Global Automotive Steering Pump Market 2017-2021

Overview of the global automotive steering pump market

Research analysis on the global automotive steering pump market identifies that the increased adoption of hydraulic power steering (HPS) in the commercial vehicle segment will be one of the major factors that will have a positive impact on the growth of the market.  Many commercial vehicles utilize the hydraulic or the electrohydraulic steering system as the electric power steering system have not crossed the 15kN barrier. The steering power needed by a commercial vehicle is much higher compared to a standard passenger car. Moreover, the electric power steering provides increased assistance on the reducing the load on the engine, and the electrohydraulic steering has been extensively used in passenger cars offering them better energy saving capacities. The HPS is commonly used in HCVs, which is boosting the sales of hydraulic steering pumps. This will drive the growth of the hydraulic steering pumps market. Technavio's market research analysts predict that this market will grow at a CAGR of close to 8% by 2021.

The rising adoption of steer-by-wire (SBW) technologies is one of the key trends that will gain traction in the automotive steering pump market. Compared to a mechanical steering system, the SBW technology utilizes lesser energy and offers more room for better power delivery that improves the fuel efficiency of the vehicles. This technology substitutes numerous mechanical components, such as columns, steering shafts, and gear reduction mechanism. Moreover, the SBW technology also provides the additional benefit of removing the leakage of environmentally hazardous hydraulic power steering fluids.

Competitive landscape and key vendors  

The automotive steering pump market consists of many new and existing manufacturers. Presently, the current key players in this market are coming up with better steering pump technologies with a focus on lowering the losses and raising the overall fuel efficiency of the vehicle. OEMs in this market have also started to manufacture their steering systems that includes steering pump technologies to lower their inventory and product costs. The competitive environment in the automotive market will increase with improvements in technology and safety regulations.

The leading vendors in the market are ?

• Bosch
• Nexteer
• ZF

The other prominent vendors in the market are Melling Tool Company, Hitachi Automotive Systems Americas, Power Steering Associates, JTEKT Corporation, GKN, and ATS Automation Tooling Systems.

Segmentation by product and analysis of the automotive steering pump market

• Passenger cars
• LCVs
• M&HCVs

During 2016, the passenger cars  segment accounted for the major shares of the automotive steering pump market. Factors such as the increased demand for passenger cars in the developing countries such as China, India, Indonesia, Mexico, and Thailand will contribute to the growth of this industry segment in the coming years.

Geographical segmentation and analysis of the automotive steering pump market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the automotive steering pump market throughout the forecast period. The rising disposable incomes of middle-class families, increased initiatives to lower the carbon emissions and improve the fuel efficiency of vehicles will drive the market growth in the region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global automotive steering pump market?
• What are the key market trends impacting the growth of the global automotive steering pump market?
• What are the challenges to market growth?
• Who are the key vendors in the global automotive steering pump market?
• What are the market opportunities and threats faced by the vendors in the global automotive steering pump market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global automotive steering pump market?

Technavio also offers customization on reports based on specific client requirement.

According to our market analysts, the increasing demand for electric power steering (EPS) in all vehicle segments may impact the growth of this market in the coming years. This market research report on the global automotive steering pump market covers vendors like Bosch, KRC Power Steering, and Melling Engine Parts to help clients get key insights into the vendor landscape.

Furthermore, to help businesses explore and expand in niche markets, this report on the automotive steering pump market covers geographies like the Americas, APAC, and EMEA. Technavio's research practices help clients develop effective growth strategies and keep pace with the continually changing market landscape. This market study also offers strategic insights based on the interpretation of the information gathered from specific resources such as channel partners and market stakeholders.

The upcoming industry research report for the automotive steering pump market also categorizes the major drivers, rising trends, coupled with the imminent challenges that the automotive electronics sector currently experiences. This report on the automotive steering pump market presents strategic insights into the rapidly changing competitive landscape to offer a holistic outlook of the forthcoming events within the automotive industry. Technavio also presents detailed market assessments into the sectors such as automotive services.