According to Future Market Insights, the global Power Steering Filter market is estimated to be valued at USD 1,308.3 Million in 2022 and will grow at a CAGR of 5.2% from 2022 to 2032. A power steering system makes the driver easier to navigate the vehicle at typical speeds than a conventional steering system. Nowadays, power steering is available in almost every vehicle, from passenger cars to heavy commercial vehicles.
| Attributes | Details |
|---|---|
| Market Size 2021A | USD 1,241.3 million |
| Market Size 2022E | USD 1,308.3 million |
| Market Size 2032F | USD 2,172.1 million |
| Value CAGR (2022 to 2032) | 5.2% |
Key components of the power steering system include power steering fluid, rack and pinion, steering pump, and power steering fluid filter. A power steering fluid filter prevents foreign objects such as metal and rust from entering the power steering fluid, clogging the pump and causing system failure. The power steering system market is expected to witness significant growth over the next few years, which is also expected to drive the power steering filter market.
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The worldwide power steering filter market was valued at USD 1,241.3 Million in 2021 and is expected to reach USD 2,172.1 Million by 2032.
The global power steering filter market is expected to grow at a CAGR of 5.2% during the forecast period. This is due to the factors such as the growing demand for filters as the filters play a major role in preventing metal and rust to enter the power steering system of the vehicle. In conventional steering systems, these contaminants were acting as a barrier to the smooth operation of the steering while driving a vehicle.
So the filters used in the power steering system prevent these foreign particles to enter the power steering system. Previously in conventional vehicles, there were many issues regarding the steering of vehicles as the vehicle driver was facing issues steering the vehicle. With the technological advancements in vehicles, this issue has been resolved with the use of power steering filters.
The global power steering filter market is primarily driven by the increasing application of power steering systems in vehicles ranging from compact-size vehicles to heavy commercial vehicles, along with increasing sales of vehicles. Some of the macroeconomic factors such as the GDP growth of developing regions along with an increase in disposable income of people can be attributed to having a positive impact on the power steering filter market globally.
The filters of the power steering system of a vehicle are to be replaced after a particular time interval and these filters (replacement rate) are also easily available at low costs this acts as one of the major drivers for market growth.
Principal Consultant
The increasing popularity of electronic power steering systems might act as a restraint for the global power steering filter market.
Electric power steering uses the power of an electric motor to support the driver. The Electronic Power system consumes 80% less energy than traditional hydraulic systems and improves vehicle fuel efficiency by 2-3%, it also eliminates the need for a power steering pump, which consumes a load of about 10 horsepower, especially on heavy vehicles all these factors might act as the major restraints for power steering filter market.
The European market holds the largest share of the global power steering filter market in terms of consumption, owing to the presence of major automotive manufacturers in the region. As the production of automotive vehicles in European countries is high the demand for the power steering filter is also huge.
The Asia Pacific excluding Japan (APEJ) market is followed by the Europe market with the automotive industries booming in the countries such as China and India. Also, the raw material required for the production of power steering filters is easily available in China at a low cost. India is expected to attract the market for power steering filters in the region by the end of the forecast period.
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The key players operating in the power steering filter market are focusing on expanding their capacities and resources to meet the growing demand by introducing new advancements in power steering filters. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources.
Some of the key players identified in the global power steering market are MAGNEFINE FILTERS, CARDONE Industries, KRC Power Steering, Focus Technology Co., Ltd., and Autohidraulika among others.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.2% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in 000’Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Filter Type, Vehicle Type, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | The USA, Canada, Mexico, Brazil, Germany, Italy, France, The United Kingdom, Spain, Benelux, Russia, China, Japan, South Korea, India, ASIAN, ANZ, GCC Countries, Turkey, South Africa, North Africa |
| Key Companies Profiled | MAGNEFINE FILTERS; CARDONE Industries; KRC Power Steering; Focus Technology Co., Ltd.; Autohidraulika |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Power Steering Filter market reached over USD 1,241.3 million.
During the forecast period, the Power Steering Filter market is estimated to expand at a CAGR of 5.2% from 2022 to 2032.
The Power Steering Filter market is projected to reach USD 2,172.1 million by the end of 2032.
The European market holds the largest share of the global power steering filters market in terms of consumption, owing to the presence of major automotive manufacturers in the region.
Key Players operating in the global power steering filter market are MAGNEFINE FILTERS, CARDONE Industries, KRC Power Steering, Focus Technology Co., Ltd., and Autohidraulika.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Filter Type 6.2. Vehicle Type 6.3. Sales Channel 7. Global Market Analysis and Forecast, By Filter Type 7.1. Direct Fit Filters 7.2. In-Line Filters 8. Global Market Analysis and Forecast, By Vehicle Type 8.1. PC (Passenger Cars) 8.2. LCV (Light Commercial Vehicles) 8.3. HCV (Heavy Commercial Vehicles) 9. Global Market Analysis and Forecast, By Sales Channel 9.1. OEM (Original Equipment Manufacturer) 9.2. Aftermarket 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia & Pacific 10.5. East Asia 10.6. Middle East & Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Filter Type, Vehicle Type, and Sales Channel for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. MAGNEFINE FILTERS 19.2. CARDONE Industries 19.3. KRC Power Steering 19.4. Focus Technology Co., Ltd. 19.5. Autohidraulika
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Power Steering Filter Market
