Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "North America Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, and Vehicle Type" report has been added to ResearchAndMarkets.com's offering.
The automotive steering system market in North America is expected to grow from US$ 4,149.24 million in 2020 to US$ 5,273.58 million by 2028; it is estimated 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 small presence in heavy vehicles. With technological advances, EPS systems can carry more weight, and they can be used in commercial vehicles. Due to their higher load-bearing capability than EPS systems, hydraulic power steering (HPS) systems currently dominate the commercial vehicle market.
HPS systems use the engine's control, reducing fuel efficiency. The EPS system is more fuel-efficient and reliable than HPS systems because it draws power from the tank. Increased load-bearing ability will allow this technology to be used in commercial vehicles as well.
For instance, Volvo has developed Volvo Dynamic Steering, which uses an electric motor, which is further driving the demand for automotive steering systems. Additionally, rigid fuel efficiency norms driving the adoption of advanced automotive steering systems is among the other factors expected to boost the growth of the automotive steering system market.
Based on type, the electronic power steering segment led the North America automotive steering market in 2020. Traditional hydraulic steering can now be operated without the use of an engine-driven hydraulic pump, owing to the advent of electro-hydraulic systems. Instead, hydraulic pressure is provided by an electric motor pump unit that does not use engine power.
This concept is especially useful in vehicles that use traditional hydraulic steering as their primary technology, but it is also available in hybrid-electric vehicle models. The economy has grown in line with middle-class consumers' disposable incomes over the years. This, in turn, has a positive effect on vehicle production.
Moreover, vehicle production has increased dramatically over the last five years because of low production costs. The electro-hydraulic power steering market grew in tandem with the increase in vehicle output.
Key Topics Covered:
1.1 Study Scope
1.2 Research Report Guidance
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 Country
2. Key Takeaways
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 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Automotive Steering System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rigid Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Increase in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 The significantly higher cost of electronic steering as compared to the hydraulic steering systems is one of the most prominent 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 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market - North America Analysis
6.1 North America Automotive Steering System Market Overview
6.2 North America Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
7. North America Automotive Steering System Market Analysis - By Type
7.2 North America Automotive Steering System Market Revenue Breakdown, 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 System Market Analysis - By Vehicle Type
8.2 North America Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 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 System Market, by Key Country
10. North America Automotive Steering System Market- COVID-19 Impact Analysis
10.1 North America
11. Industry Landscape
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/22uo7w
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