North America Electronic Power Steering Market
No. of Pages: 122 | Report Code: TIPRE00018169 | Category: Automotive and Transportation
No. of Pages: 122 | Report Code: TIPRE00018169 | Category: Automotive and Transportation
With the constant technological advancement in the automotive sector, along with the development of innovative solutions to complement the overall traveling experience, has significantly improved the quality of automobiles as compared to the ones developed two decades earlier. The automotive OEMs have introduced several advanced features that enhance the vehicle visual aesthetics, and efficiencies, among other performance indicators in the vehicle. Among these, the automotive electronic power steering can be described as specially designed system that eliminate the requirement for a pump, a drive belt, and a hoses connected to the engine to use variable amounts of power. The EPS has quickly gained prominence and resulted in wider adoption by several automotive OEMs. The automotive manufactures in North America also witnessed the adoption of EPS in their car models owing to its rising popularity among customers across different economic sections. Currently, several OEMs offers a wide range of EPS with different features offered by the OEMs as well as after-sales market. The pandemic has resulted in large-scale production shutdown by major OEMs and has negatively influenced the North America EPS market. As a result, we anticipate annual light vehicle production volumes dropping in the year 2020 before subsequently picking up pace in 2021 and finally overhauling 2019 standards by 2023. Also, rising need of fuel-efficient vehicles in North America is driving the North America electronic power steering market.
Also, the ongoing COVID-19 pandemic is having a very devastating impact over the North America region. Presently, the US is the worst affected country due to COVID-19 outbreak. The US is one of the largest markets for electronic power steering. 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 electronic power steering market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison to the US. However, the manufacturing plants, automotive industry, and several other businesses are functioning slowly, which is negatively impacting on the electronic power steering market. The coronavirus outbreak will have a limited short-term impact on the market. The short-term effect of coronavirus 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.
Strategic insights for the North America Electronic Power Steering provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 9,777.38 Million |
| Market Size by 2027 | US$ 9,580.34 Million |
| Global CAGR (2020 - 2027) | 2.8% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Electronic Power Steering refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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. There is an increase in adoption of buses and trucks, specifically for logistics and public transportation purposes, across North America. In North America, transportation is mainly through private vehicles. Growing population in urban areas is demanding the increasing public transportation with the improvement in existing transportation infrastructure is proving to be insufficient. The OEMs across North America are now focusing on reducing the carbon footprint, therefore, boosting the usage of electric vehicles. With the growing mobility on demand, passenger cars and taxis are focusing more on the deployment of greener technologies. The manufacturers are majorly focusing on the field of vehicle electrification, specifically passenger cars. Several countries in North America are highly focused on building green transportation. All these factors are expected to create huge opportunities for the growth and the acceleration of new technology implementations, such as EPS, across North America.
In terms of type, the R-EPS segment led the North America electronic power steering market in 2019. In terms of application, passenger cars segment led the North America electronic power steering market in 2019.
A few major primary and secondary sources referred to for preparing this report on the electronic power steering market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG.
Some of the leading companies are:
The North America Electronic Power Steering Market is valued at US$ 9,777.38 Million in 2019, it is projected to reach US$ 9,580.34 Million by 2027.
As per our report North America Electronic Power Steering Market, the market size is valued at US$ 9,777.38 Million in 2019, projecting it to reach US$ 9,580.34 Million by 2027. This translates to a CAGR of approximately 2.8% during the forecast period.
The North America Electronic Power Steering Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Electronic Power Steering Market report:
The North America Electronic Power Steering Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Electronic Power Steering Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Electronic Power Steering Market value chain can benefit from the information contained in a comprehensive market report.
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