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)
The North America automotive steering system market was valued at US$ 4,197.72 million in 2021 and is projected to reach US$ 5,273.58 million by 2028; it is expected to grow at a CAGR of 3.3% from 2021 to 2028.
Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems is Driving the North America Automotive Steering System Market
Several governments across the world have enacted strict automotive emission and fuel economy legislations. Fleet-level regulations have been enforced by regulatory bodies such as the National Highway Traffic and Safety Administration in the US. Automobile manufacturers must adhere to the average pollution cap decided by these regulations. These regulations have pushed automakers to spend more in fuel-efficient steering systems such as electronic power steering. As opposed to conventional hydraulic steering systems, electrically assisted power steering systems are lighter in weight and have a simpler structure. According to the US Department of Energy, in ideal conditions, EPS (Electronic Power Steering) systems can improve fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and reduce CO2 emissions by 8 grams per kilometer. As per the estimates by Nexteer Automotive Corporation, EPS systems have saved nearly 3 billion gallons of gas since 1999. Unlike hydraulic systems, which pump fluid continuously when the engine is running, these systems only use power when the wheels are turned. Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the market growth over the forecast period.
North America Automotive Steering System Market Overview
The US, Canada, and Mexico are major economies present in the North American region. The region is one of the largest automotive manufacturing hubs worldwide. The presence of well-established automotive manufacturers and automotive steering system manufacturers in North America is driving the market. The economic growth of the region has positively impacted the sale of commercial vehicles and passenger cars. Automotive steering systems are integrated within passenger cars and commercial vehicles to control the direction of a vehicle in motion. The growing sales of passenger cars and commercial vehicles are raising the demand for automotive steering systems. In 2020, 13,375,622 units of passenger cars and commercial vehicles were produced in the region. Presently, electronic power steering has become an everyday feature in the vehicles. It eradicates the requirement for a power steering pump and hydraulic fluids. Previously, the electronic power steering was designed for high-end vehicles or SUVs. However, the reliability of electronic power steering has accelerated its involvement in all almost types of vehicles. The rising emphasis on electronic power steering system is driving the market in North America.
North America Automotive Steering System Market Revenue and Forecast to 2028 (US$ Million)
North America Automotive Steering System Market Segmentation
The North America automotive steering system market is segmented into type, product type, vehicle type, and country.
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 accounted for the highest share in the North America automotive steering system market in 2021.
The North America automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held the largest market share in 2021.
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 accounted for the highest share in the North America automotive steering system market.
Based on country, the North America automotive steering system market is segmented into the US, Canada, and Mexico. The US dominated the market in 2021.
China Automotive Systems Inc; Nexteer Automotive Corp; Hitachi Astemo Americas, Inc.; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; ThyssenKrupp AG; and Robert Bosch Automotive Steering GmBH are the leading companies operating in the North America automotive steering system market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Automotive Steering System Market – By Type
1.3.2 North America Automotive Steering System Market – By Product Type
1.3.3 North America Automotive Steering System Market – By Vehicle Type
1.3.4 North America Automotive Steering System Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Automotive Steering System Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Automotive Steering System Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Rise in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance
5.3 Market Opportunities
5.3.1 Integration of Technologically Advanced EPS Systems in Commercial Vehicles
5.4 Future Trends
5.4.1 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market – North America Analysis
6.1 North America Automotive Steering System Market North America Overview
6.2 North America: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
7. North America Automotive Steering System Market Analysis – By Type
7.1 Overview
7.2 North America Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028
7.3 Electronic Power Steering
7.3.1 Overview
7.3.2 Electronic Power Steering: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Hydraulic Power Steering
7.4.1 Overview
7.4.2 Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
7.5 Electro-Hydraulic Power Steering
7.5.1 Overview
7.5.2 Electro-Hydraulic Power Steering: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8. North America Automotive Steering System Market Analysis – By Product Type
8.1 Overview
8.2 North America Automotive Steering System Market Revenue Breakdown, By Product Type, 2020 and 2028
8.3 Column Drive
8.3.1 Overview
8.3.2 Column Drive: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.4 Rack Drive
8.4.1 Overview
8.4.2 Rack Drive: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9. North America Automotive Steering System Market Analysis – By Vehicle Type
9.1 Overview
9.2 North America Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
9.3 Passenger cars
9.3.1 Overview
9.3.2 Passenger Cars: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9.4 Commercial Vehicles
9.4.1 Overview
9.4.2 Commercial Vehicles: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
10. North America Automotive Steering System Market – Country Analysis
10.1 Overview
10.1.2 North America: Automotive Steering System Market, by Key Country
10.1.2.1 US: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2.1.1 US: Automotive Steering System Market, by Type
10.1.2.1.2 US: Automotive Steering System Market, by Product Type
10.1.2.1.3 US: Automotive Steering System Market, by Vehicle Type
10.1.2.1.4 US: Automotive Steering System Market, by Passenger Cars
10.1.2.1.5 US: Automotive Steering System Market, by Commercial Vehicles
10.1.2.2 Canada: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2.2.1 Canada: Automotive Steering System Market, by Type
10.1.2.2.2 Canada: Automotive Steering System Market, by Product Type
10.1.2.2.3 Canada: Automotive Steering System Market, by Vehicle Type
10.1.2.2.4 Canada: Automotive Steering System Market, by Passenger Cars
10.1.2.2.5 Canada: Automotive Steering System Market, by Commercial Vehicles
10.1.2.3 Mexico: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2.3.1 Mexico: Automotive Steering System Market, by Type
10.1.2.3.2 Mexico: Automotive Steering System Market, by Product Type
10.1.2.3.3 Mexico: Automotive Steering System Market, by Vehicle Type
10.1.2.3.4 Mexico: Automotive Steering System Market, by Passenger Cars
10.1.2.3.5 Mexico: Automotive Steering System Market, by Commercial Vehicles
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 China Automotive Systems Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Nexteer Automotive Corp
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Hitachi Astemo Americas, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hyundai Mobis Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 JTEKT Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Mando Co Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 NSK Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 ThyssenKrupp AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Robert Bosch Automotive Steering GmBH
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Automotive Steering System Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. US: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 11. Canada: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 15. Mexico: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 16. Mexico: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 17. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Automotive Steering System Market Segmentation
Figure 2. North America Automotive Steering System Market Segmentation – By Country
Figure 3. North America Automotive Steering System Market Overview
Figure 4. Passenger Cars Segment Held the Largest Market Share in 2020
Figure 5. US was the Largest Revenue Contributor in 2020
Figure 6. North America – PEST Analysis
Figure 7. Expert Opinions
Figure 8. North America Automotive Steering System Market Impact Analysis of Drivers and Restraints
Figure 9. North America: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. North America Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 11. Electronic Power Steering: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 12. Hydraulic Power Steering: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 13. Electro-Hydraulic Power Steering: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 14. North America Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 15. Column Drive: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 16. Rack Drive: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 17. North America Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)
Figure 18. Passenger Cars: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 19. Commercial Vehicles: North America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 20. North America: Automotive Steering System Market, by Key Country – Revenue (2020) (US$ Million)
Figure 21. North America: Automotive Steering System Market Revenue Share, By Key Country (2020 and 2028)
Figure 22. US: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Canada: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Mexico: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
- 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
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the automotive steering system market, as well as those hindering it
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