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.
Scope of the Study
Market Segments Covered in the Report:
By Propulsion Type
By Component
- Steering Column
- Electric Control Unit
- Electric Motor
- Rack & Pinion
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Type
- Column Electric Power Steering
- Rack Electric Power Steering
- Pinion Electric Power Steering
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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)
- Zhejiang Shibao Co., Ltd.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Automotive Electric Power Steering Market, by Propulsion Type
1.4.2 North America Automotive Electric Power Steering Market, by Component
1.4.3 North America Automotive Electric Power Steering Market, by Vehicle Type
1.4.4 North America Automotive Electric Power Steering Market, by Type
1.4.5 North America Automotive Electric Power Steering Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.3 Porter’s Five Forces Analysis
Chapter 4. Strategies Deployed in Automotive Electric Power Steering Market
Chapter 5. North America Automotive Electric Power Steering Market by Propulsion Type
5.1 North America ICE Market by Country
5.2 North America Electric Market by Country
Chapter 6. North America Automotive Electric Power Steering Market by Component
6.1 North America Steering Column Market by Country
6.2 North America Electric Control Unit Market by Country
6.3 North America Electric Motor Market by Country
6.4 North America Rack & Pinion Market by Country
6.5 North America Others Market by Country
Chapter 7. North America Automotive Electric Power Steering Market by Vehicle Type
