Global Automotive Steering Pumps Market Report By Type (Mechanical Hydraulic Power Steering, Electronic Hydraulic Power Steering, Electric Power Steering), By Application (Passenger Cars, Commercial Vehicles) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2022-2030

The global demand for Automotive Steering Pumps Market is presumed to reach the market size of nearly USD XX MN by 2030 from USD XX MN in 2022 with a CAGR of 6.5% under the study period 2023 - 2030.

Automotive steering pumps, also known as power steering pumps, are essential components in modern vehicles that assist in operating steering systems. These pumps supply pressurized hydraulic fluid to the steering system, enabling easier and more efficient steering control for drivers. The primary function of an automotive steering pump is to generate hydraulic pressure that assists in turning the wheels.

Market Dynamics

The automotive industry's expansion and the increasing global vehicle production are key drivers behind the growing demand for automotive steering pumps. As more vehicles are manufactured, there is a corresponding need for steering systems and their associated components, including steering pumps. Power steering systems rely on steering pumps and are becoming increasingly common in vehicles. The shift towards power steering is driven by consumer preferences for easier steering control, enhanced manoeuvrability, and reduced driver fatigue. This trend fuels the demand for automotive steering pumps. Consumers are increasingly seeking comfort and safety features in their vehicles. Power-assisted steering systems, made possible by steering pumps, offer smoother and more effortless steering, improving driver comfort. Moreover, these systems enhance vehicle stability and control, leading to improved safety on the road. Ongoing advancements in steering system technology drive the need for more sophisticated and efficient steering pumps. Innovations such as electric power steering (EPS) and electro-hydraulic power steering (EHPS) systems require specialized pumps to meet the specific power-assisted steering requirements of these advanced systems. Automakers are under increasing pressure to comply with emission and fuel efficiency regulations. Steering pumps that operate with higher efficiency and consume less power help reduce the overall energy consumption of the vehicle. This drives the demand for more efficient and eco-friendly steering pump solutions.

The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of automotive steering pumps. The growth and trends of automotive steering pumps industry provide a holistic approach to this study. 

Market Segmentation

This section of the automotive steering pumps market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities. 

By Type

• Mechanical Hydraulic Power Steering
• Electronic Hydraulic Power Steering
• Electric Power Steering

By Application

• Passenger Cars
• Commercial Vehicles

Regional Analysis

This section covers the regional outlook, which accentuates current and future demand for the Automotive Steering Pumps market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.

Global Automotive Steering Pumps Market Share by Region (Representative Graph)

The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the automotive steering pumps market include Bosch, Nexteer, ZF, JTEKT Corporation, Aisin Seiki, Denso, Delphi, Johnson Electric, GKN Group, Magna, Melling Tool Company, Hitachi Automotive Systems Americas, ATS Automation Tooling Systems. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.