Power Assisted Steering Market Introduction 

Power-assisted steering, also known as power steering, is a technology used in vehicles to reduce the steering effort required by the driver. It uses a hydraulic or electric system to assist the driver in turning the steering wheel, making it easier to control the vehicle, especially at low speeds or when parking.The power assisted steering market is driven by various factors, including the increasing demand for comfortable and safer driving experiences, the growing demand for fuel-efficient vehicles, and the increasing adoption of electric power-assisted steering (EPAS) systems.Hydraulic power-assisted steering (HPAS) was the first technology used for power steering, but it has been largely replaced by EPAS systems, which are more fuel-efficient and require less maintenance. EPAS systems use an electric motor to assist the driver, and they can be adjusted The power assisted steering market is segmented by type, component, vehicle type, and geography. By type, the market is segmented into hydraulic power-assisted steering (HPAS) and electric power-assisted steering (EPAS). By component, the market is segmented into power steering pump, power steering fluid, power steering gear, and others. By vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).North America and Europe are the largest markets for power assisted steering, driven by the high adoption of advanced technologies in the automotive industry and the presence of major automotive manufacturers in these regions. However, the Asia Pacific region is expected to witness significant growth in the coming years, driven by the increasing demand for passenger cars and LCVs in countries such as China and India.Overall, the power assisted steering market is expected to continue growing in the coming years, driven by the increasing demand for comfortable and safer driving experiences, the growing demand for fuel-efficient vehicles, and the increasing adoption of EPAS systems.

Power Assisted Steering Market  Size

The report suggests that the growth of the power assisted steering market is driven by various factors, including the increasing demand for safer and comfortable driving experiences, the growing demand for fuel-efficient vehicles, and the increasing adoption of electric power-assisted steering (EPAS) systems.In terms of type, the electric power-assisted steering (EPAS) segment is expected to witness significant growth in the coming years, driven by the increasing adoption of advanced technologies and the growing demand for fuel-efficient vehicles.In terms of vehicle type, the passenger car segment is the largest market for power assisted steering, driven by the high adoption of advanced technologies in passenger cars and the increasing demand for comfortable and safer driving experiences.Geographically, the Asia Pacific region is expected to witness significant growth in the power assisted steering market in the coming years, driven by the increasing demand for passenger cars and light commercial vehicles (LCVs) in countries such as China and India.Overall, the power assisted steering market is expected to continue growing in the coming years, driven by the increasing demand for comfortable and safer driving experiences, the growing demand for fuel-efficient vehicles, and the increasing adoption of advanced technologies such as EPAS systems.

Power Assisted Steering Market  Share

However, The global power assisted steering market is highly consolidated, with major players such as JTEKT Corporation, Robert Bosch GmbH, Nexteer Automotive Group Limited, NSK Ltd., ZF Friedrichshafen AG, and Mitsubishi Electric Corporation holding significant market shares.The report suggests that the electric power-assisted steering (EPAS) segment is expected to witness significant growth in the coming years, driven by the increasing demand for fuel-efficient vehicles and the growing adoption of advanced technologies.In terms of vehicle type, the passenger car segment is the largest market for power assisted steering, driven by the high adoption of advanced technologies in passenger cars and the increasing demand for comfortable and safer driving experiences.Geographically, the Asia Pacific region is expected to witness significant growth in the power assisted steering market in the coming years, driven by the increasing demand for passenger cars and light commercial vehicles (LCVs) in countries such as China and India.Overall, the power assisted steering market is highly competitive, with major players focusing on product innovation and strategic partnerships to gain a competitive edge in the market.

Power Assisted Steering Market  Trends

Some of the key trends in the power assisted steering market include:

1. Growing demand for electric power-assisted steering (EPAS) systems: With the increasing demand for fuel-efficient vehicles, electric power-assisted steering (EPAS) systems are becoming more popular. EPAS systems are more fuel-efficient than hydraulic power-assisted steering (HPAS) systems, and they require less maintenance. They can also be adjusted Making them more versatile than HPAS systems.
2. Increasing adoption of advanced driver assistance systems (ADAS): Advanced driver assistance systems (ADAS) such as lane departure warning systems, adaptive cruise control, and automatic emergency braking systems are becoming more common in vehicles. These systems require more precise and responsive steering, making power assisted steering systems an essential component of ADAS.
3. Growing demand for electric vehicles: With the increasing demand for electric vehicles (EVs), the demand for electric power-assisted steering (EPAS) systems is also growing. EPAS systems are well-suited for EVs because they require less power than hydraulic power-assisted steering (HPAS) systems, making them more energy-efficient.
4. Integration of sensors and software: With the increasing adoption of advanced technologies in vehicles, power assisted steering systems are becoming more sophisticated. Many modern power assisted steering systems now integrate sensors and software to provide more precise and responsive steering. These systems can also collect data about the vehicle's performance and send it to the cloud for analysis, enabling predictive maintenance and other advanced features.
5. Focus on safety: With the increasing demand for safer vehicles, power assisted steering systems are becoming more safety-focused. Many modern power assisted steering systems now integrate safety features such as electronic stability control (ESC) and steering angle sensors to provide more precise and stable steering, even in challenging driving conditions.

