Global Automotive Steering Pump Market 2017-2021
About Automotive Steering Pump
Automotive steering pumps assist the moment of power steering system by applying the principle of fluid mechanics. Steering pumps influence the performance, energy consumption, and noise level of the steering system in the vehicle. They are designed to maximize the highest delivery capacity and efficiency with a flat and compact design concept. Based on the type of vehicles, the global automotive steering pump market has been divided into three segments: passenger cars, LCVs, and M&HCVs.
Technavio’s analysts forecast the global automotive steering pump market to grow at a CAGR of 7.62% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive steering pump market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Steering Pump Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive steering pump market: Bosch, Nexteer, and ZF.
Other Prominent Vendors in the market are: Melling Tool Company, Hitachi Automotive Systems Americas, Power Steering Associates, JTEKT Corporation, GKN, and ATS Automation Tooling Systems.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is electrification of mechanical components. Implementation of regulations and emission norms to limit the carbon footprint of vehicles has caused the automakers to electrify mechanical parts. Electrification reduces the load on the engine, which, in turn, increases its efficiency and reduces the engine temperature.”
According to the report, one driver in the market is high penetration of HPS in the commercial vehicle segment. 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. A standard passenger car carries approximately 750Kg on the axle, but heavy trucks can carry about 7,500 Kg.
Further, the report states that one challenge in the market is increasing adoption of EPS systems. Compared to conventional HPS systems, EPS systems improve the vehicle's fuel economy by 2.5%, as they do not use drive belts, hoses fluids, and pulleys. EPS systems are compact and lightweight in comparison to hydraulic systems. EHPS system is another alternative of HPS system, which does not require engine power to run; it is driven by power from the battery. Unlike the HPS system, which is continuously operated using the belt-driven power from the engine, the EPS motor is powered only when required.
Bosch, Nexteer, ZF, Melling Tool Company, Hitachi Automotive Systems Americas, Power Steering Associates, JTEKT Corporation, GKN, and ATS Automation Tooling Systems.
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