Report : North America Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering), and Vehicle Type (Passenger Cars and Commercial Vehicles)
Electronic Power Steering is dominating the North America Automotive Steering System Market during 2020–2028
According to a new market research study on “North America automotive steering system market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Vehicle Type” is expected to reach US$ 5,273.58 million by 2028 from US$ 4,149.24 million in 2020. The market is estimated to grow at a CAGR of 3.3% from 2021 to 2028. The report provides trends prevailing in the North America automotive steering system market along with the drivers and restraints pertaining to the market growth. Rigid fuel efficiency norms driving adoption of advanced automotive steering systems is the major factor driving the growth of the North America automotive steering system market. However, issues associated with the significantly higher cost of electronic steering as compared to the hydraulic steering systems is one of the most prominent factors hindering the adoption of EPS in the North America automotive steering system market.
The North America automotive steering system market has been segmented into type, vehicle type and country. Based on product type, the Normal America automotive steering system market is segmented into electronic power steering, hydraulic power steering and electro-hydraulic power steering segment held a substantial market share in 2020. Based on vehicle type, the North America automotive steering system market is segmented into Passenger Cars and Commercial Vehicles. Passenger Cars segment held a substantial market share in 2020.
The ongoing COVID-19 is having a very devastating impact over the North America region. 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 Mn cases of infected individuals facing severe health conditions across the country 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 to the US. However, the manufacturing plants, automotive industry, and several other businesses are functioning slowly, which is negatively impacting on the automotive steering system market. The coronavirus outbreak will have a limited short-term impact on the market. The short-term effect of coronavirus 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.
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, ThyssenKrupp AG among the leading companies in the North America automotive steering system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, China Automotive Systems, Inc. had launched a new EPS product to empower ADAS. This new EPS product is based upon proprietary technologies developed by CAAS' research & development team. The company had begun mass production of this product for new vehicle models of the leading Chinese automaker, Great Wall Motors. Seamlessly connected with vehicle data, CAAS' new EPS system enable drivers to adapt to different road conditions and significantly enhances user experiences.
The report segments the North America Automotive Steering System Market follows:
North America Automotive Steering System Market – By Type
- Electronic Power Steering
- Hydraulic Power Steering
- Electro-Hydraulic Power Steering
North America Automotive Steering System Market – By Vehicle Type
- Passenger Cars
- Class A
- Class B
- Class C
- Class D
- Class E
- Class F
- Commercial Vehicles
North Automotive Steering System Market – By Country
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