The North America Automotive Electric Power Steering Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030).
The market is anticipated to be propelled by incorporating more sophisticated electric components that enhance safety features. Automakers are integrating electric systems and components into vehicle designs to improve the vehicles' quality and driving experience. Manufacturers are integrating various electronic devices and systems to increase the efficacy of vehicles and effectively monitor faults by tracking the operation of all main components. Electric power steering system adoption is anticipated to increase during the forecast period due to several advantages over hydraulic power steering, including minimal maintenance costs and enhanced fuel economy.
The rapid growth of autonomous driving technology stimulates significant advancements in the automotive industry. In March 2023, for instance, May Mobility introduced a third-generation autonomous driving system that includes advanced features and capabilities that improve the safety and efficacy of autonomous vehicles. Autonomous vehicles need sophisticated steering capabilities to navigate and maneuver securely without direct driver input. EPS systems facilitate accurate and dependable steering control for autonomous driving. The safe and effective operation of autonomous vehicles depends on steering control that is precise and responsive.
The United States automobile market is one of the largest in the globe. According to the International Trade Association, the United States sold 14.5 million light vehicles in 2020. Along with the auto assembly plants, many manufacturers have engine and transmission facilities and conduct research and development, design, and testing in the United States. The automobile industry in the United States received $143,3 billion in foreign direct investment in 2019. According to the International Trade Association, Mexico is the seventh-largest global manufacturer of passenger vehicles, producing over three million vehicles annually. In addition, 90% of vehicles manufactured in Mexico are exported, with 76% traveling to the United States. These factors have contributed to the region's automotive industry's constant expansion, resulting in a rise in demand and market expansion.
The US market dominated the North America Automotive Electric Power Steering Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6,596.5 million by 2030. The Canada market is experiencing a CAGR of 7.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.8% during (2023 - 2030).
Based on Propulsion Type, the market is segmented into ICE and Electric. Based on Component, the market is segmented into Steering Column, Electric Control Unit, Electric Motor, Rack & Pinion and Others. Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Type, the market is segmented into Column Electric Power Steering, Rack Electric Power Steering and Pinion Electric Power Steering. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Automotive Electric Power Steering Market is Projected to reach USD 35.6 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NSK Ltd., Robert Bosch GmbH, HL Mando Corporation, Hitachi, Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, BBB Industries (Clearlake Capital Group, L.P.), Nexteer Automotive (Pacific Century Motors) and Zhejiang Shibao Co., Ltd.
By Propulsion Type
By Component
By Vehicle Type
By Type
By Country
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