LONDON--(BUSINESS WIRE)--According to the latest market research report released by Technavio, the global automotive steering pump market is expected to register a CAGR of nearly 8% during the forecast period. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
This research report titled ‘Global Automotive Steering Pump Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. It also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global automotive steering pump market into the following products:
- Passenger cars
- LCVs
- M&HCVs
In 2016, the passenger cars segment accounted for nearly 60% of the global market and is projected to decrease by 2021.
Global automotive steering pump market: Key emerging trend
Electrification of mechanical components is an emerging trend in the automotive steering pump space. Implementation of regulations and emission norms to limit the carbon footprint of vehicles has caused the automakers to electrify mechanical parts. Electrification reduces the load on the engine, which, in turn, increases its efficiency and reduces the engine temperature. The EPS is a perfect system to counter emission regulations. EPS system provides quick and efficient steering feedback with software features, such as parking assistance and lane-change assistance. In EPS, the turning movements of the steering wheel are converted into electronic signals that control the electric motors responsible for moving the wheels in the right direction with appropriate feedback. The EPS system uses an electric coolant pump, which manages the internal combustion engine proactively and optimizes the supply of coolant to the engine.
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Technavio’s report provides expert market research on the following topics:
Executive Report
- Market Outline
- Global Automotive Steering Pump Market Overview
Market Insights
- Market Sizing and Forecasts
- Market Growth
- Market Drivers and Challenges
- Key Emerging Trends
Market Segmentation Analysis
- Regional comparison (APAC, Americas, and EMEA)
- Key leading countries
- Market segmentation by product (passenger cars, LCVs, and M&HCVs)
Vendor Landscape
- Vendor classification
- Market positioning of vendors
- Competitive scenario
- Analysis of top vendors (Bosch, Nexteer, and ZF)
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