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

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 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. '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)'

One major factor propelling the power assisted steering market is the growth of the automotive sector. The need for power assisted steering systems grows as more automobiles are produced and sold globally.

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.

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.