The power assisted steering market will observe significant gains on account of increasing automotive vehicle production, rising penetration of the electric power steering for pick-up trucks and vans, surging sales of luxury passenger cars, and growing adoption of pinion type electric power steering.
Power assisted steering is essentially a steering system used in cars which utilizes power from the engine to make it less cumbersome for the driver to turn the steering wheel.
In general, it is a method that automotive manufacturers use to lessen steering effort as well as rough surface feedback via the steering wheel. Even though, numerous variations are present owing to advancements in technology from early to late model vehicles, but most of them use hydraulic pressure to assist the steering.
The power assisted steering market is bifurcated into several different segments in terms of vehicle type, power, propulsion type, sales channel, motor assist, and regional landscape.
With respect to vehicle type, the market for power assisted steering is classified into HCV, LCV, and passenger cars. Among these, the LCV segment is anticipated to grow at a rate of 3.2% over the projected timeframe. Rising penetration of the electric power steering for pick-up trucks and van is expected to create significant growth opportunity for power assisted steering market.
In terms of motor assist, the power assisted steering market is categorized into HPS, H-EPS, pinion type EPS, column type EPS, and rack type EPS. Pinion type EPS will hold a substantial share of over 17% in the global market over projected time period. The segmental growth is attributed to the smooth operation as well as compact size of the product.
Single pinion electric power steering controls as well as assists the vehicle steering, further offering excellent steering feel. In comparison to others, single pinion EPS lessens OEM stiffness requirements and also offers OEMs greater packaging flexibility. It further lessens torsional flexibility of driving torque through the intermediate and column shaft assemblies.
From a regional frame of reference, Middle East & Africa region will account for lower share of the global power assisted steering market. Higher dependency on raw materials, logistical issues as well as component supply from the European countries such as China and Germany along with lower automotive production are key factors behind the low penetration of power assisted steering market in the region.
However, steadily increasing automotive vehicle production and surging sales of luxury passenger cars each year in the region will raise the demand for power assisted steering by the end of forecast time period.