USD 16.29 billion
Power Assisted Steering Market Size, Share, Growth Analysis, By Type(Hydraulic, Electric, and Electro-hydraulic power steering systems), By Vehicle(Passenger cars, Commercial vehicles, and Electric vehicles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25D2011 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Power Assisted Steering Market Insights
Global Power Assisted Steering Market size was valued at USD 16.29 billion in 2022 and is poised to grow from USD 17.04 billion in 2023 to USD 24.42 billion by 2031, at a CAGR of 4.6% during the forecast period (2024-2031).
The global power assisted steering market is witnessing substantial growth on account of a variety of factors including the rising demand for vehicles that are equipped with advanced driver assistance systems and the quest of continued fuel efficiency.
Power-assisted steering systems are integral to modern vehicles, especially during low-speed maneuvering as they greatly reduce the effort which drivers put in to turn the vehicle. Among key reasons for growth in power assisted steering market is growing focus on driver comfort and convenience. These systems, either hydraulic or electrically assisted, take away much of the physical work that goes with steering, especially when one is trying to turn the car round a corner or maneuver in a tight space.
Through a steering effort reduction of about 25 to 30% with power steering systems, the overall driving experience and the accessibility of vehicles to a larger group of people is improved. Additionally, the integration of power-assisted steering systems has led to the improvement of fuel efficiency in a variety of vehicle models. Research says that power-assisted steering can decrease energy consumption by up to 90%, so real fuel savings of up to 0.8 liters per 100 kilometers can be reached.
This efficiency gain not only allows individual drivers to save on fuel but also helps to achieve broader environmental goals by decreasing the total amount of carbon emissions from the transport sector.
However, along with the climate control and fuel saving benefits, power assisted steering is also the basis for advanced driver assistance systems (ADAS). They are using technologies (that consist of features such as lane-departure warning systems, automatic evasion in hazardous situations, and traffic jam assist) for the purpose of making the vehicles safer and more maneuverable. Along with increasing integration of ADAS into vehicle models, it will additionally result in requiring more refined PA steering solutions.
The power-assisted steering market is rather contiguous in the terms of the rapid technological advancements, where the electronics are one of the key elements that change the original hydraulic system. EPAS provides the benefits of increased energy efficiency, precision control, and smooth integration into the whole range of electronic systems of an EV.
Hence, EPAS is well-placed to lead the market in the following years, especially as automotive producers strive to comply with the tightening regulatory requirements and customers’ preferences that are shifting favorably to eco-friendly and technologically highly advanced vehicles.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Electric Power Assisted Steering (EPAS)
Fastest Growth
Electro-Hydraulic Power Steering Systems
Growth Rate
4.6% CAGR
Global Power Assisted Steering Market ($ Bn)
Country Share for North America Region (%)
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Power Assisted Steering Market Segmental Analysis
In terms of type, it includes hydraulic, electric, and electro-hydraulic power steering systems. Component-wise, the market is categorized into steering wheel, steering column, sensors, and others. Vehicle types encompass passenger cars, commercial vehicles, and electric vehicles. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Analysis By Type
Electric Power Assisted Steering (EPAS) systems were on track to become the largest segment due to their advantages in terms of fuel efficiency, integration with electronic systems, and adaptability to hybrid and electric vehicles. The trend towards more advanced vehicle electronics and the need for greater fuel efficiency were driving the growth of EPAS systems.
The Electric Power Assisted Steering (EPAS) segment experienced rapid growth due to the previously mentioned features, becoming the fastest-growing category of the global power assisted steering market. Additionally, EPAS systems were well-suited for merging with these cutting-edge technologies as the automobile industry moved toward electric and driverless vehicles.
Analysis By Vehicle
Given that they make up a sizable share of the global automotive market, passenger cars were probably the largest sector in the power-assisted steering market. The introduction of power-assisted steering systems is driven by the demand for passenger automobiles, particularly in emerging nations.
The electric and hybrid vehicle market was predicted to rise significantly, making it the most rapidly developing segment. Electric power steering (EPS) systems are frequently seen in electric vehicles (EVs) and hybrid vehicles because of their effectiveness and suitability for electrified drivetrains.
Global Power Assisted Steering Market By Type
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Power Assisted Steering Market Regional Insights
Europe and North America are some of the biggest markets for automotive technology because of their well-established automotive sectors alongside elevated proportions of car ownership. In these domains, sophisticated steering systems, such as power-assisted steering, are usually in great demand.
Asia-Pacific's automotive sector has been expanding quickly, with China and India leading the way. Rising incomes and continued urbanization have led to an increase in demand for cars and related technologies, such as power-assisted steering systems.
Global Power Assisted Steering Market By Region
- Largest
- Fastest
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Power Assisted Steering Market Dynamics
Drivers
Growing Automotive Industry
- One major factor propelling the power assisted steering market is the growth of the global automotive sector. The need for power assisted steering systems grows as more automobiles are produced and sold globally.
Rising Demand for Fuel Efficiency
- Automakers are searching for methods to increase the efficiency of their vehicles due to the growing emphasis on environmental issues and fuel efficiency. When compared to conventional hydraulic systems, power assisted steering systems—like electric power steering (EPS)—can help save energy usage, which makes them a desirable choice for both consumers and automakers.
Restraints
High Initial Cost
- Compared to conventional hydraulic systems, electric power steering systems, in particular, sometimes have greater starting expenses. Cost-conscious producers and consumers may be constrained by the addition of electrical components and sensors, which might raise the price.
