts in order to make driving safe, comfortable, and efficient. This has consequently reduced the usage of manual steering systems and increased the sale of automotive power steering pumps.
  • Several market players are engaged in the manufacture of lightweight casing of automotive power steering pumps, in which the mechanism and controlling is expected to be ecofriendly and energy-efficient and consume less energy of the engine.

Challenges of Automotive Steering Pump Market

  • Rising penetration of electric vehicles is an important factor hindering the automotive steering pump market. The electrification of pump for engine applications is done by installing electronic components such as ECUs, sensors, and microcontrollers with actuators. Electrification helps to decrease the weight of a vehicle and comply with stringent emission norms.
  • Increasing usage of electronic power steering is likely to hamper the global automotive power steering pump market, as the electronic power system replaces power steering pumps and their components with brushless motors
  • Furthermore, the car power steering power system requires periodic maintenance due to the significant risk of oil leakage. Furthermore, the high replacement cost is projected to hamper the automotive power steering pump market during the forecast period.

Opportunities of Automotive Steering Pump Market

  • Rise in sales of automobiles is directly associated with the demand for automotive steering pump market. Furthermore, the global automotive power steering market is likely to expand at a sluggish pace owing to phasing in of electronic power steering system, which is the complete replacement of pumps, pulleys, hoses, and other small components used in power steering system.
  • Manufacturers are also focusing on reducing the weight of pulley of the steering pump. The pulley helps provide dynamic balancing in the pump mechanism, and hence, it is considered as a major component of the steering pump. However, the sale of automotive power steering system directly depends on the volume production of the vehicle.

Automotive Steering Pump Market, Geography

  • Asia Pacific is projected to be a prominent market for automotive steering pump, globally. The region comprises some rapidly developing economies such as China and India. Moreover, Asia Pacific is a notable market for automotive owing to the rising purchasing power of consumers, which in turn has fueled the demand for automobiles in the region. Additionally, an increase in sales of commercial vehicles and passenger cars in the region is also driving the market.
  • Concerns over ecological imbalances caused by automobile emissions have been rising in nations such as India, China, Malaysia, and Thailand for the last decade. These issues have compelled major automobile manufacturers to shift their focus toward low-emission vehicles. Consequently, the market in Asia Pacific is estimated to expand significantly during the forecast period. Furthermore, the high demand for passenger vehicles in the region's rapidly expanding economies is expected to boost the market in Asia Pacific during the forecast period.
  • Demand for commercial vehicles, such as heavy trucks, construction machinery, and agricultural machinery is estimated to rise in North America. The automotive steering pump is employed in the majority of these vehicles in North America, which is projected to boost the market in the region.

Key Players Operating in Global Automotive Steering Pump Market

  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • Nexteer Automotive
  • Hitachi Automotive Systems, Ltd.
  • JTEKT Corporation
  • Rapid Precision Engineering
  • Quanxing Machining Group Co., Ltd.
  • GKN plc.
  • Automation Tooling Systems Inc.
  • Maval Industries

Automotive Steering Pump Market, by Vehicle Type

  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
  • Passenger car
  • Sport car
  • Others

Automotive Steering Pump Market, by Capacity

  • Less than 45 Liters
  • 45-70 Liters
  • Above 70 Liters
  • 10-12 Kg for Gas tank

Automotive Steering Pump Market, by Region

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Rest of APAC
  • Central & South America
    • Brazil
    • Mexico

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
  • Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
  • Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
  • Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.

The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

Enquiry Before Buying

TMR offers Enquiry Before Buying that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying

Automotive Steering Pump Market