Power Steering Pumps Market Analysis - Global Industry Size, Share, Trends and Forecast, 2018 - 2026

Introduction

Power steering pumps are the part of hydraulic power steering systems that help enable effective and efficient movement of steering of the vehicle. The power steering pumps use hydraulic power for the steering provided by rotary-vane pump driven by the car’s engine via a belt and pulley. The market for power steering pumps has witnessed significant growth due to rising adoption of steer-by-wire (SBW) technologies and increase in cross-industry collaborations in the automotive industry globally.

Market Dynamics

The increase in use of gear type steering pumps in commercial and industrial automotive as well as increasing technological investments by leading players have led to the growth of power steering pumps market globally. Factors such as ability to minimize power consumption and capability to deliver high capacity pressures are expected to change the dynamics of the market in near future. The major challenges can be attributed to the leaks and slack caused from the gear box or rack, damage caused by out of round tires and improper mounted tires, and stringent government frameworks.

Market Classification and Overview

The power steering pumps market is bifurcated on the basis of type, application, end use industry, and geography. The power steering pumps market by type is segmented into blade type steering pumps, gear type steering pumps and plunge type steering pumps. Gear type steering pumps are most preferred type of power steering pumps as they are highly durable and have the ability to tolerate rough treatment efficiently than others. Based on application, the market is segmented into cars, trucks and SUVs among others. Cars dominate the application market for power steering pumps and are the most mature segment in comparison with other application segments. Based on end use industry, the market is further segmented into commercial and industrial among others. Commercial segment accounts for majority of the global consumption of power steering pumps and is also projected to be the fastest growing market owing to high penetration of hydraulic power steering (HPS) in the commercial vehicles globally.

Regional Overview

The market for power steering pumps is segmented into regions such as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). Europe was the major contributors to the growth of power steering pumps market in 2015. North America was the second biggest market followed by Asia-Pacific. The market for power steering pumps in Asia-Pacific is further projected to witness highest growth in coming years owing to growth of automotive industry in the region.

Report Coverage

Market Participants

Bosch, Denso, Hitachi, ZF, Nexteer, JTEKT, TRW, Melling, BBB Industries LLC, ACDelco, and Lares Corporation are the key players in the power steering pumps market. These players involved have adopted the strategies including mergers and acquisitions with local as well as established players.

Market Segmentation

Market By Type

• Blade Type Steering Pump
• Gear Type Steering Pump
• Plunger Type Steering Pump

Market By Application

• Cars
• Trucks
• SUVs
• Others

Market By End-Use Industry

• Commercial
• Industrial
• Others

Market By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • Rest of MEA