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
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
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Central & South America
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