7.1 North America Passenger Cars Market by Country
7.2 North America Commercial Vehicles Market by Country
Chapter 8. North America Automotive Electric Power Steering Market by Type
8.1 North America Column Electric Power Steering Market by Country
8.2 North America Rack Electric Power Steering Market by Country
8.3 North America Pinion Electric Power Steering Market by Country
Chapter 9. North America Automotive Electric Power Steering Market by Country
9.1 US Automotive Electric Power Steering Market
9.1.1 US Automotive Electric Power Steering Market by Propulsion Type
9.1.2 US Automotive Electric Power Steering Market by Component
9.1.3 US Automotive Electric Power Steering Market by Vehicle Type
9.1.4 US Automotive Electric Power Steering Market by Type
9.2 Canada Automotive Electric Power Steering Market
9.2.1 Canada Automotive Electric Power Steering Market by Propulsion Type
9.2.2 Canada Automotive Electric Power Steering Market by Component
9.2.3 Canada Automotive Electric Power Steering Market by Vehicle Type
9.2.4 Canada Automotive Electric Power Steering Market by Type
9.3 Mexico Automotive Electric Power Steering Market
9.3.1 Mexico Automotive Electric Power Steering Market by Propulsion Type
9.3.2 Mexico Automotive Electric Power Steering Market by Component
9.3.3 Mexico Automotive Electric Power Steering Market by Vehicle Type
9.3.4 Mexico Automotive Electric Power Steering Market by Type
9.4 Rest of North America Automotive Electric Power Steering Market
9.4.1 Rest of North America Automotive Electric Power Steering Market by Propulsion Type
9.4.2 Rest of North America Automotive Electric Power Steering Market by Component
9.4.3 Rest of North America Automotive Electric Power Steering Market by Vehicle Type
9.4.4 Rest of North America Automotive Electric Power Steering Market by Type
Chapter 10. Company Profiles
10.1 NSK Ltd.
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Segmental and Regional Analysis
10.1.4 Research & Development Expenses
10.1.5 Recent strategies and developments:
10.1.5.1 Partnerships, Collaborations, and Agreements:
10.1.5.2 Geographical Expansions:
10.1.6 SWOT Analysis
10.2 Robert Bosch GmbH
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expense
10.2.5 SWOT Analysis
10.3 HL Mando Corporation
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Regional Analysis
10.3.4 Research & Development Expenses
10.3.5 Recent strategies and developments:
10.3.5.1 Partnerships, Collaborations, and Agreements:
10.3.6 SWOT Analysis
10.4 Hitachi, Ltd.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Segmental and Regional Analysis
10.4.4 Research & Development Expenses
10.4.5 Recent strategies and developments:
10.4.5.1 Partnerships, Collaborations, and Agreements:
10.4.6 SWOT Analysis
10.5 JTEKT Corporation
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Segmental Analysis
10.5.4 Research & Development Expenses
10.5.5 Recent strategies and developments:
10.5.5.1 Acquisition and Mergers:
10.5.6 SWOT Analysis
10.6 ZF Friedrichshafen AG
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Regional Analysis
10.6.4 Research & Development Expenses
10.6.5 Recent strategies and developments:
10.6.5.1 Partnerships, Collaborations, and Agreements:
10.6.6 SWOT Analysis
10.7 Thyssenkrupp AG
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Segmental and Regional Analysis
10.7.4 Research & Development Expenses
10.7.5 SWOT Analysis
10.8 BBB Industries (Clearlake Capital Group, L.P.)
10.8.1 Company Overview
10.8.2 Recent strategies and developments:
10.8.2.1 Acquisition and Mergers:
10.8.3 SWOT Analysis
10.9 Nexteer Automotive (Pacific Century Motors)
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Regional Analysis
10.9.4 Recent strategies and developments:
10.9.4.1 Product Launches and Product Expansions:
10.9.5 SWOT Analysis
10.10. Zhejiang Shibao Co., Ltd.
10.10.1 Company Overview
10.10.2 Financial Analysis
10.10.3 Regional Analysis
10.10.4 Research & Development Expenses
TABLE 1 North America Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 2 North America Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 3 North America Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 4 North America Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 5 North America ICE Market by Country, 2019 - 2022, USD Million
TABLE 6 North America ICE Market by Country, 2023 - 2030, USD Million
TABLE 7 North America Electric Market by Country, 2019 - 2022, USD Million
TABLE 8 North America Electric Market by Country, 2023 - 2030, USD Million
TABLE 9 North America Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 10 North America Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 11 North America Steering Column Market by Country, 2019 - 2022, USD Million
TABLE 12 North America Steering Column Market by Country, 2023 - 2030, USD Million
TABLE 13 North America Electric Control Unit Market by Country, 2019 - 2022, USD Million
TABLE 14 North America Electric Control Unit Market by Country, 2023 - 2030, USD Million
TABLE 15 North America Electric Motor Market by Country, 2019 - 2022, USD Million
TABLE 16 North America Electric Motor Market by Country, 2023 - 2030, USD Million
TABLE 17 North America Rack & Pinion Market by Country, 2019 - 2022, USD Million
TABLE 18 North America Rack & Pinion Market by Country, 2023 - 2030, USD Million
TABLE 19 North America Others Market by Country, 2019 - 2022, USD Million
TABLE 20 North America Others Market by Country, 2023 - 2030, USD Million
TABLE 21 North America Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 22 North America Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 23 North America Passenger Cars Market by Country, 2019 - 2022, USD Million
TABLE 24 North America Passenger Cars Market by Country, 2023 - 2030, USD Million
TABLE 25 North America Commercial Vehicles Market by Country, 2019 - 2022, USD Million
TABLE 26 North America Commercial Vehicles Market by Country, 2023 - 2030, USD Million
TABLE 27 North America Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 28 North America Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 29 North America Column Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 30 North America Column Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 31 North America Rack Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 32 North America Rack Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 33 North America Pinion Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 34 North America Pinion Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 35 North America Automotive Electric Power Steering Market by Country, 2019 - 2022, USD Million
TABLE 36 North America Automotive Electric Power Steering Market by Country, 2023 - 2030, USD Million
TABLE 37 US Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 38 US Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 39 US Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 40 US Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 41 US Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 42 US Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 43 US Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 44 US Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 45 US Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 46 US Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 47 Canada Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 48 Canada Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 49 Canada Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 50 Canada Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 51 Canada Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 52 Canada Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 53 Canada Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 54 Canada Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 55 Canada Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 56 Canada Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 57 Mexico Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 58 Mexico Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 59 Mexico Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 60 Mexico Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 61 Mexico Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 62 Mexico Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 63 Mexico Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 64 Mexico Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 65 Mexico Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 66 Mexico Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 67 Rest of North America Automotive Electric Power Steering Market, 2019 - 2022, USD Million
TABLE 68 Rest of North America Automotive Electric Power Steering Market, 2023 - 2030, USD Million
TABLE 69 Rest of North America Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2022, USD Million
TABLE 70 Rest of North America Automotive Electric Power Steering Market by Propulsion Type, 2023 - 2030, USD Million
TABLE 71 Rest of North America Automotive Electric Power Steering Market by Component, 2019 - 2022, USD Million
TABLE 72 Rest of North America Automotive Electric Power Steering Market by Component, 2023 - 2030, USD Million
TABLE 73 Rest of North America Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 74 Rest of North America Automotive Electric Power Steering Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 75 Rest of North America Automotive Electric Power Steering Market by Type, 2019 - 2022, USD Million
TABLE 76 Rest of North America Automotive Electric Power Steering Market by Type, 2023 - 2030, USD Million
TABLE 77 Key Information – Nsk ltd.
