According to the business intelligence report titled ‘Power Assisted Steering Market Size, By Power (Electric, Hydraulic), By Type (Rack Type EPS, Column Type EPS, Pinion Type EPS, H-EPS, HPS), By Vehicle (Passenger Cars, LCV, HCV), By Propulsion Type (ICE, EV), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global power assisted steering market is speculated to expand substantially between 2021-2027.
 

Increasing product utilization in vans and pickup trucks, growing vehicle production, and surging sales of luxury passenger cars are key factors spurring global power assisted steering market. Moreover, growing adoption of EVs will aid market proliferation in the forthcoming years.
 

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For the unversed, power assisted steering system enables the driver to turn the steering wheel with ease without applying much force by using power from the engine. In most cases, hydraulic pressure is utilized to assist the steering system.
 

Based on vehicle type, global power assisted steering market sphere is bifurcated into HCV, passenger cars, and LCV. Among these, the LCV segment is anticipated to grow at 3.2% CAGR between 2021-2027, due to rising adoption of assisted power steering in pickup trucks and vans.
 

Speaking of motor assist, the industry is divided into pinion type EPS, rack type EPS, column type EPS, H-EPS and HPS. The pinon type segment captured 17% of the market share in the past year. Smooth operation of power assisted steering wheel and its compact size are the factors credited for to the expansion of pinion type segment.
 

Moving on to propulsion type, the business space is segmented into EV and ICE. As per power type, the market is split into hydraulic and electric segments. As per sales channel, the industry is fragmented into OEM and aftermarket.
 

Key players profiled in global power assisted steering market report are Hyundai Mobis Co. Ltd., Knorr-Bremse AG, JTEKT Corporation, Showa Corporation, Nexteer Automotive Group Ltd., ZF Friedrichshafen AG, NSK Steering Systems Co. Ltd., Rane Holdings Limited, Robert Bosch GmbH, Mando Corporation, Mitsubishi Electric Corporation, and Anand Automotive Systems Ltd.