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), Product Type (Column Drive and Rack Drive), and Vehicle Type (Passenger Cars and Commercial Vehicles)
At 3.3% CAGR, the North America Automotive Steering System Market is speculated to be worth US$ 5,273.58 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America automotive steering system market was valued at US$ 4,197.72 million in 2021 and is expected to reach US$ 5,273.58 million by 2028, registering a CAGR of 3.3% from 2021 to 2028. Stringent fuel efficiency norms driving adoption of advanced automotive steering systems and rise in demand for electrification in vehicles are the critical factors attributed to the North America automotive steering system market expansion.
There is an increase in use of buses and trucks worldwide, especially for logistics and public transportation. As the population in urban areas is growing, there is a need for increased public transit, and the current transportation infrastructure is proving inadequate. OEMs worldwide are now focused on lowering global carbon emissions, which is leading to increase in use of electric cars. Passenger cars and taxis are concentrating more on the introduction of greener technology as the demand increases. The manufacturers are concentrating their efforts on electrification of vehicles, especially passenger cars. Several countries worldwide are putting a lot of work into creating green transportation.
Governments are taking several steps to minimize CO2 emissions. They are providing tax cuts and incentives to promote the use of electric vehicles in public transportation, such as e-trucks and e-buses. BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses are a few examples of electric vehicle models. Some commercial vehicle manufacturers have recently unveiled electric buses, and others have announced plans to convert full-size trucks and pickup trucks to battery-electric platforms. Thus, the rising demand for electric vehicles is contributing to the growth of the global automotive steering system market.
On the contrary, high cost of electronic power steering (eps) system and difficulties associated with its maintenance hurdles the growth of North America automotive steering system market.
The North America automotive steering system market, by type, is segmented into electronic power steering, hydraulic power steering, electro-hydraulic power steering. The electronic power steering segment held 72.8% market share in 2021, amassing US$ 3,056.33 million. It is projected to garner US$ 3,931.27 million by 2028 to expand at 3.7% CAGR during 2021–2028.
The North America automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held 65.1% market share in 2021, amassing US$ 2,730.68 million. It is projected to garner US$ 3524.17 million by 2028 to expand at 3.7% CAGR during 2021–2028.
The North America automotive steering system market, based on vehicle type, is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicle segment held 69.6% market share in 2021, amassing US$ 2,920.20 million. It is projected to garner US$ 3,542.60 million by 2028 to expand at 2.8% CAGR during 2021–2028.
Based on country, the North America automotive steering system market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 66.1% market share in 2021. It was assessed at US$ 2,774.02 million in 2021 and is likely to hit US$ 3,425.33 million by 2028, exhibiting a CAGR of 3.1% during the forecast period.
Key players dominating the North America automotive steering system market are China Automotive Systems Inc; Nexteer Automotive Corp; Hitachi Astemo Americas, Inc.; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; ThyssenKrupp AG; Robert Bosch Automotive Steering GmBH, among others.
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