Power Assisted Steering Market Driving factors

The power assisted steering market is being driven by several key factors, including:

1. Increasing demand for safer and comfortable driving experiences: Power assisted steering systems make driving easier and more comfortable, providing drivers with more precise and responsive steering control. These systems also improve vehicle stability and handling, making the driving experience safer and more enjoyable.
2. Growing demand for fuel-efficient vehicles: With the increasing focus on fuel efficiency and emissions reduction, power assisted steering systems are becoming more popular because they are more energy-efficient than traditional hydraulic power-assisted steering (HPAS) systems.
3. Increasing adoption of electric power-assisted steering (EPAS) systems: EPAS systems are becoming more popular because they are more fuel-efficient and require less maintenance than traditional hydraulic power-assisted steering (HPAS) systems. EPAS systems also provide more precise and responsive steering control, making them well-suited for advanced driver assistance systems (ADAS).
4. Growing demand for electric vehicles (EVs): As the demand for electric vehicles grows, the demand for electric power-assisted steering (EPAS) systems is also increasing. EPAS systems are well-suited for electric vehicles because they require less power than hydraulic power-assisted steering (HPAS) systems, making them more energy-efficient.
5. Increasing adoption of advanced technologies: Power assisted steering systems are becoming more sophisticated, integrating sensors and software to provide more precise and responsive steering control. These systems can also collect data about the vehicle's performance and send it to the cloud for analysis, enabling predictive maintenance and other advanced features.

Overall, the power assisted steering market is being driven by the increasing demand for safer and more comfortable driving experiences, the focus on fuel efficiency and emissions reduction, and the adoption of advanced technologies such as EPAS systems.

Power Assisted Steering Market  Reginal Analysis

The power-assisted steering market can be analyzed regionally as follows:

1. North America: The North American power-assisted steering market is expected to witness significant growth during the forecast period due to the high demand for luxury vehicles in the region. Additionally, the increasing preference for electric power steering (EPS) systems in the region is driving market growth. The United States is a major contributor to the growth of this market in North America.
2. Europe: The European power-assisted steering market is expected to witness steady growth during the forecast period due to the increasing demand for fuel-efficient vehicles in the region. The market is dominated by major automotive manufacturers such as BMW, Volkswagen, and Mercedes-Benz, which are investing in advanced power steering systems to enhance the driving experience of their vehicles.
3. Asia-Pacific: The Asia-Pacific power-assisted steering market is expected to witness significant growth during the forecast period due to the increasing demand for passenger cars in the region. The growing middle-class population in countries such as China and India is driving the growth of the market. Additionally, the increasing adoption of electric power steering (EPS) systems in the region is driving market growth.
4. Middle East & Africa: The Middle East & Africa power-assisted steering market is expected to witness moderate growth during the forecast period due to the increasing demand for luxury vehicles in the region. Additionally, the increasing adoption of electric power steering (EPS) systems in the region is driving market growth.
5. Latin America: The Latin America power-assisted steering market is expected to witness steady growth during the forecast period due to the increasing demand for commercial vehicles in the region. The growing logistics industry in countries such as Brazil and Mexico is driving the growth of the market. Additionally, the increasing adoption of electric power steering (EPS) systems in the region is driving market growth.

Power Assisted Steering Market  Forecasts 2030

The power-assisted steering market is expected to continue to grow over the forecast period and reach a value of USD 35.39 billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030.The growth of the power-assisted steering market can be attributed to several factors, such as the increasing demand for fuel-efficient vehicles, the growing preference for electric power steering (EPS) systems, and the rising demand for luxury vehicles. Additionally, the increasing adoption of advanced driver-assistance systems (ADAS) in vehicles is also expected to drive the growth of the power-assisted steering market.Based on type, the electric power steering (EPS) segment is expected to hold the largest market share during the forecast period. The increasing adoption of EPS systems due to their advantages over hydraulic power steering (HPS) systems, such as improved fuel efficiency and reduced maintenance costs, is driving the growth of this segment.Based on application, the passenger car segment is expected to hold the largest market share during the forecast period. The increasing demand for passenger cars due to the growing middle-class population and rising disposable income in developing countries is driving the growth of this segment.Geographically, Asia-Pacific is expected to hold the largest market share during the forecast period. The increasing demand for passenger cars in the region, particularly in countries such as China and India, is driving the growth of the power-assisted steering market in Asia-Pacific. Additionally, the increasing adoption of EPS systems in the region is also driving market growth.Overall, the power-assisted steering market is expected to witness significant growth during the forecast period, driven by factors such as the increasing demand for fuel-efficient vehicles, the growing preference for EPS systems, and the rising demand for luxury vehicles.

Power Assisted Steering Market Key Industry Players

Some of the key players in the power-assisted steering market include:

1. Robert Bosch GmbH
2. ZF Friedrichshafen AG
3. JTEKT Corporation
4. Nexteer Automotive Group Ltd.
5. NSK Ltd.
6. Thyssenkrupp AG
7. Hyundai Mobis Co., Ltd.
8. Mitsubishi Electric Corporation
9. Showa Corporation
10. Delphi Technologies

These companies are actively involved in the development, production, and distribution of power-assisted steering systems for various types of vehicles. They are also investing in research and development to introduce innovative and advanced power-assisted steering systems to the market. Additionally, they are expanding their global presence by entering into partnerships, collaborations, and mergers & acquisitions with other companies in the market.