| Product Code: ETC13346764 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Bhawna Singh | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Power Steering Pump Market was valued at USD 3.6 Billion in 2024 and is expected to reach USD 5.2 Billion by 2031, growing at a compound annual growth rate of 5.60% during the forecast period (2025-2031).
The Global Power Steering Pump Market is witnessing steady growth driven by the increasing demand for passenger vehicles, commercial vehicles, and off-road vehicles globally. The market is characterized by technological advancements in power steering systems, leading to improved fuel efficiency and enhanced vehicle performance. Key market players are focusing on developing innovative products with advanced features such as electric power steering systems to cater to the evolving automotive industry. Additionally, the growing aftermarket sales of power steering pumps due to the need for replacement and maintenance further contribute to market expansion. Geographically, Asia Pacific holds a significant share in the market owing to the rapid urbanization, rising disposable income, and expanding automotive industry in countries like China and India. Overall, the Global Power Steering Pump Market is expected to continue its growth trajectory in the coming years.
The Global Power Steering Pump Market is witnessing a shift towards electric power steering systems due to increasing demand for fuel efficiency and reduced emissions. Electric power steering pumps offer improved performance and greater control over traditional hydraulic systems. Additionally, the growing adoption of electric vehicles is driving the demand for advanced power steering technologies. The market is also seeing opportunities in the integration of sensors and AI technology to enhance steering precision and safety features. Furthermore, the emphasis on autonomous driving capabilities is expected to create new avenues for innovation and product development in the power steering pump market. Overall, the market is poised for growth as manufacturers focus on developing more efficient, reliable, and technologically advanced power steering solutions to meet the evolving needs of the automotive industry.
In the Global Power Steering Pump Market, several challenges are being faced by manufacturers and suppliers. One key challenge is the increasing demand for electric power steering systems over traditional hydraulic power steering pumps due to their higher efficiency and lower maintenance requirements. This shift in technology poses a threat to the traditional power steering pump market, forcing companies to innovate and adapt to changing consumer preferences. Additionally, stringent government regulations related to emissions and fuel efficiency are driving the automotive industry towards electric power steering systems, further impacting the demand for traditional power steering pumps. Manufacturers in this market are thus under pressure to invest in research and development to enhance the performance and sustainability of hydraulic power steering pumps to remain competitive in the evolving automotive landscape.
The Global Power Steering Pump Market is primarily driven by the increasing demand for vehicles, especially in emerging economies, where rising disposable incomes have led to a surge in automotive sales. Additionally, the growing preference for vehicles equipped with advanced safety and comfort features, including power steering systems, is boosting the market growth. The automotive industry`s focus on enhancing fuel efficiency and reducing emissions has also driven the adoption of electric power steering pumps over traditional hydraulic systems. Furthermore, technological advancements such as the integration of electric power steering systems with driver assistance features and autonomous driving capabilities are expected to further propel the market in the coming years. Overall, the market is driven by a combination of factors related to consumer preferences, regulatory requirements, and technological advancements.
Government policies related to the Global Power Steering Pump Market largely focus on promoting sustainability and reducing emissions. Many governments are implementing stricter regulations on vehicle emissions, leading to the development of more fuel-efficient power steering pump systems. Additionally, there is a growing emphasis on promoting electric and hybrid vehicles, which has driven the demand for electric power steering pumps. Some countries also offer incentives and subsidies to encourage the adoption of environmentally friendly technologies in the automotive industry. Overall, government policies are playing a significant role in shaping the direction of the power steering pump market towards more efficient and eco-friendly solutions.
The Global Power Steering Pump Market is expected to witness steady growth in the coming years due to increasing demand for vehicles, particularly in emerging markets. The market is likely to be driven by technological advancements in power steering systems, such as the shift towards electric power steering pumps for improved fuel efficiency and performance. Additionally, the growing focus on vehicle safety and comfort features is anticipated to further bolster the demand for power steering pumps. Market players are also increasingly investing in research and development activities to introduce innovative products, which is expected to propel market growth. However, challenges such as fluctuations in raw material prices and increasing competition among key players may impact the market dynamics in the future.
In the Global Power Steering Pump Market, Asia Pacific is expected to witness significant growth driven by increasing automobile production and rising disposable incomes in countries like China and India. North America and Europe are mature markets with high vehicle penetration rates, leading to steady demand for power steering pumps. The Middle East and Africa region is anticipated to experience moderate growth due to improving infrastructure and rising automotive sales. Latin America is projected to show steady growth supported by the expanding automotive industry in countries like Brazil and Mexico. Overall, the global power steering pump market is poised for steady growth across different regions, with Asia Pacific emerging as a key growth driver in the coming years.
