The global Power Steering Pumps Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Type (Vane automotive power steering pump, Roller automotive power steering pump, Slipper automotive power steering Pump), By Vehicle (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Others), By Distribution Channel (OEM, Aftermarket).
The Power Steering Pumps Market in 2024 is witnessing steady growth driven by the widespread adoption of power-assisted steering systems in vehicles, enhancing driver comfort and vehicle maneuverability. Power steering pumps play a critical role in these systems, delivering pressurized hydraulic fluid to assist steering efforts, particularly at low speeds and during tight maneuvers. With automotive manufacturers focusing on lightweighting, efficiency, and noise reduction, power steering pump manufacturers are innovating with advanced pump designs, materials, and technologies to meet stringent performance and durability requirements. Moreover, the integration of variable displacement pumps and electric power steering systems contributes to improved fuel efficiency and responsiveness, aligning with sustainability initiatives and consumer preferences. Additionally, advancements in pump construction, including precision machining and sealing techniques, ensure reliability and minimize fluid leakage, enhancing system longevity and reducing maintenance costs. As vehicle dynamics and driver assistance systems evolve, the Power Steering Pumps Market remains integral in providing reliable and efficient solutions to optimize steering performance and enhance the overall driving experience.
The global Power Steering Pumps market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Power Steering Pumps Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Power Steering Pumps Market Industry include- ACDelco, BBB Industries Llc, Denso Corp, Hitachi Ltd, JTEKT Corp, Melling Engine Parts, Nexteer Automotive Corp, Robert Bosch GmbH, TRW Automotive Holdings Corp., ZF Friedrichshafen AG.
A prominent trend in the Power Steering Pumps market is the gradual shift towards electric power steering (EPS) systems, driven by advancements in automotive technology and the pursuit of improved fuel efficiency and vehicle dynamics. Electric power steering systems, which use electric motors to assist steering rather than hydraulic pumps, offer several advantages over traditional hydraulic power steering systems, including greater energy efficiency, reduced weight, and enhanced responsiveness. With automakers prioritizing electrification and vehicle efficiency, there's increasing interest in EPS technology as a means to meet regulatory requirements and consumer expectations for more environmentally friendly and technologically advanced vehicles. This trend is reshaping the power steering pumps market, with a growing focus on the development and production of electric power steering pumps and components to support the transition towards EPS systems in modern vehicles.
A key driver for the Power Steering Pumps market is the growth in vehicle production and sales worldwide, leading to increased demand for power steering systems as essential components in passenger cars, commercial vehicles, and off-highway vehicles. Power steering pumps play a critical role in providing hydraulic assistance to steering systems, enabling drivers to control vehicle direction with minimal effort. With the global automotive industry experiencing steady growth, driven by factors such as rising disposable incomes, urbanization, and infrastructure development, there's a corresponding increase in the need for power steering pumps to support ongoing vehicle production and sales. This driver is fueled by the expansion of automotive manufacturing facilities, the introduction of new vehicle models, and the replacement of aging vehicles, driving the growth of the power steering pumps market as a vital component of vehicle steering systems.
An emerging opportunity within the Power Steering Pumps market lies in the development of smart and connected power steering systems that offer advanced functionalities such as predictive maintenance, autonomous driving support, and vehicle-to-vehicle communication. With the proliferation of connected vehicle technology and the rise of autonomous driving capabilities, there's increasing interest in integrating power steering systems with onboard sensors, actuators, and communication networks to enable real-time monitoring, analysis, and optimization of steering performance. Smart power steering systems can detect anomalies, diagnose faults, and provide feedback to drivers or vehicle control systems to enhance safety, reliability, and comfort. By investing in research and development of smart power steering technologies, manufacturers can differentiate their products, offer value-added features, and address the evolving needs of automotive OEMs and end-users for connected and autonomous vehicle solutions. Moreover, partnerships with technology companies, software developers, and automotive OEMs can facilitate the integration and commercialization of smart power steering systems, creating opportunities for collaboration and innovation in the power steering pumps market. By seizing this opportunity, manufacturers can position themselves at the forefront of the automotive industry's transition towards smart and connected vehicles, driving growth and competitiveness in the power steering pumps market.
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
AftermarketGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa
ACDelco
BBB Industries Llc
Denso Corp
Hitachi Ltd
JTEKT Corp
Melling Engine Parts
Nexteer Automotive Corp
Robert Bosch GmbH
TRW Automotive Holdings Corp.
ZF Friedrichshafen AG
*- List not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Power Steering Pumps Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Power Steering Pumps Market Size Outlook, $ Million, 2021 to 2030
3.2 Power Steering Pumps Market Outlook by Type, $ Million, 2021 to 2030
3.3 Power Steering Pumps Market Outlook by Product, $ Million, 2021 to 2030
3.4 Power Steering Pumps Market Outlook by Application, $ Million, 2021 to 2030
3.5 Power Steering Pumps Market Outlook by Key Countries, $ Million, 2021 to 2030
4 Market Dynamics
4.1 Key Driving Forces of Power Steering Pumps Industry
4.2 Key Market Trends in Power Steering Pumps Industry
4.3 Potential Opportunities in Power Steering Pumps Industry
4.4 Key Challenges in Power Steering Pumps Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Power Steering Pumps Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Power Steering Pumps Market Outlook by Segments
7.1 Power Steering Pumps Market Outlook by Segments, $ Million, 2021- 2030
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
Aftermarket
8 North America Power Steering Pumps Market Analysis and Outlook To 2030
8.1 Introduction to North America Power Steering Pumps Markets in 2024
8.2 North America Power Steering Pumps Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Power Steering Pumps Market size Outlook by Segments, 2021-2030
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
Aftermarket
9 Europe Power Steering Pumps Market Analysis and Outlook To 2030
9.1 Introduction to Europe Power Steering Pumps Markets in 2024
9.2 Europe Power Steering Pumps Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Power Steering Pumps Market Size Outlook by Segments, 2021-2030
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
Aftermarket
10 Asia Pacific Power Steering Pumps Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Power Steering Pumps Markets in 2024
10.2 Asia Pacific Power Steering Pumps Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Power Steering Pumps Market size Outlook by Segments, 2021-2030
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
Aftermarket
11 South America Power Steering Pumps Market Analysis and Outlook To 2030
11.1 Introduction to South America Power Steering Pumps Markets in 2024
11.2 South America Power Steering Pumps Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Power Steering Pumps Market size Outlook by Segments, 2021-2030
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
Aftermarket
12 Middle East and Africa Power Steering Pumps Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Power Steering Pumps Markets in 2024
12.2 Middle East and Africa Power Steering Pumps Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Power Steering Pumps Market size Outlook by Segments, 2021-2030
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
Aftermarket
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
ACDelco
BBB Industries Llc
Denso Corp
Hitachi Ltd
JTEKT Corp
Melling Engine Parts
Nexteer Automotive Corp
Robert Bosch GmbH
TRW Automotive Holdings Corp.
ZF Friedrichshafen AG
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Type
Vane automotive power steering pump
Roller automotive power steering pump
Slipper automotive power steering Pump
By Vehicle
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Distribution Channel
OEM
Aftermarket
The global Power Steering Pumps Market is one of the lucrative growth markets, poised to register a 5.8% growth (CAGR) between 2024 and 2030.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
ACDelco, BBB Industries Llc, Denso Corp, Hitachi Ltd, JTEKT Corp, Melling Engine Parts, Nexteer Automotive Corp, Robert Bosch GmbH, TRW Automotive Holdings Corp., ZF Friedrichshafen AG
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: USD; Volume