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North America Electronic Power Steering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Column Assisted Electronic Power Steering(C-EPS), Pinion Assisted Electronic Power Steering (P-EPS), Rack Assisted Power Steering System (R-EPS), and Electronic Hydraulic Power Steering (EHPS)), and Application (Light Commercial Vehicles (LCV), Passenger Cars, and Heavy Commercial Vehicles (HCV))

Code: TIPRE00018169 | Pages: 122 | Industry: Automotive and Transportation | Date: Jan 2021
Covid

Market Introduction

With the constant technological advancement in the automotive sector, along with the development of innovative solutions to complement the overall traveling experience, has significantly improved the quality of automobiles as compared to the ones developed two decades earlier. The automotive OEMs have introduced several advanced features that enhance the vehicle visual aesthetics, and efficiencies, among other performance indicators in the vehicle. Among these, the automotive electronic power steering can be described as specially designed system that eliminate the requirement for a pump, a drive belt, and a hoses connected to the engine to use variable amounts of power. The EPS has quickly gained prominence and resulted in wider adoption by several automotive OEMs. The automotive manufactures in North America also witnessed the adoption of EPS in their car models owing to its rising popularity among customers across different economic sections. Currently, several OEMs offers a wide range of EPS with different features offered by the OEMs as well as after-sales market. The pandemic has resulted in large-scale production shutdown by major OEMs and has negatively influenced the North America EPS market. As a result, we anticipate annual light vehicle production volumes dropping in the year 2020 before subsequently picking up pace in 2021 and finally overhauling 2019 standards by 2023. Also, rising need of fuel-efficient vehicles in North America is driving the North America electronic power steering market.

Also, the ongoing COVID-19 pandemic is having a very devastating impact over the North America region. Presently, the US is the worst affected country due to COVID-19 outbreak. The US is one of the largest markets for electronic power steering. 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 electronic power steering 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 electronic power steering 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 2021; this is mainly because of the continued promotion of passenger vehicles by various companies in the region.

Market Overview and Dynamics

The electronic power steering market in North America is expected to grow from US$ 9,777.38 million in 2019 to US$ 9,580.34 million by 2027; it is estimated to grow at a CAGR of 2.8% from 2020 to 2027. There is an increase in adoption of buses and trucks, specifically for logistics and public transportation purposes, across North America. In North America, transportation is mainly through private vehicles. Growing population in urban areas is demanding the increasing public transportation with the improvement in existing transportation infrastructure is proving to be insufficient. The OEMs across North America are now focusing on reducing the carbon footprint, therefore, boosting the usage of electric vehicles. With the growing mobility on demand, passenger cars and taxis are focusing more on the deployment of greener technologies. The manufacturers are majorly focusing on the field of vehicle electrification, specifically passenger cars. Several countries in North America are highly focused on building green transportation. All these factors are expected to create huge opportunities for the growth and the acceleration of new technology implementations, such as EPS, across North America.

Key Market Segments

In terms of type, the R-EPS segment led the North America electronic power steering market in 2019. In terms of application, passenger cars segment led the North America electronic power steering market in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the electronic power steering market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG.

Reasons to buy report

  • To understand the North America electronic power steering market landscape and identify market segments that are most likely to guarantee a strong return
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for North America electronic power steering market
  • Efficiently plan M&A and partnership deals in North America electronic power steering market by identifying market segments with the most promising probable sales
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America electronic power steering market
  • Obtain market revenue forecast for electronic power steering market by various segments from 2020-2027 in North America region.