TABLE 78 Key Information – Robert Bosch GmbH
TABLE 79 Key Information – HL Mando Corporation
TABLE 80 Key Information – Hitachi, Ltd.
TABLE 81 Key information – JTEKT Corporation
TABLE 82 Key Information – ZF Friedrichshafen AG
TABLE 83 Key Information – ThyssenKrupp AG
TABLE 84 Key Information – BBB Industries
TABLE 85 Key Information – Nexteer Automotive
TABLE 86 Key Information – Zhejiang Shibao Co., Ltd.
List of Figures
FIG 1 Methodology for the research
FIG 2 North America Automotive Electric Power Steering Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting Automotive Electric Power Steering Market
FIG 4 Porter’s Five Forces Analysis - Automotive Electric Power Steering Market
FIG 5 North America Automotive Electric Power Steering Market share by Propulsion Type, 2022
FIG 6 North America Automotive Electric Power Steering Market share by Propulsion Type, 2030
FIG 7 North America Automotive Electric Power Steering Market by Propulsion Type, 2019 - 2030, USD Million
FIG 8 North America Automotive Electric Power Steering Market share by Component, 2022
FIG 9 North America Automotive Electric Power Steering Market share by Component, 2030
FIG 10 North America Automotive Electric Power Steering Market by Component, 2019 - 2030, USD Million
FIG 11 North America Automotive Electric Power Steering Market share by Vehicle Type, 2022
FIG 12 North America Automotive Electric Power Steering Market share by Vehicle Type, 2030
FIG 13 North America Automotive Electric Power Steering Market by Vehicle Type, 2019 - 2030, USD Million
FIG 14 North America Automotive Electric Power Steering Market share by Type, 2022
FIG 15 North America Automotive Electric Power Steering Market share by Type, 2030
FIG 16 North America Automotive Electric Power Steering Market by Type, 2019 - 2030, USD Million
FIG 17 North America Automotive Electric Power Steering Market share by Country, 2022
FIG 18 North America Automotive Electric Power Steering Market share by Country, 2030
FIG 19 North America Automotive Electric Power Steering Market by Country, 2019 - 2030, USD Million
FIG 20 Recent strategies and developments: NSK Ltd.
FIG 21 SWOT Analysis: NSK Ltd
FIG 22 SWOT Analysis: Robert Bosch GmbH
FIG 23 SWOT Analysis: HL Mando Corporation
FIG 24 Swot Analysis: Hitachi, Ltd.
FIG 25 Swot Analysis: JTEKT Corporation
FIG 26 Swot Analysis: ZF Friedrichshafen AG
FIG 27 Swot Analysis: Thyssenkrupp AG
FIG 28 Swot Analysis: BBB Industries
FIG 29 Swot Analysis: Nexteer Automotive