As per MRFR analysis, the Power Steering Filter Market Size was estimated at 0.92 (USD Billion) in 2022. The Power Steering Filter Market Industry is expected to grow from 0.97 (USD Billion) in 2023 to 1.5 (USD Billion) by 2032. The Power Steering Filter Market CAGR (growth rate) is expected to be around 4.95% during the forecast period (2024 - 2032).
The Power Steering Filter Market is characterized by several key market trends. One notable trend is the increasing adoption of electric power steering (EPS) systems in automobiles. EPS systems offer improved fuel efficiency and reduced emissions compared to traditional hydraulic power steering systems, leading to a growing demand for compatible power steering filters. Additionally, the rising popularity of advanced driver assistance systems (ADAS) in vehicles is expected to drive the demand for power steering filters, as ADAS systems rely on accurate steering feedback for optimal performance. Furthermore, the growing focus on vehicle safety and emission reduction regulations is driving the adoption of high-performance power steering filters that meet stringent industry standards. The market is also witnessing a shift towards the use of eco-friendly and sustainable materials in power steering filter manufacturing, driven by growing environmental concerns.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The growing demand for fuel-efficient vehicles is a major driver of the Power Steering Filter Market. As governments around the world implement stricter emission regulations, automakers are increasingly turning to fuel-efficient technologies to reduce the emissions of their vehicles. Power steering filters play a key role in reducing fuel consumption by removing contaminants from the power steering fluid, which can improve the efficiency of the power steering system.The increasing demand for fuel-efficient vehicles is, therefore, expected to drive the growth of the Power Steering Filter Market in the coming years. In addition to government regulations, the rising cost of fuel is also driving the demand for fuel-efficient vehicles.
As fuel prices continue to rise, consumers are increasingly looking for ways to reduce their fuel consumption. Fuel-efficient vehicles can help consumers save money on fuel, which is making them more attractive to consumers.The increasing demand for fuel-efficient vehicles is, therefore, expected to continue to drive the growth of the Power Steering Filter Market in the coming years.
The increased adoption of elector power steering systems is another major factor propelling the growth of the Power Steering Filter Market. EPS systems are generally much more efficient than traditional hydraulic power steering systems. Moreover, EPS serves to reduce emissions as they do not require hydraulic fluid and pump, as is the case with hydraulic pump systems. EPS system uses an electric motor to help the driver steer the vehicle. However, the hydraulic system uses a hydraulic pump and fluid to help the driver steer the vehicle.This hydraulic fluid can emit greenhouse gases into the environment. Additionally, the hydraulic pump consumes power from the vehicle’s engine. Due to the absence of these components, vehicles with EPS systems are more fuel-efficient, and there are low emissions; hence, the air is cleaner.
These are some of the factors spurring the growth of the Power Steering Filter Market. Another factor propelling the growth of the Power Steering Filter Market is also its advantages, such as the EPS system being lighter and more compact than the hydraulic systems.This adds to the credibility of the hydraulic pump filters since they would help significantly reduce the weight of the vehicle and improve its handling. EPS is also more responsive than the hydraulic system, thus enhancing the driving experience. The increased adoption of EPS is, therefore, expected to continue driving the growth of the Power Steering Filter Market.
Another major driver of the Power Steering Filter Market is the rising demand for aftermarket power steering filters. An aftermarket power steering filter is a device that is used to be fitted to replace the original power steering filter installed with the vehicle. Over time, power steering filters can get clogged and become more inefficient, which can lead to various issues, such as leaks and noise. Replacing the power steering filter is a relatively easy, low-cost solution to keeping the power steering system working and preventing issues concerning it.With the number of vehicles rising every year, the demand for aftermarket power steering filters is also projected to rise and, subsequently, fuel the growth of the Power Steering Filter Market. Apart from the factors mentioned above, the Power Steering Filter Market is being driven by a number of other factors. First and foremost, the number of vehicles on the road is constantly rising around the world. Also, SUVs and crossovers are becoming increasingly popular, with many car manufacturers offering multiple models of this type.In addition, the demand for performance vehicles is on the rise around the world. These factors will prompt the power steering filter market to grow in the years to come.
The Power Steering Filter Market is segmented by filter type into inline filters, spin-on filters, and magnetic filters. Inline filters, used in the power steering line to remove contaminants from the fluid, account for more than 50% of the market, making it the most common type. Inline-type spin-on filters function in the premise but are placed and combined with the power steering pump. Magnetic filters placed on the pump are less common; however, gaining popularity in recent years due to their ability to remove metal particles from the fluid.In-line filters, owing to the rising demand for power steering filters, are expected to continue to hold the largest market share in the following years. The growth of the maximum quality and evaluation limit for inline automotive filters, driven by the prevailing demand for this type, is projected to propel the segment with the maximum CAGR.
The Asia-Pacific region is expected to be the largest regional market for power steering filters, and the demand in India and China is expected to be a major growth driver for this region. The Asia-Pacific region will be the fastest-growing region in the Power Steering Filter Market, with a significant CAGR.In comparison to the Asia-Pacific region, North America and Europe will be the next two largest markets. Top companies like Mann+Hummel, Hengst SE Co. KG, Donaldson Company, Inc., and MAHLE GmbH cover most of the Power Steering Filter Market. More than half of the market is held by these top players, ranging from 50% to 60%. They manufacture all types of filters and distribute them to different ends.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The revenue of the Power Steering Filter Market on the vehicle type is further segregated into three categories including passenger cars, commercial vehicles, and two-wheelers. The passenger cars segment dominated the market, possessing the largest share in 2023 and will continue doing so during the forecast period as well. The growth of the segment is due to the increasing production and sales of cars across the globe. The commercial vehicles segment is also expected to grow impressively during the forthcoming years because of the increasing sales of commercial vehicles in emerging economies.The two-wheeler segment will also grow at a noticeable rate in the forecast period.
