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

  • ID: 5331801
  • Report
  • May 2021
  • Region: North America
  • The Insight Partners
UP TO OFF
until Sep 30th 2021

FEATURED COMPANIES

  • Hyundai Mobis
  • JTEKT Corporation
  • Nexteer Automotive
  • NSK Ltd.
  • Robert Bosch GmbH
  • Showa Corporation
  • MORE
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.

Reasons to Buy
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America automotive steering system 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 automotive steering system 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 automotive steering system 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
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Hyundai Mobis
  • JTEKT Corporation
  • Nexteer Automotive
  • NSK Ltd.
  • Robert Bosch GmbH
  • Showa Corporation
  • MORE
1. Introduction
1.1 Study Scope
1.2 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 Vehicle Type
1.3.3 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 Rigid Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Increase in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 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 globally.
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 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: 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: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)

8. North America Automotive Steering System Market Analysis - By Vehicle Type
8.1 Overview
8.2 North America Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
8.3 Passenger cars
8.3.1 Overview
8.3.2 Passenger Cars: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.3.2.1 Automotive Steering System Market, by Passenger Car Types- Revenue and Forecast to 2028 (US$ Mn)
8.4 Commercial Vehicles
8.4.1 Overview
8.4.2 Commercial Vehicles: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.4.2.1 Automotive Steering System Market, by Commercial Vehicle Types- Revenue and Forecast to 2028 (US$ Mn)

9. North America Automotive Steering System Market - Country Analysis
9.1 Overview
9.1.1 North America: Automotive Steering System Market, by Key Country
9.1.1.1 US: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Automotive Steering System Market, by Type
9.1.1.1.2 US: Automotive Steering System Market, by Vehicle Type
9.1.1.1.3 US: Automotive Steering System Market, by Passenger Cars
9.1.1.1.4 US: Automotive Steering System Market, by Commercial Vehicles
9.1.1.2 Canada: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Automotive Steering System Market, by Type
9.1.1.2.2 Canada: Automotive Steering System Market, by Vehicle Type
9.1.1.2.3 Canada: Automotive Steering System Market, by Passenger Cars
9.1.1.2.4 Canada: Automotive Steering System Market, by Commercial Vehicles
9.1.1.3 Mexico: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Automotive Steering System Market, by Type
9.1.1.3.2 Mexico: Automotive Steering System Market, by Vehicle Type
9.1.1.3.3 Mexico: Automotive Steering System Market, by Passenger Cars
9.1.1.3.4 Mexico: Automotive Steering System Market, by Commercial Vehicles

10. North America Automotive Steering System Market- COVID-19 Impact Analysis
10.1 North America

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
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 Automotive Systems 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
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 Corporation
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 The Mando Corporation
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 Robert Bosch GmbH
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 Showa Corporation
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 ThyssenKrupp 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 Publisher
13.2 Word Index

List of Tables
Table 1. North America Automotive Steering System Market - Revenue, and Forecast to 2028 (US$ Million)
Table 2. North America Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (USD Million)
Table 3. North America Automotive Steering System Market, by Commercial Vehicle Types - Revenue and Forecast to 2028 (USD Million)
Table 4. US: Automotive Steering System Market, by Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Automotive Steering System Market, by Vehicle Type - Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (US$ Million)
Table 7. US: Automotive Steering System Market, by Commercial Vehicles - Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Automotive Steering System Market, by 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 Vehicle Type - Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico: Automotive Steering System Market, by Passenger Cars - Revenue and Forecast to 2028 (US$ Million)
Table 15. Mexico: Automotive Steering System Market, by Commercial Vehicles - Revenue and Forecast to 2028 (US$ Million)
Table 16. 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. Electronic Power Steering Segment Held the Largest Market Share in 2020
Figure 5. US Held the Largest Market Share in 2020
Figure 6. North America - PEST Analysis
Figure 7. Expert Opinions
Figure 8.
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. North America Electronic Power Steering: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 12. North America Hydraulic Power Steering: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 13. North America Electro-Hydraulic Power Steering: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 14. North America Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)
Figure 15. North America Passenger Cars: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 16. North America Commercial Vehicles: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Mn)
Figure 17. North America: Automotive Steering System Market, By Key Country - Revenue 2020 (US$ Million)
Figure 18. North America: Automotive Steering System Market Revenue Share, By Key Country (2020 and 2028)
Figure 19. US: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Canada: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Mexico: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Impact of COVID-19 Pandemic in North American Country Markets
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • China Automotive Systems, Inc.
  • Hitachi Automotive Systems Americas, Inc.
  • Hyundai Mobis
  • JTEKT Corporation
  • Nexteer Automotive
  • NSK Ltd.
  • Robert Bosch GmbH
  • Showa Corporation
  • The Mando Corporation
  • ThyssenKrupp AG
Note: Product cover images may vary from those shown
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