Growing Demand for Advanced Control Systems in Vehicles is Expected to Drive the Sales of Power Steering Cylinders
Global Power Steering Cylinders Market: Introduction
Power steering is an advanced steering system which multiplies the force applied on steering wheel to the vehicle wheels, thereby reducing the effort required to guide or steer the wheel. This is achieved by electric or hydraulic devices, which produces a smooth and quick directional change of the vehicle. The power steering cylinders are used in the power steering systems.
The power steering cylinders can be classified into two types, hydraulic and electrical. The traditional power steering system is hydraulic, but now a days, electric power steering (EPS) are becoming much common in the global market.
Global Power Steering Cylinders Market: Segmentation
Globally, the power steering cylinders market can be segmented on the basis of power steering type, vehicle type, and sales channel
Based on the Power Steering Type, the global power steering cylinders market can be segmented into,
- Hydraulic
- Electric
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Based on the Vehicle Type, the global power steering cylinders market can be segmented into,
- Passenger Vehicle
- Compact Cars
- Mid-Sized Cars
- SUVs
- Luxury Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Based on the Sales Channel, the global power steering cylinders market can be segmented into,
- OEMs
- Aftermarket
Global Power Steering Cylinders Market: Dynamics
Growing consumer preference for better comfort and added features in vehicles has been driving the adoption of power steering systems and in turn driving the demand for power steering cylinders. Rapid advancements and innovations pertaining to the power steering system in vehicles is expected to transform the global power steering cylinders market in a significant way. Among such innovative technologies is the development of steer by wire and control technology for steering systems. The steer by wire technology uses electrically controlled motors to change the direction of the wheels and eliminate physical connection between the steering wheel and the wheels of a car, thus reducing friction between the parts. Power steering has a high adoption rate in electric vehicles and with the rising demand for electric vehicles, the demand for power steering cylinders is also anticipated to proliferate.
However, high cost of power steering cylinders is responsible for the hike in the vehicle prices, which is expected to restrain the growth of the power steering cylinder in key emerging and developing countries. Besides, automotive power steering system has a high chance of oil leakage and requires regular maintenance, which is expected to challenge the adoption of power steering system, in turn hindering the growth of power steering cylinders market.
Global Power Steering Cylinders Market: Regional Outlook
Asia Pacific accounts for almost 1/3rd of the total automobile production. Automobile manufacturers in the region, especially in countries like India and China, have been adopting power steering systems in a greater share of vehicles due to growing consumer demand for better vehicle features. This is expected to peg Asia Pacific as a dominant force in the global power steering cylinders market. Increasing demand for sports and luxury cars in Europe and North America is expected to position them as leading markets, followed by Asia Pacific. Latin America and Middle East and Africa region are expected to grow at a relatively slower rate in the power steering cylinder market.
Global Power Steering Cylinders Market: Market Participants
Manufacturers of power steering cylinders are focusing on expanding their business through acquisitions and collaborations with other market players involved in the automotive industry. For instance, in June 2017, Robert Bosch GmbH acquired Albertini Cesare S.p.A., an auto parts manufacturing company, which ensures supply of reliable cast parts for its electric steering systems.
Some of the key players involved in the power steering cylinders market include
- Robert Bosch GmbH
- Precision Hydraulic Cylinders
- ZF Friedrichshafen AG
- Thyssenkrupp Presta AG
- Showa Corporation
- Hyundai Mobis
- Federal-Mogul Corporation
- GKN plc
- NSK Ltd.
- Mitsubishi Electric Corporation
- Zhuzhou Elite Electro Mechanical Co. Ltd.
- JTEKT Corporation
- Nexteer Automotive
- Sona Koyo Steering Systems Ltd.
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The research report presents a comprehensive assessment of the power steering cylinders market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to power steering cylinders market segments such as power steering type, vehicle type and sales channel.