Global Automotive Power Steering Pump Market was assessed at USD 106 billion globally in 2021, and by the end of 2030, it is anticipated to reach USD 2.3 trillion. Increase in production of vehicles, increasing safety concerns, improved steering performance and growing demand for power steering are the factors driving the growth of the market.

Automotive power steering pump is a device which helps in the steering of the vehicle. It is powered by the engine and helps in providing energy to the steering system. The power steering pumps have enabled the drivers to take control of the vehicle with ease and comfort]

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Key Developments

• April 2018: AISIN SEIKI Co., Ltd. opened its new European Automotive Component factory in Slovakia
• August 2017: DENSO Corporation announced to invest USD 1 billion in its Maryville, Tennessee facility
• Jan 2022- ZF Friedrichshafen AG announced investment into strengthening its commitment to the SmartWay program in partnership with the Environmental Protection Agency which provides a framework to evaluate the movements of goods across supply chains.
• Aug 2022- GKN automotive developers have created a novel test rig for the EV driveline components. These unique rigs are meant to unfold new industry standards regulating precision and control testing among vehicles.
• Jan 2021- ZF and KPIT joined hands for cooperation in industry-leading middleware solutions dealing with the complexities of retaining full control over the architecture of vehicles. This investment is in terms of the software-defined vehicle plan.
• March 2019- The team Hitachi and Penske announced the continuation of their partnership for the NTT IndyCar series season. The team Penske entered its 53rd year of car racing competition and carried Hitachi as a global partner for the 8th consecutive year.

Key pioneers

• Robert Bosch GmbH
• Nexteer Automotive
• ZF Friedrichshafen AG
• Melling
• Hitachi Automotive Systems, Ltd.
• JTEKT Corporation
• Rapid Precision Engineering
• Quanxing Machining Group Co., Ltd.
• GKN plc.
• Maval Industries
• Automation Tooling Systems Inc.

A short viewpoint offered in the report elucidates the macro-economic aspects that influence the growth drivers of Automotive power steering pump, which includes global GDP of Automotive power steering pump growth rate, various industries growth rate, such as cosmetics, pharmaceuticals, food and others.

This newly published and insightful report compounds sheds light on key dynamics, Key Trends of Automotive power steering pump and their impact on the overall value chain from Automotive power steering pump to end-users, which are expected to transform the future of the Automotive power steering pump sales.

Workflow Optimization

• By Product Type :
  • Vane
  • Roller
  • Slipper
• By Vehicle Type :
  • LCV (Light Commercial Vehicle)
  • HCV (Heavy Commercial Vehicle)
  • PC (Passenger Car)
  • Sport Car
  • Others
• By Sales Channels :
  • OEM
  • Aftermarket
• By Regions :
  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Japan
  • Middle East and Africa

What are impelling factors behind the rise in the production of automotive vehicle components?

Tech giants are engaged in manufacturing lightweight casing of automotive power steering pumps, in which the mechanism and control will be eco-friendly and energy efficient and consume less energy of the engine and provide high turn ability to the vehicle.

Manufacturers are also focusing on reducing the weight of the pulley of the steering pump. The pulley helps to provide dynamic balancing in the pump mechanism, owing to which it is considered a major component of the steering pump. However, the sale of automotive power steering systems directly depends on the volume of production of the vehicle.

Key Questions Covered in the Automotive power steering pump Report

• What will be the estimated size of the Automotive power steering pump in 2023?
• At what rate will sales in the global Automotive power steering pump grow until 2033?
• Which are the factors propelling the Automotive power steering pump and in the Automotive power steering pump?
• Which region will spearhead the growth in the global Automotive power steering pump during 2023-2033?
• Which are the factors driving sales in the Automotive power steering pump during the forecast period?

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Original Source of the original story >> Automotive Power Steering Pumps Landscape Is Poised To Yield an Absolute Dollar Opportunity worth USD 2.3 trillion By 2032