Global Power Steering Pump Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Power Steering Pump Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Power Steering Pump Market Revenues & Volume, 2021 & 2031F |
3.3 Global Power Steering Pump Market - Industry Life Cycle |
3.4 Global Power Steering Pump Market - Porter's Five Forces |
3.5 Global Power Steering Pump Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Power Steering Pump Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.7 Global Power Steering Pump Market Revenues & Volume Share, By Design, 2021 & 2031F |
3.8 Global Power Steering Pump Market Revenues & Volume Share, By Power Type, 2021 & 2031F |
3.9 Global Power Steering Pump Market Revenues & Volume Share, By End-Use, 2021 & 2031F |
3.10 Global Power Steering Pump Market Revenues & Volume Share, By Material, 2021 & 2031F |
4 Global Power Steering Pump Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Power Steering Pump Market Trends |
6 Global Power Steering Pump Market, 2021 - 2031 |
6.1 Global Power Steering Pump Market, Revenues & Volume, By Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Power Steering Pump Market, Revenues & Volume, By Electric, 2021 - 2031 |
6.1.3 Global Power Steering Pump Market, Revenues & Volume, By Hydraulic, 2021 - 2031 |
6.1.4 Global Power Steering Pump Market, Revenues & Volume, By Electro-Hydraulic, 2021 - 2031 |
6.1.5 Global Power Steering Pump Market, Revenues & Volume, By Belt-Driven, 2021 - 2031 |
6.2 Global Power Steering Pump Market, Revenues & Volume, By Design, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Power Steering Pump Market, Revenues & Volume, By Recirculating, 2021 - 2031 |
6.2.3 Global Power Steering Pump Market, Revenues & Volume, By Rack & Pinion, 2021 - 2031 |
6.2.4 Global Power Steering Pump Market, Revenues & Volume, By Integral, 2021 - 2031 |
6.2.5 Global Power Steering Pump Market, Revenues & Volume, By Variable Flow, 2021 - 2031 |
6.3 Global Power Steering Pump Market, Revenues & Volume, By Power Type, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Power Steering Pump Market, Revenues & Volume, By Hydraulic, 2021 - 2031 |
6.3.3 Global Power Steering Pump Market, Revenues & Volume, By Electric-Hydraulic, 2021 - 2031 |
6.3.4 Global Power Steering Pump Market, Revenues & Volume, By Manual, 2021 - 2031 |
6.3.5 Global Power Steering Pump Market, Revenues & Volume, By Power Steering, 2021 - 2031 |
6.4 Global Power Steering Pump Market, Revenues & Volume, By End-Use, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Power Steering Pump Market, Revenues & Volume, By Passenger Cars, 2021 - 2031 |
6.4.3 Global Power Steering Pump Market, Revenues & Volume, By Commercial Vehicles, 2021 - 2031 |
6.4.4 Global Power Steering Pump Market, Revenues & Volume, By Trucks, 2021 - 2031 |
6.4.5 Global Power Steering Pump Market, Revenues & Volume, By Electric Vehicles, 2021 - 2031 |
6.5 Global Power Steering Pump Market, Revenues & Volume, By Material, 2021 - 2031 |
6.5.1 Overview & Analysis |
6.5.2 Global Power Steering Pump Market, Revenues & Volume, By Steel, 2021 - 2031 |
6.5.3 Global Power Steering Pump Market, Revenues & Volume, By Aluminum, 2021 - 2031 |
6.5.4 Global Power Steering Pump Market, Revenues & Volume, By Plastic, 2021 - 2031 |
6.5.5 Global Power Steering Pump Market, Revenues & Volume, By Composite, 2021 - 2031 |
7 North America Power Steering Pump Market, Overview & Analysis |
7.1 North America Power Steering Pump Market Revenues & Volume, 2021 - 2031 |
7.2 North America Power Steering Pump Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Power Steering Pump Market, Revenues & Volume, By Type, 2021 - 2031 |
7.4 North America Power Steering Pump Market, Revenues & Volume, By Design, 2021 - 2031 |
7.5 North America Power Steering Pump Market, Revenues & Volume, By Power Type, 2021 - 2031 |
7.6 North America Power Steering Pump Market, Revenues & Volume, By End-Use, 2021 - 2031 |
7.7 North America Power Steering Pump Market, Revenues & Volume, By Material, 2021 - 2031 |
8 Latin America (LATAM) Power Steering Pump Market, Overview & Analysis |
8.1 Latin America (LATAM) Power Steering Pump Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Power Steering Pump Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Power Steering Pump Market, Revenues & Volume, By Type, 2021 - 2031 |
8.4 Latin America (LATAM) Power Steering Pump Market, Revenues & Volume, By Design, 2021 - 2031 |
8.5 Latin America (LATAM) Power Steering Pump Market, Revenues & Volume, By Power Type, 2021 - 2031 |
8.6 Latin America (LATAM) Power Steering Pump Market, Revenues & Volume, By End-Use, 2021 - 2031 |
8.7 Latin America (LATAM) Power Steering Pump Market, Revenues & Volume, By Material, 2021 - 2031 |
9 Asia Power Steering Pump Market, Overview & Analysis |
