Power steering systems provide easy navigation of vehicle for drivers at typical speeds over traditional steering system. In the present scenario, the power steering system is available in almost every vehicle ranging from passenger cars to heavy commercial vehicles. The essential components of the power steering system includes power steering fluid, rack and pinion, steering pump and power steering fluid filter among others. The power steering fluid filter ensures that no debris like metal, rust get into the power steering fluid clogging the pump resulting in failure of the system. The power steering systems market is expected to show significant growth in the coming years, which in turn is expected to propel the market for power steering filter market as well.
Global Power Steering Filter Market: Drivers & Restraints
The global power steering filter market is primarily driven by the increasing application of the power steering systems in the vehicles from compact size cars to the heavy commercial vehicles coupled with the increase in sales and production vehicles. Some of the macroeconomic factors such as GDP growth of developing regions along with increase in disposable income of people can be attributed to have a positive impact on the power steering filter market globally. However, the increasing popularity of electronic power steering system might pose as a restraint for the global power steering filter market.
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Global Power Steering Filter Market: Market Segmentation
Based on power steering filter type, the global power steering filter market can be segmented into:
· Direct Fit Filters
· In-Line Filters
Based on vehicle type, the global power steering filter market can be segmented into:
· PC (Passenger Cars)
· LCV (Light Commercial Vehicles)
· HCV (Heavy Commercial Vehicles)
Based on distribution channel, the global power steering filter market can be segmented into:
· OEM (Original Equipment Manufacturers)
Global Power Steering Filter Market: Regional Outlook
Based on the geographic regions, global power steering filter market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among the aforementioned regions, the Western Europe market holds the largest share of global power steering filter market in terms of consumption due to presence of prominent automotive manufacturers in the region. The APEJ market is followed by the Western Europe market with the automotive industries booming in the countries such as China, India is expected to attract the market for power steering filters in the region by the end of forecast period. The Latin America market is also expected to show considerable growth over the forecast period. Globally, the market for power steering filter is expected register a single digit CAGR over the forecast period.
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Global Power Steering Filter Market: Key Players
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.
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