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North America Electric Power Steering Market Size, Share: By Product Type: Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS); By Component: Steering Rack/Column, Sensors, Electric Motor, Others; By Vehicle Type; By Sales Channel; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
North America Electric Power Steering Market Outlook
The North America electric power steering market size reached USD 6.26 billion in 2023. The market is expected to grow at a CAGR of 4.1% between 2024 and 2032, reaching almost USD 8.99 billion by 2032.
Key Takeaways
- Electric power steering (EPS) systems provide significant fuel efficiency gains by eliminating belt-driven hydraulic or manual pumps that run continuously, regardless of the need for steering assistance. EPS can save up to 0.4 litres of fuel per 100 kilometres travelled and reduce CO2 emissions by up to 7 grams per kilometre.
- In 2022, the vast majority of American households (91.7%) owned at least one vehicle, with 22.1% of households possessing three or more vehicles. The total number of registered personal and commercial vehicles in the U.S. reached 278,870,463 during the same year. Trucks emerged as the predominant vehicle type, accounting for 170,239,357 registrations, outnumbering cars which totalled 98,573,935 registrations.
- The data from 2022 highlights the widespread ownership and usage of vehicles throughout the United States, with nearly all households (91.7%) possessing at least one vehicle and only a small fraction (8.3%) without any vehicles at all. These statistics underscore the significant presence and importance of vehicles in American society.
Electric power steering (EPS) is an advanced steering system in vehicles that replaces older hydraulic systems with an electric motor for steering assistance. Its primary goal is to enhance driver control by adjusting steering assistance based on driving conditions and speeds, offering smoother and more responsive handling. Unlike hydraulic systems, EPS operates without a hydraulic pump, contributing to improved fuel efficiency.
The North America electric power steering market is highly competitive and fragmented, with various established players employing diverse marketing strategies to expand market share. Vendors are profiled based on factors like price, quality, brand, and product differentiation, with a growing focus on customization through customer interaction. The market is expected to evolve with the integration of more sophisticated electric components to enhance safety features and vehicle quality.
Adoption of electric power steering is forecasted to increase due to advantages over hydraulic steering, such as lower maintenance costs and improved fuel economy. The rise of autonomous driving technology is driving significant advancements in the automotive industry, with EPS systems crucial for accurate steering control in autonomous vehicles. The United States boasts one of the largest automobile markets globally, having sold 14.5 million light vehicles in 2020.
Leading electric power steering manufacturers have a strong presence in the U.S., which is also home to electric vehicles expected to use EPS. The country's robust automobile manufacturing sector and investments in automotive technologies are key drivers of EPS market growth. With a focus on innovation and safety, electric power steering systems are poised to play a pivotal role in shaping the future of vehicle steering and autonomy driving the North America electric power steering market development.
Market Segmentation
North America Electric Power Steering Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments
Market Breakup by Product Type
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Market Breakup by Component
- Steering Rack/Column
- Sensors
- Electric Motor
- Others
Market Breakup by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Breakup by Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
Market Breakup by Region
- United States of America
- Canada
Competitive Landscape
Key players in the electric power steering market in North America offer technologically advanced products while undertaking mergers and acquisitions in the market.
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Denso Corporation
- JTEKT Corporation
- NSK Ltd.
- thyssenkrupp AG
- ZF Friedrichshafen AG
- Knorr-Bremse AG
- Dowlais Group Plc (GKN Automotive Ltd.)
- Nexteer Automotive Corporation
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Component |
|
| Breakup by Vehicle Type |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Power Steering Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Power Steering Historical Market (2018-2023)
8.3 Global Electric Power Steering Market Forecast (2024-2032)
8.4 Global Electric Power Steering Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Electric Power Steering Market Overview
9.1 Key Industry Highlights
9.2 North America Electric Power Steering Historical Market (2018-2023)
9.3 North America Electric Power Steering Market Forecast (2024-2032)
10 North America Electric Power Steering Market by Product Type
10.1 Rack Assist Type (REPS)
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Column Assist Type (CEPS)
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Pinion Assist Type (PEPS)
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 North America Electric Power Steering Market by Component
11.1 Steering Rack/Column
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Sensors
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Electric Motor
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 North America Electric Power Steering Market by Vehicle Type
12.1 Passenger Car
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial Vehicle
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 North America Electric Power Steering Market by Sales Channel
13.1 Original Equipment Manufacturer (OEM)
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Aftermarket
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 North America Electric Power Steering Market by Country
14.1 United States of America
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Canada
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators of Demand
15.4 Key Indicators of Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Mitsubishi Electric Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Robert Bosch GmbH
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Denso Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 JTEKT Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 NSK Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 thyssenkrupp AG
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 ZF Friedrichshafen AG
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Knorr-Bremse AG
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Dowlais Group Plc (GKN Automotive Ltd.)
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Nexteer Automotive Corporation
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
2. North America Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
3. North America Electric Power Steering Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. North America Electric Power Steering Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. North America Electric Power Steering Historical Market: Breakup by Component (USD Billion), 2018-2023
6. North America Electric Power Steering Market Forecast: Breakup by Component (USD Billion), 2024-2032
7. North America Electric Power Steering Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
8. North America Electric Power Steering Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
9. North America Electric Power Steering Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
10. North America Electric Power Steering Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
11. North America Electric Power Steering Historical Market: Breakup by Country (USD Billion), 2018-2023
12. North America Electric Power Steering Market Forecast: Breakup by Country (USD Billion), 2024-2032
13. North America Electric Power Steering Market Structure
Key Questions Answered in the Report
The market is estimated to be valued at USD 6.26 billion in 2023.
The market is projected to grow at a CAGR of 4.1% between 2024 and 2032.
The electric power steering market is expected to grow significantly to reach USD 8.99 billion in 2032.
The market is categorised according to its product type, which includes rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS).
The key market players are Mitsubishi Electric Corporation, Robert Bosch GmbH, Denso Corporation, JTEKT Corporation, NSK Ltd., thyssenkrupp AG, ZF Friedrichshafen AG, Knorr-Bremse AG, Dowlais Group Plc (GKN Automotive Ltd.), Nexteer Automotive Corporation, and others.
The market is driven by factors that include evolving consumer preferences, leveraging digital platforms and natural ingredient trends, among others.
The market is categorised according to its component, which includes steering rack/column, sensors, electric motor, and others.
Direct Adaptive Steering employs electronic signals to transmit driver steering inputs more rapidly than traditional mechanical systems. Simultaneously, this innovative system swiftly communicates road surface information to the driver in a manner that is both faster and more intuitive.
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