Complexity and Reliability Concerns
- The use of electronic components in electric power steering systems may give rise to upkeep and dependability issues. Any malfunctions or failures in these systems may have an impact on the vehicle's safety and steering performance, which would make winning over customers more difficult.
Market Saturation
- There may not be as much room for expansion in developed economies where a sizable percentage of cars already have power assisted steering. This might result in more rivalry between suppliers and producers, which could have an effect on profitability.
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Power Assisted Steering Market Competitive Landscape
The global power assisted steering market boasts a dynamic competitive landscape characterized by key players vying for market dominance. Established automotive giants such as Bosch, ZF Friedrichshafen, and JTEKT Corporation leverage their extensive experience and technological prowess to maintain their positions. These leaders focus on innovation to enhance steering precision, fuel efficiency, and driver comfort. Additionally, newer entrants like Nexteer Automotive bring fresh perspectives with advanced electric power steering systems. The market is witnessing collaborations and partnerships between automakers and PAS providers to develop cutting-edge solutions. As electric and autonomous vehicles gain traction, companies like NSK Ltd. are investing in R&D for PAS solutions tailored to these trends. This landscape's intensity is driven by continuous advancements, regulatory changes, and the pursuit of eco-friendly solutions, shaping a competitive environment defined by innovation and adaptability.
Top Player’s Company Profiles
- Bosch (Germany)
- ZF Friedrichshafen (Germany)
- JTEKT Corporation (Japan)
- Nexteer Automotive (USA)
- NSK Ltd. (Japan)
- Thyssenkrupp AG (Germany)
- Mando Corporation (South Korea)
- TRW Automotive (USA)
- Hyundai Mobis (South Korea)
- Showa Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- GKN Automotive (United Kingdom)
- China Automotive Systems Inc. (China)
- GKN Driveline (United Kingdom)
- Maval Manufacturing Inc. (Canada)
- ATS Automation Tooling Systems Inc. (Canada)
- Sheppard, Inc. (USA)
- Zhejiang Shibao Company Ltd. (China)
- China National Heavy Duty Truck Group (China)
- Sona Koyo Steering Systems Ltd. (India)
Recent Developments
- In February 2023, ZF Friedrichshafen finalized its acquisition of TRW Automotive, a well-known provider of automated systems, modules and components for the automotive industry. This takeover has extended the ZF Friedrichshafen portfolio of EPS systems suitable for cars and trucks and improved its status as a technology leader global company supplying systems for a complete range of automotive and industrial tasks.
- In March 2023, Continental AG announced the acquisition of Vitesco Technologies, a German automotive company with a focus on drivetrain and powertrain technologies. This strategic move enlarges Continental`s spectrum of EPS systems, making it a full-range solution provider for all EPS in vehicles, further underpinning its position as a key part of the automotive parts suppliers’ industry.
- In April 2023 Magneti Marelli closed the acquisition of AEM which is a significant progress in the EPS systems segment for electric cars. Magneti Marelli, a leading global supplier to the automotive sector, seeks to diversify and extend its product portfolio to be in line with the changing scene in the dynamic industry, focusing on autonomous driving technology, thereby enhancing its position in the market.
Power Assisted Steering Key Market Trends
- Electrification and Electric Power Steering (EPS): The move toward electrification has been one major trend in the automotive industry, along with power assisted steering. Electric Power Steering (EPS) systems are gradually taking the role of conventional hydraulic power steering systems. In addition to being more fuel-efficient and energy-efficient, EPS systems improve control and the driving experience. Perhaps as a result of laws aimed at reducing pollutants and improving fuel economy, the use of EPS systems has grown.
- Advanced Driver Assistance Systems (ADAS): Advanced Driver Assistance Systems (ADAS) are increasingly being integrated into automobiles. Accurate steering control is necessary for these systems, which include automated parking, adaptive cruise control, and lane keeping assistance. The need for sophisticated PAS systems that can cooperate with ADAS technology may have grown as a result. This could involve more sophisticated actuators, software, and sensors to allow for accurate steering adjustments depending on data collected in real-time.
- Steer-by-Wire Technology and Autonomous Driving: The landscape of steering systems may change as autonomous driving technology advances. It's possible that steer-by-wire technology, which does away with the mechanical link between the steering wheel and the wheels, may proliferate. This technology opens the door for self-driving cars and allows for greater design flexibility. As autonomous driving technology evolves, the PAS market might have been influenced by the specific steering requirements of these vehicles.
Power Assisted Steering Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our SkyQuest analysis, the global power assisted steering market is poised for promising growth, driven by increasing vehicle production, demand for enhanced driving comfort, and technological advancements. Electric and advanced EPS systems are anticipated to gain traction due to their energy efficiency and integration with autonomous driving features. Additionally, rising environmental concerns and fuel efficiency requirements will push the market towards electric solutions. As the automotive industry evolves, PAS systems will play a pivotal role in shaping safer, more efficient, and autonomous vehicles, fostering innovation and collaborations between automakers and technology providers. However, challenges like cybersecurity and system reliability must be effectively addressed to ensure a successful trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 16.29 billion |
| Market size value in 2031 | USD 24.42 billion |
| Growth Rate | 4.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Power Assisted Steering Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Power Assisted Steering Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Power Assisted Steering Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Assisted Steering Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Assisted Steering Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Assisted Steering Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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