Global Automotive Steering Pump Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global automotive steering pump market is a pivotal segment within the broader automotive industry, playing a crucial role in the functionality and safety of vehicles worldwide. Steering pumps are integral components of power steering systems, assisting drivers in maneuvering their vehicles with ease and precision. The market for automotive steering pumps is influenced by several factors, including technological advancements, regulatory standards, consumer preferences, and macroeconomic trends.

One of the significant drivers of growth in this market is the increasing demand for vehicles equipped with advanced power steering systems. As consumers prioritize comfort, convenience, and safety features in their vehicles, manufacturers are compelled to integrate more sophisticated steering pump technologies. This trend is particularly prominent in regions with a high concentration of automotive production and a rising middle-class population, such as Asia-Pacific and North America.

Regulatory mandates aimed at improving fuel efficiency and reducing emissions are shaping the automotive steering pump market. Manufacturers are under pressure to develop energy-efficient steering pump solutions to comply with stringent emission standards and enhance overall vehicle efficiency. Consequently, there's a growing emphasis on the development of electric power steering (EPS) systems, which eliminate the need for traditional hydraulic steering pumps, thereby reducing energy consumption and carbon emissions.

The market faces challenges, including fluctuations in raw material prices, supply chain disruptions, and the emergence of alternative steering technologies. These factors can impact the cost structure and profitability of steering pump manufacturers, necessitating strategic initiatives such as vertical integration, diversification of product offerings, and partnerships with suppliers and technology providers. Additionally, the ongoing transition toward autonomous driving and electric vehicles presents both opportunities and challenges for the automotive steering pump market, as these developments may reshape vehicle architectures and steering system requirements in the long term.

Global Automotive Steering Pump Segment Analysis

In this report, the Global Automotive Steering Pump Market has been segmented by Product, Technology and Geography.

Global Automotive Steering Pump Market, Segmentation by Product

The Global Automotive Steering Pump Market has been segmented by Product into Passenger vehicles, LCVs and M&HCV.

The global automotive steering pump market is experiencing significant growth, driven by the rising demand for vehicles across various segments worldwide. One of the key factors contributing to this growth is the increasing production and sales of passenger vehicles, light commercial vehicles (LCVs), and medium and heavy commercial vehicles (M&HCVs). Each segment within the automotive industry has its unique requirements for steering pumps, and manufacturers are continuously innovating to meet these diverse needs.

Passenger vehicles represent the largest segment in the automotive steering pump market. This can be attributed to the growing middle-class population, urbanization, and improving living standards in emerging economies, which have led to an increase in vehicle ownership and sales. Additionally, the integration of advanced steering technologies, such as electric power steering (EPS) systems, in passenger vehicles has further fueled the demand for steering pumps.

LCVs, including pickup trucks, vans, and small buses, also contribute significantly to the automotive steering pump market. These vehicles are widely used for transportation and logistics purposes, especially in the commercial sector. As the e-commerce industry continues to expand globally, the demand for LCVs for last-mile delivery services is expected to surge, thereby driving the need for efficient steering systems and pumps.

M&HCVs represent a smaller but crucial segment in the automotive steering pump market. These vehicles are primarily used for long-haul transportation of goods and passengers. With the increasing focus on fuel efficiency, safety, and driver comfort, manufacturers are investing in advanced steering pump technologies to enhance the performance and reliability of M&HCVs.

The segmentation of the global automotive steering pump market by product into passenger vehicles, LCVs, and M&HCVs reflects the diverse needs of the automotive industry. As vehicle production and sales continue to rise globally, particularly in emerging markets, the demand for steering pumps across all segments is expected to grow steadily in the coming years.

Global Automotive Steering Pump Market, Segmentation by Technology

The Global Automotive Steering Pump Market has been segmented by Technology into Hydraulic Power Steering (HPS), Electric Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS), and Others.

The global automotive steering pump market is experiencing a significant transformation, primarily driven by advancements in technology. One of the key segments shaping this evolution is the segmentation by technology. Hydraulic Power Steering (HPS) has long been the conventional choice, offering robust performance and reliability. However, with the growing emphasis on fuel efficiency and electrification, Electric Power Steering (EPS) has gained substantial traction. EPS systems utilize electric motors to assist steering, offering greater flexibility and efficiency compared to their hydraulic counterparts.

Another notable segment is Electro-Hydraulic Power Steering (EHPS), which combines elements of both hydraulic and electric systems. EHPS systems maintain the familiar hydraulic assistance while integrating electric components for enhanced control and efficiency. This hybrid approach appeals to automakers seeking a balance between traditional performance and modern features. Additionally, there are other emerging technologies within the segment, catering to niche requirements or experimental applications, reflecting the industry's ongoing innovation and diversification efforts.

As automotive manufacturers continue to prioritize sustainability and innovation, the dynamics of the steering pump market are expected to evolve further. The adoption of electric and hybrid vehicles is projected to drive the demand for EPS and EHPS systems, necessitating ongoing advancements in technology and manufacturing processes. Moreover, factors such as regulatory standards, consumer preferences, and technological breakthroughs will continue to shape the landscape of the global automotive steering pump market, presenting both challenges and opportunities for industry stakeholders.

