North America Electronic Power Steering Market Size and Competitive Analysis by 2027

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.

The US, Canada, and Mexico are major economies in North America. Rising need of fuel-efficient vehicles in North America is driving the North America electronic power steering market in a positive way. Growing demand for electronically assisted steering systems in vehicles, owing to the strict guideline announced by the governments for fuel efficiency is one of the major drivers for the market. Furthermore, growing production of vehicles as well as increasing preference for smooth driving experience and high comfort is boosting the demand for electronic steering systems across North America. Presently, the majority of light-duty vehicles are well equipped with gasoline-powered spark-ignition-engine powertrains, which tends to have higher fuel consumption. The diesel engines consume 10–20% less fuel as they have more efficient engine operations, whereas hybrid vehicles powered with the help of gasoline and have lower fuel consumption. The hybrid vehicle engine operates to its peak efficiency as well as accommodates an amount of energy from regenerative braking. The electric vehicles (EV) have the lowest energy consumption as they operate through battery that uses intrinsically higher efficiency of electric motors as compared with internal combustion engines. Therefore, growing implementation of standards by governments and mounting requirement of fuel-efficient vehicles is one of the significant factors driving the North America electronic power steering (EPS) market.

Further, the ongoing COVID-19 pandemic is having a very devastating impact on the countries across North America, especially, the US. The US is one of the largest markets for electronic power steering. The continuous growth in the COVID-19 confirmed cases 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 hindering the North America electronic power steering market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage than the US. The short-term effect of the pandemic 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. 

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America electronic power steering market. The North America electronic power steering market is expected to grow at a good CAGR during the forecast period.

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 - Companies Mentioned

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

North America Electronic Power Steering Report Scope