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North America Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type

North America Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type

  • May 2021
  • 85 pages
  • ID: 6075730
  • Format: PDF
  • The Insight Partners

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The automotive steering system market in North America is expected to grow from US$ 4,149.24 million in 2020 to US$ 5,273.58 million by 2028; it is estimated to grow at a CAGR of 3.3% from 2021 to 2028. Electronic power steering (EPS) is mainly used in passenger cars and light commercial vehicles, with a small presence in heavy vehicles. With technological advances, EPS systems can carry more weight, and they can be used in commercial vehicles. Due to their higher load-bearing capability than EPS systems, hydraulic power steering (HPS) systems currently dominate the commercial vehicle market. HPS systems use the engine’s control, reducing fuel efficiency. The EPS system is more fuel-efficient and reliable than HPS systems because it draws power from the tank. Increased load-bearing ability will allow this technology to be used in commercial vehicles as well. For instance, Volvo has developed Volvo Dynamic Steering, which uses an electric motor, which is further driving the demand for automotive steering systems. Additionally, rigid fuel efficiency norms driving the adoption of advanced automotive steering systems is among the other factors expected to boost the growth of the automotive steering system market.

Based on type, the electronic power steering segment led the North America automotive steering market in 2020.Traditional hydraulic steering can now be operated without the use of an engine-driven hydraulic pump, owing to the advent of electro-hydraulic systems.

Instead, hydraulic pressure is provided by an electric motor pump unit that does not use engine power.This concept is especially useful in vehicles that use traditional hydraulic steering as their primary technology, but it is also available in hybrid-electric vehicle models.

The economy has grown in line with middle-class consumers’ disposable incomes over the years.This, in turn, has a positive effect on vehicle production.

Moreover, vehicle production has increased dramatically over the last five years because of low production costs. The electro-hydraulic power steering market grew in tandem with the increase in vehicle output.

The ongoing COVID-19 pandemic is severely impacting the North America region.Due to favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies.

The US is the worst-hit country in North America, with around 30.5 million cases as of March 2021. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders. Majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the automotive steering system market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison with the US. However, the manufacturing plants, automotive industry, and several other businesses are functioning slowly, which is negatively impacting the automotive steering system market. The COVID-19 outbreak will have a limited short-term impact on the market. The short-term effect of COVID-19 would not affect the recovery of overall sales in the automotive industry in 2020; this is mainly because of the continued promotion of passenger vehicles by various companies in the region.

The overall North America automotive steering system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the North America automotive steering system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America automotive steering system market. China Automotive Systems, Inc.; Nexteer Automotive; Hitachi Automotive Systems Americas, Inc.; Hyundai Mobis; JTEKT Corporation; The Mando Corporation; NSK Ltd.; Robert Bosch GmbH; Showa Corporation; and ThyssenKrupp AG are among the key players operating in the North America automotive steering system market.

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