Global Automotive Steering Pump Market, Segmentation by Geography

In this report, the Global Automotive Steering Pump Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Automotive Steering Pump Market Share (%), by Geographical Region, 2023

The global automotive steering pump market continues to witness significant growth, driven by several factors such as increasing vehicle production, rising demand for electric vehicles, and advancements in steering pump technology. As per the segmentation by geography, North America stands out as a prominent market, attributed to the presence of major automotive manufacturers and a well-established automotive industry. Europe follows closely, fueled by stringent regulations regarding vehicle safety and emissions, which have prompted the integration of advanced steering systems.

The Asia Pacific region emerges as a lucrative market, buoyed by rapid industrialization, urbanization, and increasing disposable income, leading to a surge in automotive sales. Moreover, the Middle East and Africa region is witnessing steady growth, supported by infrastructure development initiatives and rising investment in the automotive sector. Lastly, Latin America showcases potential growth opportunities, driven by expanding automotive production and favorable government policies.

Despite the promising growth prospects, the automotive steering pump market faces challenges such as fluctuating raw material prices and increasing competition among market players. To sustain growth, manufacturers are focusing on product innovation, cost-effective manufacturing processes, and strategic collaborations to gain a competitive edge in the global market landscape.

This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Steering Pump Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Increasing vehicle production volumes
• Growing demand for power steering
• Technological advancements in pumps
• Rising focus on fuel efficiency

• Expansion of automotive sector: The global automotive steering pump market has been experiencing significant expansion driven by several factors. With the growing demand for automobiles worldwide, especially in emerging economies like India and China, the need for efficient steering systems has surged. Steering pumps play a crucial role in ensuring smooth and responsive steering, thereby enhancing the overall driving experience. Moreover, advancements in automotive technology have led to the development of electric power steering (EPS) pumps, which offer improved fuel efficiency and reduced carbon emissions compared to traditional hydraulic steering systems. This shift towards EPS pumps is further propelling the growth of the automotive steering pump market as manufacturers strive to meet stringent environmental regulations and cater to the evolving preferences of consumers.

  The rising focus on vehicle safety and the integration of advanced driver assistance systems (ADAS) are driving the demand for more sophisticated steering pump solutions. ADAS technologies such as lane-keeping assistance and adaptive cruise control rely on precise steering inputs, necessitating the use of high-performance steering pumps. Additionally, the trend towards autonomous driving is expected to create new opportunities for the automotive steering pump market as self-driving vehicles require highly reliable and responsive steering systems. Overall, the expansion of the automotive sector, coupled with technological innovations and increasing emphasis on safety and sustainability, is poised to fuel continued growth in the global automotive steering pump market in the coming years.

Restraints

• Fluctuating raw material prices
• Stringent government regulations
• High maintenance costs
• Threat from electric vehicles

• Supply chain disruptions: The global automotive steering pump market has been experiencing significant disruptions due to various factors, including supply chain challenges. With the automotive industry relying heavily on just-in-time manufacturing and a complex network of suppliers, any disruptions in the supply chain can have far-reaching consequences. Factors such as natural disasters, geopolitical tensions, trade disputes, and now, more prominently, the COVID-19 pandemic, have all contributed to disruptions in the supply chain of automotive steering pumps. These disruptions have led to delays in production, increased costs, and difficulties in sourcing essential components, impacting the overall efficiency and output of automotive manufacturers.

  The shift towards electric vehicles (EVs) and the increasing demand for advanced driver assistance systems (ADAS) have added further complexity to the automotive steering pump market. As manufacturers strive to meet stricter emissions regulations and consumer demand for more environmentally friendly vehicles, there is a growing need for innovative steering pump technologies. This shift requires significant investment in research and development, as well as adjustments to the supply chain to accommodate the production of new components and systems. Therefore, navigating these disruptions while adapting to the changing landscape of the automotive industry remains a significant challenge for steering pump manufacturers and automotive companies alike.

Opportunities

• Emergence of electric power steering
• Demand for lightweight pumps
• Expansion in emerging markets
• Integration of advanced sensors

• Adoption of hydraulic hybrid systems: The global automotive steering pump market has witnessed a significant shift with the adoption of hydraulic hybrid systems. These systems offer several advantages over traditional hydraulic setups, including improved fuel efficiency, reduced emissions, and enhanced vehicle performance. The integration of hydraulic hybrid technology in steering pumps has led to greater energy recovery during braking, which can be utilized to assist in steering maneuvers, thereby reducing the workload on the engine. Moreover, hydraulic hybrid systems offer smoother operation and quicker response times compared to conventional systems, contributing to a more refined driving experience.

  As automakers continue to focus on sustainability and efficiency, the demand for hydraulic hybrid systems in steering pumps is expected to grow steadily. This trend is further fueled by stringent emissions regulations and the increasing consumer preference for eco-friendly vehicles. Additionally, advancements in hydraulic hybrid technology, such as regenerative braking and energy storage systems, are anticipated to further drive the adoption of these systems in the automotive steering pump market. With ongoing research and development efforts aimed at enhancing the performance and reliability of hydraulic hybrid systems, they are poised to play a key role in shaping the future of automotive steering technology.

Key players in Global Automotive Steering Pump Market include:

• Bosch
• ZF Friedrichshafen AG
• Nexteer Automotive
• JTEKT Corporation
• ThyssenKrupp AG
• NSK Ltd.
• Hitachi Automotive Systems
• Mitsubishi Electric Corporation
• DENSO Corporation
• TRW Automotive Holdings Corp. (acquired by ZF Friedrichshafen AG)
• Robert Bosch Automotive Steering GmbH
• Johnson Electric Holdings Limited
• Hyundai Mobis
• Schaeffler AG
• Showa Corporation

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis