North America Automotive Steering Market Outlook, 2029
The North America automotive steering market is segmented by type of steering system (manual steering, power steering (hydraulic power steering, electric power steering), others (variable gear ratio steering, rack and pin steering, recirculating ball steering). By Vehicle Type (Passenger Vehicles (Cars, SUVs, Vans), Commercial Vehicles (Trucks, Buses), Off-road Vehicles (ATVs, UTVs, Dirt Bikes)), By Component (Steering Column, Steering Wheel, Steering Gear, Steering Pump, Steering Sensor, Others), By End Use (OEMs (Original Equipment Manufacturers), Aftermarket).
- Bonafide Research
- 31-05-2024
- Pages : 87
- Figures : 12
- Tables : 20
- Region : North America
- Category : Automotive & Transport
- Automotive Parts
The North America Automotive Steering Market has demonstrated considerable growth, with its market value valued at more than USD 2.4 Billion in 2023. This expansion is driven by th
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- Market Size (2023) USD 7 Billion
- Largest Market United States
- Fastest Market United States
- Format
Featured Companies
- 1. Mitsubishi Electric Corporation
- 2. Thyssenkrupp Ag
- 3. Robert Bosch GmbH
- 4. JTEKT Corporation
- 5. HYUNDAI MOBIS
- 6. ZF Friedrichshafen AG
- More...
Automotive Steering Market Analysis
The automotive steering market in North America has witnessed a remarkable transformation in steering systems, from elementary mechanical configurations to the latest electric power steering (eps) and advanced driver-assistance systems (adas), significantly enhancing vehicle control, safety, and fuel efficiency. The widespread adoption of eps systems is a testament to the market's responsiveness to the growing demand for improved agility and reduced emissions in both passenger and commercial vehicles. The North American market is not only embracing cutting-edge steering technologies but also playing a pivotal role in their development and commercialization. Innovations such as steer-by-wire systems, semi-autonomous steering, and sophisticated steering control algorithms are taking center stage, offering improved driving experiences and defining the future of transportation. The region's strong inclination towards high-performance steering systems and advanced safety features is influencing consumer choices and, in turn, shaping brand loyalty and market share. Additionally, several companies perform final assembly operations for steering products within the region to cater to local demand and minimize shipping times, thereby contributing to a robust supply chain and supporting the overall growth of the automotive industry. The region's prosperous population, rapid adoption of new technologies, and emphasis on vehicle safety make it a critical market for automotive steering systems. Stringent regulatory standards governing vehicle safety and emissions compel automakers and steering system manufacturers to comply, fostering innovation and progress in steering technology. North America continues to be a prominent player in the Global automotive steering market. Ongoing investments in research and development, strategic collaborations between industry players, and relentless pursuit of advancements in autonomous driving are bolstering the region's position in the Global market. The North American automotive steering market is also benefiting from the rise of electric vehicles and the integration of connected car technologies, which are opening new avenues for growth and innovation. According to the research report "North America automotive steering market outlook, 2029," published by Bonafide research, the North America display market was valued more than USD 2.4 billion in 2023. Striking a balance between performance, safety, and affordability is crucial for automakers and steering system manufacturers to maintain competitiveness in the market. During periods of economic uncertainty or downturns, reduced vehicle sales can lead to decreased demand for steering components and systems, affecting the overall market. Furthermore, the ongoing Global semiconductor shortage has disrupted supply chains, causing production delays and hindering the growth of the automotive steering market in North America. The market continues to forge ahead, driven by current trends such as the rising adoption of electric vehicles (evs) and the integration of advanced driver-assistance systems (adas). The shift towards electric vehicles necessitates the use of energy-efficient and compatible steering systems, like electric power steering (eps), which has gained prominence in modern vehicle architectures. As evs continue to penetrate the market, the demand for optimized steering systems is expected to grow. Moreover, the integration of adas and the progression towards autonomous driving require steering systems to seamlessly align with evolving safety and autonomy standards, creating opportunities for innovation and growth. The growing importance of software and connectivity in modern vehicles is driving the need for steering systems that can effectively communicate with other vehicle systems and enable features such as over-the -air updates and remote diagnostics.