9.1 Asia Power Steering Pump Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Power Steering Pump Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Power Steering Pump Market, Revenues & Volume, By Type, 2021 - 2031 |
9.4 Asia Power Steering Pump Market, Revenues & Volume, By Design, 2021 - 2031 |
9.5 Asia Power Steering Pump Market, Revenues & Volume, By Power Type, 2021 - 2031 |
9.6 Asia Power Steering Pump Market, Revenues & Volume, By End-Use, 2021 - 2031 |
9.7 Asia Power Steering Pump Market, Revenues & Volume, By Material, 2021 - 2031 |
10 Africa Power Steering Pump Market, Overview & Analysis |
10.1 Africa Power Steering Pump Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Power Steering Pump Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Power Steering Pump Market, Revenues & Volume, By Type, 2021 - 2031 |
10.4 Africa Power Steering Pump Market, Revenues & Volume, By Design, 2021 - 2031 |
10.5 Africa Power Steering Pump Market, Revenues & Volume, By Power Type, 2021 - 2031 |
10.6 Africa Power Steering Pump Market, Revenues & Volume, By End-Use, 2021 - 2031 |
10.7 Africa Power Steering Pump Market, Revenues & Volume, By Material, 2021 - 2031 |
11 Europe Power Steering Pump Market, Overview & Analysis |
11.1 Europe Power Steering Pump Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Power Steering Pump Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Power Steering Pump Market, Revenues & Volume, By Type, 2021 - 2031 |
11.4 Europe Power Steering Pump Market, Revenues & Volume, By Design, 2021 - 2031 |
11.5 Europe Power Steering Pump Market, Revenues & Volume, By Power Type, 2021 - 2031 |
11.6 Europe Power Steering Pump Market, Revenues & Volume, By End-Use, 2021 - 2031 |
11.7 Europe Power Steering Pump Market, Revenues & Volume, By Material, 2021 - 2031 |
12 Middle East Power Steering Pump Market, Overview & Analysis |
12.1 Middle East Power Steering Pump Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Power Steering Pump Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Power Steering Pump Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Power Steering Pump Market, Revenues & Volume, By Type, 2021 - 2031 |
12.4 Middle East Power Steering Pump Market, Revenues & Volume, By Design, 2021 - 2031 |
12.5 Middle East Power Steering Pump Market, Revenues & Volume, By Power Type, 2021 - 2031 |
12.6 Middle East Power Steering Pump Market, Revenues & Volume, By End-Use, 2021 - 2031 |
12.7 Middle East Power Steering Pump Market, Revenues & Volume, By Material, 2021 - 2031 |
13 Global Power Steering Pump Market Key Performance Indicators |
14 Global Power Steering Pump Market - Export/Import By Countries Assessment |
15 Global Power Steering Pump Market - Opportunity Assessment |
15.1 Global Power Steering Pump Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Power Steering Pump Market Opportunity Assessment, By Type, 2021 & 2031F |
15.3 Global Power Steering Pump Market Opportunity Assessment, By Design, 2021 & 2031F |
15.4 Global Power Steering Pump Market Opportunity Assessment, By Power Type, 2021 & 2031F |
15.5 Global Power Steering Pump Market Opportunity Assessment, By End-Use, 2021 & 2031F |
15.6 Global Power Steering Pump Market Opportunity Assessment, By Material, 2021 & 2031F |
16 Global Power Steering Pump Market - Competitive Landscape |
16.1 Global Power Steering Pump Market Revenue Share, By Companies, 2024 |
16.2 Global Power Steering Pump Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |
Export potential enables firms to identify high-growth global markets with greater confidence by combining advanced trade intelligence with a structured quantitative methodology. The framework analyzes emerging demand trends and country-level import patterns while integrating macroeconomic and trade datasets such as GDP and population forecasts, bilateral import–export flows, tariff structures, elasticity differentials between developed and developing economies, geographic distance, and import demand projections. Using weighted trade values from 2020–2024 as the base period to project country-to-country export potential for 2030, these inputs are operationalized through calculated drivers such as gravity model parameters, tariff impact factors, and projected GDP per-capita growth. Through an analysis of hidden potentials, demand hotspots, and market conditions that are most favorable to success, this method enables firms to focus on target countries, maximize returns, and global expansion with data, backed by accuracy.
By factoring in the projected importer demand gap that is currently unmet and could be potential opportunity, it identifies the potential for the Exporter (Country) among 190 countries, against the general trade analysis, which identifies the biggest importer or exporter.
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