According to the market assessment 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 MarketStudyReport, power assisted steering market is  expected to accumulate a considerable valuation by 2027.
 

Augmented vehicle production, increased usage of electric power steering in vans and pick-up trucks, proliferating sales of luxury passenger cars, and rising preference towards pinion electric steering are propelling power assisted steering market growth.

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For the uninitiated, power assisted steering system utilizes energy from the engine to turn the steering wheel, making it easier for the driver to control the vehicle, especially in tight corners. Although several variations of the technology exist, most of the cars use hydraulic pressure to assist the steering.

Speaking of the negatives in this market, a greater lifespan and easy repair scope may impede the after-sales revenue accumulation in the market over the forecast period.

Based on vehicle type, the LCV sub-segment is expected to grow at a y-o-y rate of 3.2% during the analysis period, owing to the increased usage of electric power steering in pickup trucks and vans.

Considering motor assist type, the pinion type EPS segment within is anticipated to capture over 17% of global power assisted steering industry share during the assessment timeframe. Seamless operation and portable size are fueling product adoption.

Single pinion electric power steering facilitates smoother vehicle steering, reduces flexibility of the driving torque through column shaft and intermediate assembly lines while also providing greater flexibility to OEMs.

Moving on to the regional landscape, the Middle East & Africa market is anticipated to witness slow expansion owing to its high dependency on raw material supply from countries like Germany and China, issues with logistics, and lack of production in the automotive industry. However, escalating sales of luxury vehicles and subsequent rise in automobile manufacturing are anticipated to present new growth opportunities for businesses in this region.

Speaking of the competitive framework, NSK Steering Systems Co., Ltd, JTEKT Corporation, Robert Bosch GmBH, Hyundai Mobis, Anand Automotive Systems Ltd, Mitsubishi Electric Corporation, The Mando Corporation, Nexteer Automotive, Showa Corporation, ZF Freidrichshafen AG, The Knorr-Bremse AG, and Rane Holdings Limited are the key players influencing the power assisted steering market tends.