North America Electronic Power Steering Market Segmentation

North America Electronic Power Steering Market - By Type

  • Column Assisted Electronic Power Steering(C-EPS)
  • Pinion Assisted Electronic Power Steering (P-EPS)
  • Rack Assisted Power Steering System (R-EPS)
  • Electronic Hydraulic Power Steering (EHPS)

North America Electronic Power Steering Market - By Application

  • Light Commercial Vehicles (LCV)
  • Passenger Cars
  • Heavy Commercial Vehicles (HCV)

North America Electronic Power Steering Market - By Country

  • US
  • Canada
  • Mexico

North America Electronic Power Steering Market - Company Profiles

  • HYUNDAI MOBIS
  • JTEKT Corporation
  • Mando Corporation
  • Mitsubishi Electric Corporation
  • Nexteer Automotive
  • NSK Ltd.
  • Robert Bosch GmbH
  • SHOWA CORPORATION
  • thyssenkrupp AG
  • ZF Friedrichshafen AG
 

TABLE OF CONTENTS

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

1.3.1        North America Electronic Power Steering Market – By Type

1.3.2        North America Electronic Power Steering Market – By Application

1.3.3        North America Electronic Power Steering Market – By Country

2.           Key Takeaways

3.           Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           North America Electronic Power Steering (EPS) Market Landscape

4.1         Market Overview

4.2         North America PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           North America Electronic Power Steering (EPS) –Market Dynamics

5.1         Market Drivers

5.1.1        Rising Need of Fuel-Efficient Vehicles in North America

5.1.2        Increasing Acceptance of Steer-by-Wire (SbW) Technology

5.2         Market Restraints

5.2.1        Expensive Electronic Power Steering (EPS)

5.3         Market Opportunities

5.3.1        Shift Towards Electrification of Vehicles

5.4         Future Trends

5.4.1        Growing Advancement of Self-Driving Vehicles

5.5         Impact Analysis of Drivers and Restraints

6.           Electronic Power Steering (EPS) – North America Market Analysis

6.1         North America Electronic Power Steering (EPS) Market Overview

6.2         North America Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

6.3         Market Positioning – Market Players Ranking

7.           North America Electronic Power Steering (EPS) Market Analysis– By Type

7.1         Overview

7.2         North America Electronic Power Steering (EPS) Market Breakdown, By Type, 2018 & 2027

7.3         Column Assisted Electronic Power Steering(C-EPS)

7.3.1        Overview

7.3.2        Column Assisted Electronic Power Steering(C-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)

7.4         Pinion Assisted Electronic Power Steering (P-EPS)

7.4.1        Overview

7.4.2        Pinion Assisted Electronic Power Steering (P-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)

7.5         Rack Assisted Power Steering System (R-EPS)

7.5.1        Overview

7.5.2        Rack Assisted Power Steering System (R-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)

7.6         Electronic Hydraulic Power Steering (E-HPS)

7.6.1        Overview

7.6.2        Electronic Hydraulic Power Steering (E-HPS) Market Revenue and Forecasts to 2027 (US$ Mn)

8.           North America Electronic Power Steering (EPS) Market Analysis – By Application

8.1         Overview

8.2         North America Electronic Power Steering (EPS) Market Breakdown, By Application, 2019 & 2027 (%)

8.3         Light Commercial Vehicles (LCV)

8.3.1        Overview

8.3.2        Light Commercial Vehicles (LCV) Market Forecast and Analysis

8.4         Passenger Cars

8.4.1        Overview

8.4.2        Passenger Cars Market Forecast and Analysis

8.5         Heavy Commercial Vehicles (HCV)

8.5.1        Overview

8.5.2        Heavy Commercial Vehicles (HCV) Market Forecast and Analysis

9.           North America Electronic Power Steering (EPS) Market – Country Analysis

9.1         Overview

9.1.1        North America: Electronic Power Steering (EPS) Market, By Country

9.1.1.1          US: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

9.1.1.1.1          US: Electronic Power Steering (EPS) Market, By Type

9.1.1.1.2          US: Electronic Power Steering (EPS) Market, By Application

9.1.1.2          Canada: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

9.1.1.2.1          Canada: Electronic Power Steering (EPS) Market, By Type

9.1.1.2.2          Canada: Electronic Power Steering (EPS) Market, By Application

9.1.1.3          Mexico: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

9.1.1.3.1          Mexico: Electronic Power Steering (EPS) Market, By Type

9.1.1.3.2          Mexico: Electronic Power Steering (EPS) Market, By Application

10.        North America Electronic Power Steering (EPS) Market- COVID-19 Impact Analysis

10.1      North America: Impact Assessment of COVID-19 Pandemic

11.        Industry Landscape

11.1      Overview

11.2      Market Initiative

11.3      New Product Development

12.        Company Profiles

12.1      Hyundai Mobis

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      JTEKT Corporation

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      Mitsubishi Electric Corporation

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      Nexteer Automotive

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      NSK Ltd.