The Power Steering Filter Market segmentation by Fuel Type includes Gasoline, Diesel, and Electric. Gasoline-powered vehicles currently dominate the global automotive industry, accounting for a significant share of the Power Steering Filter Market revenue. Diesel-powered vehicles are primarily used in commercial and heavy-duty applications, contributing a notable portion to the market. Electric vehicles, driven by growing environmental concerns and government initiatives, are expected to witness substantial growth in the coming years, positively impacting the demand for Power Steering Filters compatible with electric powertrains.
The distribution channel segment is a crucial aspect of the Power Steering Filter Market, influencing market growth and revenue generation. OEMs (Original Equipment Manufacturers) hold a significant share of the market, supplying filters directly to vehicle manufacturers. This channel ensures quality control and compatibility with specific vehicle models. The aftermarket segment caters to vehicle owners and repair shops, offering replacement filters for older vehicles or those requiring maintenance. With the increasing number of vehicles on the road, the aftermarket segment is expected to grow steadily.Online retailers have emerged as a convenient channel for consumers, providing easy access to a wide range of power steering filters from various brands. This channel is likely to gain traction due to its competitive pricing and doorstep delivery options.
The Power Steering Filter Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. The growth of the APAC market can be attributed to the increasing demand for passenger cars in developing countries such as China and India. Europe is another key market for power steering filters, driven by the presence of major automotive manufacturers in the region. North America also represents a significant market for power steering filters, with the US being the largest market in the region.South America and MEA are expected to witness steady growth in the coming years, driven by the increasing adoption of passenger cars in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the Power Steering Filter Market industry prioritize innovation in product development to maintain their market shares. Leading Power Steering Filter Market players invest in research and development activities to introduce advanced features and expand their product portfolios. Partnerships, acquisitions, and collaborations are common strategies adopted by companies to gain a competitive advantage and expand their global reach. The Power Steering Filter Market development is driven by factors such as increasing vehicle production, rising awareness about vehicle maintenance, and technological advancements in the automotive industry. Denso Corporation, Mann+Hummel, Mahle GmbH, Sogefi Group, and Freudenberg Group are some of the leading companies in the Power Steering Filter Market.
These companies have a strong global presence and offer a wide range of power steering filters catering to different vehicle applications. They focus on providing high-quality products, investing in research and development, and expanding their distribution channels to maintain their market positions.ZF Friedrichshafen AG, a global automotive supplier, is another key player in the Power Steering Filter Market. The company offers a comprehensive range of power steering filters designed to meet the specific requirements of various vehicle manufacturers. ZF Friedrichshafen AG has a strong focus on innovation and technology, and it invests heavily in research and development to enhance the performance and efficiency of its products. The company has a global presence and operates in multiple countries, providing it with a competitive advantage in the Power Steering Filter Market.
Recent developments in the Power Steering Filter Market indicate a growing demand for high-efficiency filters. This is driven by increasing vehicle production, particularly in emerging markets, and rising consumer preference for enhanced driving experiences. Technological advancements, such as the development of nanofiber filters, are also contributing to market growth. The Asia-Pacific region is expected to witness significant growth due to the presence of major automotive manufacturers and increasing vehicle sales. The market is competitive, with key players focusing on product innovation and strategic partnerships to gain market share.
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 0.92 (USD Billion) |
| Market Size 2023 | 0.97 (USD Billion) |
| Market Size 2032 | 1.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.95% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Parker Hannifin, Hengst, Sogefi, Amalgama Composites, Filtra Automotive, Purolator, Donaldson, Tenneco, Denso, SKF, Freudenberg, Mann+Hummel, Fram Automotive, Bosch, MAHLE |
| Segments Covered | Filter Type, Vehicle Type, Fuel Type, Distribution Channel, Regional |
| Key Market Opportunities | Rising electric vehicle adoption Demand for fuel-efficient vehicles Growing aftermarket demand Increasing demand for safety features Technological advancements |
| Key Market Dynamics | Growing automotive production, rising demand for efficient filters, increasing adoption of advanced driver assistance systems ADAS technological advancements, expanding aftermarket sales |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Power Steering Filter Market is projected to reach USD 0.97 billion in 2023.
The Power Steering Filter Market is expected to grow at a CAGR of 4.95% from 2024 to 2032.
Asia Pacific is expected to account for the largest share of the Power Steering Filter Market in 2023.
The automotive segment is expected to drive the growth of the Power Steering Filter Market.
Key competitors in the Power Steering Filter Market include MAHLE, MANN+HUMMEL, ROBERT BOSCH, DENSO, and Donaldson.
Factors driving the growth of the Power Steering Filter Market include increasing vehicle production, rising demand for fuel-efficient vehicles, and growing awareness of vehicle maintenance.
Challenges faced by the Power Steering Filter Market include intense competition, stringent environmental regulations, and fluctuating raw material prices.
Key trends in the Power Steering Filter Market include the adoption of advanced filtration technologies, increasing demand for eco-friendly filters, and the growing popularity of electric vehicles.
The Power Steering Filter Market has a positive impact on the environment by reducing emissions and improving fuel efficiency.
The future outlook of the Power Steering Filter Market is positive due to increasing vehicle production, rising demand for fuel-efficient vehicles, and growing awareness of vehicle maintenance.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
