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Power steering filters protect the system from damaging contaminants and prevent premature power steering pump failure. The driving factors of the market include expanding the automotive industry, rising consumer awareness, and enhancing comfort and safety. The automotive industry's expansion is a key driver of market growth. As automotive production increases, the demand for power steering filters also increases. Customers understand the importance of regular services and periodic replacement of power steering filters for better performance.
The replacement cost of power steering filters is high, especially in premium cars, which deters customers from timely replacements. Consumers lack knowledge about power steering systems and related components, hampering the market's growth. Manufacturers must also keep up with the latest developments in power steering systems and regularly improve the power steering filters to keep up with the evolving market.
The COVID-19 pandemic had a negative impact on the power steering filter market. During the rise of the pandemic, governments imposed restrictions in various nations to contain the virus affecting the automotive industry. Also, disturbances in the supply chain developed a significant interference with manufacturability. Therefore, the reduced production of automobiles due to the temporary shutdown of manufacturing plants had an adverse impact on the demand for power steering filters in the automotive sector, thus slowing down the power steering filter market.
During the post-pandemic period, the demand for vehicles increased significantly due to the rising e-commerce sector, which boosted the demand for power steering filters, accelerating the market growth.
The report covers the following key insights:
By Filter | By Vehicle | By Sales | By Region |
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By filter, the market is divided into direct fit filter and in-line filter. Direct-fit filters are manufactured to the specifications and designs of original equipment manufacturers (OEMs). These filters are not reusable and do not have any replacements. They are designed to fit into the original steering wheel or console mount location. Direct Fit Steering Wheel Filters offer a quick & easy installation, saving valuable time and ensuring that the filter is securely mounted, reducing the risk of damage or loss during transit.
In-line filters are used in power steering systems to reduce contaminants from entering the hydraulic system. The filter is installed between the power steering pump and the vehicle's frame; it creates a fluid flow path that eliminates debris and other particles that may cause damage to the pump or system.
By sales, the market is classified into OEMs and aftermarket. The OEMs segment dominated the market. OEMs use power steering filters to replace standard air filters due to their superior quality and performance characteristics. The aftermarket segment is expected to witness significant growth over the forecast period due to high product demand due to its enhanced driving experience, increased vehicle stability, and reduced effort required for steering wheel turns.
The global market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to boosting automobile manufacturing. Growing disposable income levels and changing consumer preferences are expected to drive demand for power steering filters in this Region. Additionally, higher vehicle sales in the region due to increasing vehicle production capacity in the region is another major factor driving the demand for power steering filters in the market.
The high demand for automobiles across emerging economies, including China and India, in light of low ownership rates coupled with narrow access roads leading into cities resulting in high population density, thereby creating opportunities for urban mobility and subsequently driving automotive sales growth over the coming years.
Europe has a well-established automotive industry and a large vehicle fleet. Stringent emission norms and a focus on sustainability drive the demand for power steering filters that meet environmental standards. The Region also has a significant aftermarket segment.
Market growth in South America is driven by increased automotive production in Brazil over the forecast period coupled with favorable government policies promoting investments in manufacturing facilities by companies including Ford Motor Company Mexico S.A., General Motors Company, Nissan Motor Co., Ltd., Toyota Motors Corporation among others in that Region are anticipated boost industry growth over the coming years.
CARDONE Industries (U.S.), KRC Power Steering (U.S.), Focus Technology Co. Ltd. (China), Mando Aftermarket North America (U.S.), thyssenkrupp AG (Germany), ZF Friedrichshafen AG (Germany), Nexteer (U.S.), NSK Ltd. (Japan), Robert Bosch LLC (U.S.), JTEKT NORTH AMERICA (U.S.), and AUTOHIDRAULIKA (Lithuania).
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