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      Robert Bosch GmbH

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      Showa Corporation

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      The Mando Corporation

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      ThyssenKrupp AG

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

12.10   ZF Friedrichshafen AG

12.10.1  Key Facts

12.10.2  Business Description

12.10.3  Products and Services

12.10.4  Financial Overview

12.10.5  SWOT Analysis

12.10.6  Key Developments

13.        Appendix

13.1      About The Insight Partners

             13.2      Word Index

LIST OF TABLES

Table 1.             North America Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 US$ Million)

Table 2.             US Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)

Table 3.             US Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million)

Table 4.             Canada Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)

Table 5.             Canada Electronic Power Steering (EPS) Market, By Application– Revenue and Forecast to 2027 (US$ Million)

Table 6.             Mexico Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)

Table 7.               Mexico Electronic Power Steering (EPS) Market, By Application– Revenue and Forecast to 2027 (US$ Million)

LIST OF FIGURES

Figure 1.           North America Electronic Power Steering (EPS) Market Segmentation

Figure 2.           North America Electronic Power Steering (EPS) Market Segmentation – By Country

Figure 3.           North America Electronic Power Steering (EPS) – Country Analysis

Figure 4.           North America Electronic Power Steering (EPS) - Market Overview

Figure 5.           North America Electronic Power Steering (EPS) Market by Type

Figure 6.           North America Electronic Power Steering (EPS) Market by Application

Figure 7.           North America Electronic Power Steering (EPS) Market by Country

Figure 8.           North America: PEST Analysis

Figure 9.           Ecosystem Analysis

Figure 10.        Expert Opinion

Figure 11.        North America Electronic Power Steering (EPS) Market Impact Analysis of Drivers and Restraints

Figure 12.        North America: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

Figure 13.        North America Electronic Power Steering (EPS) Market Breakdown, By Type, 2018 & 2027 (%)

Figure 14.        North America Column Assisted Electronic Power Steering(C-EPS) Market Revenue and Forecasts to 2027 (US$ Million)

Figure 15.        North America Pinion Assisted Electronic Power Steering (P-EPS) Market Revenue and Forecasts to 2027 (US$ Million)

Figure 16.        North America Rack Assisted Power Steering System (R-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 17.        North America Electronic Hydraulic Power Steering (E-HPS) Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 18.        North America Electronic Power Steering (EPS) Market Breakdown, By Application, 2019 & 2027 (%)

Figure 19.        North America Light Commercial Vehicles (LCV) Market Revenue and Forecast to 2027 (US$ Mn)

Figure 20.        North America Passenger Cars Market Revenue and Forecast to 2027 (US$ Mn)

Figure 21.        North America Heavy Commercial Vehicles (HCV) Market Revenue and Forecast to 2027 (US$ Mn)

Figure 22.        North America Electronic Power Steering (EPS) Market Revenue Share, By Country (2019 and 2027)

Figure 23.        US: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

Figure 24.        Canada: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

Figure 25.        Mexico: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)

Figure 26.          Impact of COVID-19 Pandemic in North American Country Markets

Some of the leading companies are:

  1. HYUNDAI MOBIS
  2. JTEKT Corporation
  3. Mando Corporation
  4. Mitsubishi Electric Corporation
  5. Nexteer Automotive
  6. NSK Ltd.
  7. Robert Bosch GmbH
  8. SHOWA CORPORATION
  9. thyssenkrupp AG
  10. ZF Friedrichshafen AG
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America electronic power steering market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the North America electronic power steering market, thereby allowing players across the value chain to develop effective long-term strategies
  • 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 electronic power steering market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

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