DUBLIN – (COMMERCIAL THREAD) – The “North America Automotive Steering Systems Market Forecast to 2028 – COVID-19 Impact and Regional Analysis by Vehicle Type and Type” report has been added to ResearchAndMarkets.com offer.
North America automotive steering systems market is expected to grow from US $ 4,149.24 million in 2020 to US $ 5,273.58 million by 2028; it is expected 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 low presence in heavy vehicles. With advancements in technology, EPS systems can support more weight and can be used in commercial vehicles. Due to their higher load capacity than EPS systems, hydraulic power steering (HPS) systems currently dominate the commercial vehicle market.
HPS systems use engine control, reducing fuel efficiency. The EPS system is more fuel efficient and more reliable than the HPS systems because it draws its energy from the tank. An increased load capacity will allow this technology to be used in commercial vehicles as well.
For example, Volvo has developed Volvo Dynamic Steering, which uses an electric motor, which further increases the demand for automotive steering systems. Moreover, the strict energy efficiency standards leading to the adoption of advanced automotive steering systems are among the other factors that are expected to drive the growth of the automotive steering systems market.
Based on type, the electronic power steering segment dominated the automotive steering market in North America in 2020. Traditional hydraulic steering can now be used without the use of an engine-driven hydraulic pump, thanks to the advent of electro-hydraulic systems. Instead, the hydraulic pressure is supplied by an electric pump unit that does not use the power of the engine.
This concept is particularly useful in vehicles that use traditional hydraulic steering as the primary technology, but it is also available in hybrid-electric vehicle models. Over the years, the economy has grown in line with the disposable income of middle-class consumers. This, in turn, has a positive effect on vehicle production.
In addition, vehicle production has increased significantly over the past five years due to low production costs. The market for electro-hydraulic power steering has grown in parallel with the increase in vehicle production.
Main topics covered:
1.1 Scope of the study
1.2 Orientation of the research report
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 Countries
2. Key points to remember
3. Research methodology
3.2 Secondary research
3.3 Primary research
4. North America Automotive Steering System Market Landscape
4.1 Market overview
4.2 PEST analysis in North America
4.3 Ecosystem analysis
4.4 Expert advice
5. North America Automotive Steering System Market – Key Market Dynamics
5.1 Market drivers
5.1.1 Rigid energy efficiency standards lead to adoption of advanced automotive steering systems
5.1.2 Increased demand for vehicle electrification
5.2 Market restrictions
5.2.1 The significantly higher cost of electronic steering compared to hydraulic steering systems is one of the most significant 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 Increased integration of EPS and Advanced Driver Assistance Systems (ADAS)
5.5 Impact analysis of conductors and stresses
6. Automotive Steering System Market – North America Analysis
6.1 North America Automotive Steering Systems Market Overview
6.2 North America Automotive Steering System Market Revenue and Forecast to 2028 (Million USD)
7. North America Automotive Steering Systems Market Analysis – By Type
7.2 North America Automotive Steering Systems Market Revenue Split by Type, 2020 and 2028
7.3 Electronic power steering
7.4 Hydraulic power steering
7.5 Electro-hydraulic power steering
8. North America Automotive Steering Systems Market Analysis – By Vehicle Type
8.2 North America Automotive Steering Systems Market Split by Vehicle Type, 2020 and 2028
8.3 Passenger cars
8.4 Commercial vehicles
9. North America Automotive Steering System Market – Country Analysis
9.1.1 North America Automotive Steering Systems Market, by Key Countries
10. North America Automotive Steering System Market – COVID-19 Impact Analysis
10.1 North America
11. Industry landscape
11.2 Market initiative
11.3 Development of new products
11.4 Merger and acquisition
12. Company profiles
China Automotive Systems, Inc.
Hitachi Automotive Systems Americas, Inc.
Robert Bosch GmbH
The Mando company
For more information on this report, visit https://www.researchandmarkets.com/r/hiabp