Key Findings of the Global Automotive Steering Pump Market | Technavio

The latest market research report by Technavio on the global automotive steering pump market predicts a CAGR of around 8% during the period 2017-2021.

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Technavio has published a new report on the global automotive steering pump market from 2017-2021. ( ...

Technavio has published a new report on the global automotive steering pump market from 2017-2021. (Graphic: Business Wire)

The report segments the global automotive steering pump market by application (passenger cars, LCVs, M&HCVs) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global automotive steering pump market, according to Technavio automotive researchers:

  • High penetration of HPS in the commercial vehicle segment: a major market driver
  • The passenger car segment holds the highest share in the global automotive steering pump market due to their high demand in developing economies
  • In 2016, APAC accounted for more than 52% of the global automotive steering pump market
  • Bosch, Nexteer, and ZF are the leading players in the market

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Market growth analysis

High penetration of hydraulic power steering (HPS) in the commercial vehicle segment is one of the major factors driving the global automotive steering pump market. The presence of EPS system in M&HCVs is negligible as the conventional hydraulic-based steering systems are predominantly used in them. Most commercial vehicles still use the hydraulic or the electrohydraulic steering system as the electric power steering system has not been able to cross the 15kN barrier, and the steering power required by a commercial vehicle is higher compared to a standard passenger car. Therefore, HPS is commonly used in HCVs, which is pushing the sales of hydraulic steering pumps.

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Geographical analysis

Technavio researchers anticipate high growth for the global automotive steering pump market in APAC due to the increase in the production and demand for automobiles, especially M&HCVs, in emerging markets, such as India and China. Most of the steering pump manufacturers stand to benefit massively from this opportunity. In India, most of the SUVs like Mahindra Scorpio, Renault Duster, and Tata Safari are still using hydraulic steering systems

According to Amey Vikram, a lead analyst at Technavio for research on automotive components, “The emerging economies in APAC are focusing toward reducing their carbon footprint by the end of 2017. These measures will provide an opportunity for the electric power steering systems to penetrate the market due to its fuel efficiency.”

Competitive vendor landscape

The global automotive steering pump market is a mature and highly competitive market with a lot of new and existing manufacturers. The market has well-listed players such as Bosch, Nexteer, and ZF who are expanding their steering systems product line to keep up with the increasing demand from OEMs to lower parasitic losses and increase fuel efficiency.

The competitive environment in the automotive market will intensify further with advances in technology and safety regulation. Although the market consists of a few major stakeholders, developing countries like China, India, and Thailand, have the presence of regional players who provide steering pumps. These local players will intensify the competition in the market. OEMs are also expected to get into joint ventures and vendor development processes for maintaining the quality of goods.

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