Power Steering Filter Market

Power Steering Filter Market Snapshot 2022 - 2032

According to Future Market Insights, the global Power Steering Filter market is estimated to be valued at US$ 1,308.3 Mn 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.

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.

Historic Market Outlook for Power Steering Filter

The worldwide power steering filter market was valued at US$ 1,241.3 Mn in 2021 and is expected to reach US$ 2,172.1 Mn 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 growing demand for the filters as the filters play major role in preventing the metal and rust to enter the power steering system of the vehicle. In conventional steering system these contaminants were acting as a barrier for smooth operation of the steering while driving a vehicle.

So the filters used in the power steering system prevents these foreign particles to enter the power steering system. Previously in conventional vehicles there were many issues regarding the steering of vehicle as the vehicle driver were facing issues to steer the vehicle. With the technological advancements in vehicles this issue has been resolved with the use of power steering filters.

What are the Various Factors Driving the Power Steering Filter Market?

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 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.

The filters of 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 driver for market growth.

Nikhil Kaitwade

Principal Consultant

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Which Factors May Hinder the Power Steering Filter Market Growth?

The increasing popularity of electronic power steering system 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.

Which Region hold the prominent share in Power Steering Filter Market?

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. As the production of automotive vehicles in the European countries is high the demand for the power steering filter is also huge.

The 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 filter is easily available in China at low cost. India is expected to attract the market for power steering filters in the region by the end of forecast period.

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Market Competition

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 the 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.

Scope of the Report

Key Segments Profiled in Power Steering Filter Market

By Filter Type, Power Steering Filter Market is segmented as:

• Direct Fit Filters
• In- Line Filters

By Vehicle Type, Power Steering Filter Market is segmented as:

• PC (Passenger Cars)
• LCV (Light Commercial Vehicles)
• HCV (Heavy Commercial Vehicles)

By Sales Channel, Power Steering Filter Market is segmented as:

• OEM (Original Equipment Manufacturer)
• Aftermarket

By Region, Power Steering Filter Market is segmented as:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa