According to the research report titled ‘Power Assisted Steering Market Size, By Power (Electric, Hydraulic), By Type , 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 projected to grow significantly between 2021-2027.
 

Rising vehicle production, increasing utilization of product in vans and pickup trucks, growing sales of luxury passenger cars, and growing adoption of EVs are key factors stimulating global power assisted steering market expansion.
 

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For the unaware, power assisted steering is a steering system which uses power from the engine to make it easier for the driver to turn the steering wheel. It also provides rough surface feedback. Hydraulic pressure is used to assist the steering in most cases.
 

Based on propulsion type, global assisted power steering market is bifurcated into ICE and EV. Electric and hydraulic are the segments of the industry as per power type. As per sales channel, the market space is segmented into aftermarket and OEM.
 

Speaking of vehicle type, the industry is divided into passenger cars, HCV and LCV. Among these, the LCV segment is projected to expand at 3.2% CAGR between 2021-2027, owing to growing adoption of assisted power steering in vans and pickup trucks.
 

Moving on to motor assist, the market sphere is segregated into rack type EPS, pinion type EPS, column type EPS, HPS, and H-EPS. The pinon type segment held 17%  industry share in the recent past. Compact size of power assisted steering wheels and its smooth operation are key contributing factors to the growth of pinion type segment.
 

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