Power Assisted Steering Market 2021| Industry Size, Trends and Growth by 2027
The power assisted steering market revenue from HCVs is projected to rise at a 5% CAGR in the next few years. The growth is attributed to a notable increase in the construction and logistics industries across the Asia Pacific and Latin America, further increasing demand for heavy commercial vehicles. To substantiate the statement with an instance, the India Brand Equity Foundation estimates that India will become the world's third-largest construction market by 2022.
The rising adoption of Electric Power Steering (EPS) systems in automotive vehicles to improve safety, fuel efficiency, and ADAS (Advanced driver-assistance systems), is anticipated to expand power assisted steering market size in the near future. The Society of Automotive Engineers (SAE) stated that the EPS system is required for the effective implementation of advanced steering functions such as automatic lane departure alert, park assist, lane holding, smooth road shake control, adaptive cruise control, and automated stability controls.
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That apart, manufacturers of power assisted steering systems are also actively working to improve the operating performance of their products in order to provide on-demand power from an electric motor. For instance, Nexteer Automotive introduced a high-performance electric power steering (EPS) system for heavy and light commercial vehicles in 2020, which provides improved convenience, advanced protection, and improved fuel efficiency.
Owing to high automotive vehicle production and sales, Europe had captured over 20% of the market share, in 2020. In fact, according to European Automobile Manufactures’ Association, compared to 2020, car sales across Europe are predicted to rise by 10% in 2021.
Meanwhile, Latin America is expected to retain a significant share of the global power assisted steering market. This is due to a rise in production of automotive vehicles in developing countries such as Brazil, Mexico, and Argentina.
However, extreme lockdowns enforced by numerous government authorities around the world due to the ongoing COVID-19 pandemic negatively impacted the overall market revenue. Furthermore, the total shutdown of powerassisted steering part’s manufacturing plants, such as rack, steering columns, and pion gear, has directly impacted the market's supply chain. But, with robust vaccination drives conducted across the globe and reinitialization of business, the market is set to gain exponential proceeds in the coming years.
Over the past couple of years, key market participants have been focusing on a number of strategic measures to enhance their market presence. Citing an instance, in May 2020, ZF Friedrichshafen AG, a leading German manufacturer and supplier of passenger car parts, reportedly completed its acquisition of WABCO, a leading commercial vehicle technology supplier, after obtaining all the approvals it needed from regulatory authorities.
Robert Bosch GmbH, NSK Steering Systems Co., Ltd., SHOWA Corporation, ZF Friedrichshafen AG, Nexteer Automotive, Mando Corp, and JTEKT Corporation among many others are some of the key market players operating in the power assisted steering market.
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Partial Chapter of the Table of Content
Chapter 4 Power assisted Steering Market, By Propulsion Type
4.1 Global market insights, by propulsion type
4.2 EV
4.2.1 Global market estimates and forecasts, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3 ICE
4.3.1 Global market estimates and forecasts, 2017 - 2027
4.3.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 5 Power assisted Steering Market, By Vehicle
5.1 Global market insights, by vehicle
5.2 Passenger Cars
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3 LCV
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 – 2027
5.4 HCV
5.4.1 Global market estimates and forecasts, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 6 Power assisted Steering Market, By Power
6.1 Global market insights, by power
6.2 Electric
6.2.1 Global market estimates and forecasts, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3 Hydraulic
6.3.1 Global market estimates and forecasts, 2017 - 2027
6.3.2 Power assisted steering market estimates and forecast, by region, 2017 – 2027
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