R-EPS Segment to Dominate North America Electronic Power Steering Market during 2019–2027
According to The Insight Partners market research study on “North America Electronic Power Steering Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 9,580.34 million by 2027 from US$ 9,777.38 million in 2019. The market is estimated to grow at a CAGR of 2.8% from 2020 to 2027. The report provides trends prevailing in the North America electronic power steering market along with the drivers and restraints pertaining to the market growth. Rising need of fuel-efficient vehicles in North America is the major factor driving the growth of the North America electronic power steering market. However, issues associated with expensive electronic power steering (EPS) is expected to hinder the growth of North America electronic power steering market.
The North America electronic power steering market is briefly further segmented into type, application and country. By type, the North America market is broadly classified into 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 (E-HPS). R-EPS segment led the North America electronic power steering market in 2019. Whereas, based on application, the North America market is divided into passenger cars, light commercial vehicle, and heavy commercial vehicle. Passenger Cars segment led the North America electronic power steering market in 2019.
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.
HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG are among the leading companies in the North America electronic power steering market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Nexteer Automotive had announced its production milestone of 60 million electric power steering (EPS) systems globally. This could be used in vehicles ranging from small cars to big trucks. The electric power steering systems increase fuel efficiency by 6% and CO2 emissions by 8 grams per km.
The report segments the North America Electronic Power Steering Market follows:
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