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))
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
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 IndexLIST 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 MarketsSome of the leading companies are:
- HYUNDAI MOBIS
- JTEKT Corporation
- Mando Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch GmbH
- SHOWA CORPORATION
- thyssenkrupp AG
- 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