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The new report titled ‘Global Power Steering Pump Market,’ published by Emergen Research is a vivid presentation of the global Power Steering Pump market, with utmost focus on the forecast market size, share, value, and volume over the projected timeline. The report throws light on the current economic landscape of this business vertical and evaluates the top market trends. It has been compiled through significant primary research, including surveys, interviews, and expert analysts’ observations. It features insightful qualitative and quantitative assessments of the Power Steering Pump industry, gathering industry-verified data from the value chain analysis. The report, additionally, examines the prevailing trends in the market, along with the macro- and micro-economic indicators. The report delivers a deep understanding of the key aspects of the Power Steering Pump market, for instance, import and export dynamics, production and consumption rates, and consumer bases across the major market regions. Thus, the report concludes with the essential market statistics presented in a tabular format to help readers get a clear idea of the global market dynamics.

The power steering pump market has witnessed significant growth in recent years, driven by the increasing demand for smooth and effortless steering in vehicles. Power steering pumps play a crucial role in modern vehicles, providing hydraulic assistance to reduce the effort required to steer the vehicle. This article provides an overview of the power steering pump market, including its drivers, restraints, and key statistics from government organizations.

The global power steering pump market size was USD 1.74 Billion in 2022 and is expected to register a revenue CAGR of 3.1% during the forecast period, according to latest analysis by Emergen Research. One of the primary drivers of the power steering pump market is the growing automotive industry. As the number of vehicles on the road continues to increase, the demand for power steering systems rises in tandem. Power steering pumps enable drivers to maneuver their vehicles with ease, enhancing safety and comfort. The automotive industry’s focus on improving driving experience and reducing driver fatigue has fueled the adoption of power steering pumps in various vehicle segments.

Another driver of the power steering pump market is the increasing preference for electric power steering (EPS) systems. EPS systems utilize electric motors instead of hydraulic pumps to provide steering assistance. EPS offers several advantages over traditional hydraulic power steering, including improved fuel efficiency, reduced maintenance requirements, and enhanced control and responsiveness. The shift towards EPS systems has driven the demand for electric power steering pumps, which are integral components of these systems.

However, the power steering pump market also faces certain restraints. One significant challenge is the increasing demand for electric vehicles (EVs) and autonomous vehicles. EVs typically utilize electric power steering systems, eliminating the need for hydraulic power steering pumps. Similarly, autonomous vehicles rely on advanced steering technologies, such as steer-by-wire systems, which do not require traditional power steering pumps. The rise of EVs and autonomous vehicles may impact the demand for power steering pumps in the long run.

Government organizations play a crucial role in monitoring and regulating the automotive industry, indirectly influencing the power steering pump market. For instance, the National Highway Traffic Safety Administration (NHTSA) in the United States sets safety standards and regulations for vehicles, including steering systems. These regulations ensure that power steering pumps and systems meet safety requirements and provide reliable steering assistance.

Statistics from government organizations shed light on the significance of the power steering pump market. According to the International Energy Agency (IEA), the global electric car stock surpassed 10 million vehicles in 2020, reflecting a 43% increase compared to the previous year. This surge in electric vehicle adoption indicates the shift towards electric power steering systems, which may impact the demand for traditional power steering pumps.

Furthermore, the IEA reports that the global fleet of autonomous vehicles is expected to reach 60 million by 2040. Autonomous vehicles rely on advanced steering technologies that do not require traditional power steering pumps. While the impact on the power steering pump market may be gradual, the growth of autonomous vehicles presents a potential restraint for the market in the future.

Get a PDF sample copy of the report @ https://www.emergenresearch.com/request-sample/2104

This report is the latest document discussing the current economic situation gravely impacted by the COVID-19 outbreak in detail. The global health emergency has led to massive changes in the global economy and the Power Steering Pump business sphere. The current scenario of this ever-evolving business vertical has been clearly depicted in the report, which contains a broad analysis of the pandemic’s present and future effects.

Report Highlights:

Major Geographies Covered in the Report:

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Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Power Steering Pump market expected to boost the growth of the industry in the coming years.

Power Steering Pump Market Segmentation:

Competitive Outlook:

The latest research report is inclusive of a precise summary of the intensely competitive landscape of the global Power Steering Pump market. It offers a systematic presentation of the company profiles of the leading market players. This section of the report analyzes the effective initiatives undertaken by these players for business expansion in the long run. In addition, this section highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have been assessed using certain effective analytical tools, such as Porter’s Five Forces analysis and SWOT analysis.

The report also discusses the key players involved in the market such as

Denso Corporation, Bosch, Cardone Industries, Delphi Technologies, Thyssenkrupp AG, Nexteer Automotive, Melling, ACDelco, JTEKT Corporation, Mavalgear

For more details of the Power Steering Pump Market Report, visit @ https://www.emergenresearch.com/industry-report/power-steering-pump-market

Global Power Steering Pump Market Highlights:

Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.

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About Us:

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Emergen Research

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