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major drivers • Vehicle electrification: the increasing adoption of electric vehicles (evs) in North America necessitates steering systems optimized for electrified platforms. Electric power steering (eps) and steer-by-wire technologies are crucial for enhancing efficiency, reducing weight, and integrating with electric drivetrains, aligning with the shift towards electrification in the automotive industry. • Autonomous driving: the emergence of autonomous driving technology drives demand for steering systems capable of supporting advanced driver assistance systems (adas) and autonomous functions. Steering systems with features like lane-keeping assist, automated parking, and adaptive cruise control are integral to enabling semi-autonomous and autonomous driving capabilities. major challenges • Technological complexity:the increasing complexity of steering systems, driven by advancements such as electric power steering (eps), steer-by-wire technology, and integration with advanced driver assistance systems (adas), poses challenges in design, • Integration with evs: The shift towards electric vehicles (evs) presents challenges in developing steering systems optimized for electrified platforms. Ensuring compatibility with electric drivetrains, minimizing power consumption, and addressing weight distribution issues are key considerations. • Cyber security risks: with increased connectivity and electronic control in modern vehicles, cyber security vulnerabilities pose risks to steering systems and vehicle control. Protecting against cyber threats and ensuring the integrity and safety of steering system operation are critical challenges, development, and manufacturing. major opportunities • Advancements in electric power steering (eps): this technology offer improved fuel efficiency, enhanced vehicle dynamics, and simplified integration with advanced driver assistance systems (adas). Manufacturers are optimizing eps for electric vehicles (evs) to maximize energy efficiency and range. Integration with vehicle connectivity enables real-time optimization of eps performance and personalized steering settings based on driver preferences. • Integration with autonomous driving systems: the integration of steering systems with autonomous driving technology presents a significant opportunity for the automotive industry. As vehicles transition towards higher levels of autonomy, steering systems play a crucial role in enabling safe and efficient self-driving capabilities. Advanced steering technologies, such as steer-by-wire and adaptive steering, can seamlessly integrate with autonomous driving systems to provide precise control and responsiveness.
Automotive Steering Segmentation
| By Type of Steering System | Manual Steering | |
| Power Steering (Hydraulic Power Steering, Electric Power Steering) | ||
| Others(Variable Gear Ratio Steering,Rack and Pinion Steering, Recirculating Ball Steering) | ||
| By Vehicle Type | Passenger Vehicles (Cars, SUVs, Vans) | |
| Commercial Vehicles (Trucks, Buses) | ||
| Off-road Vehicles (ATVs, UTVs, Dirt Bikes) | ||
| By Component | Steering Column | |
| Steering Wheel | ||
| Steering Gear | ||
| Steering Pump | ||
| Steering Sensor | ||
| Others | ||
| By End User | OEMs (Original Equipment Manufacturers) | |
| Aftermarket | ||
| North America | United States | |
| Canada | ||
| Mexico | ||
Power steering are leading in the North America’s automotive steering market due to their advanced safety, performance, and fuel efficiency benefits to market trends. The transition to electric power steering (eps) systems in North America is significantly driven by the region's emphasis on energy efficiency, demand for advanced safety features, and local industry trends. Stringent fuel efficiency and emission standards, such as the corporate average fuel economy (cafe) regulations in the united states, push automakers to adopt energy-efficient technologies like eps to reduce fuel consumption and greenhouse gas emissions. The rising adoption of advanced driver-assistance systems (adas) in modern vehicles has also contributed to the growth of eps systems in North America. Features such as lane departure warning, lane-keeping assist, automated parking, and adaptive cruise control require precise and reliable steering inputs, which eps systems are well-equipped to provide. The electronic nature of eps allows for seamless integration with these safety and convenience technologies, enhancing vehicle control, stability, and overall safety. As regulatory bodies and consumers demand higher safety standards and more sophisticated driver assistance features, the compatibility of eps with adas becomes increasingly important. The North American automotive industry has been investing heavily in research and development to advance eps technology. The advancements further solidify the position of eps systems in the North American market. The expanding electric vehicle (ev) market in North America also plays a role in the growth of eps systems. Since evs do not have internal combustion engines to power hydraulic systems, eps is a natural choice for steering systems in these vehicles. Eps systems contribute to the energy efficiency and overall performance of electric vehicles, making the m an essential component in the growing ev market. Moreover, the increasing demand for connected and autonomous vehicles in North America has implications for the steering system market. Eps systems are essential for enabling the steering control required in various levels of autonomous driving. Passenger vehicles are leading in the North America’s automotive steering market due to their strong affinity for personal mobility and the versatile nature to market trends. In light of strict laws like the corporate average fuel economy (cafe) standards, passenger cars in North America have become more environmentally friendly and fuel-efficient. Because of these regulations, automakers have been forced to create and apply technologies that increase fuel efficiency and lower emissions, appealing to buyers who care about the environment. The passenger vehicle market in North America has been significantly shaped by shifting consumer demands. Consumers of today place a premium on connectivity, safety, and fuel efficiency in their cars. Because of this, manufacturers have concentrated on adding cutting-edge infotainment systems, hybrid and electric car alternatives, and safety features to their passenger car lineups. The passenger vehicle market in North America has become more defined as suvs and crossovers gain popularity. These car types' increased ground clearance, adaptability, and better driving characteristics have drawn in more and more customers. Automakers have had to make investments in new platforms and technology in response to this shift in consumer preferences, all the while keeping safety and fuel efficiency as their top priorities. The North American region has also witnessed significant investments and expansions by major eps suppliers to meet the growing demand from the passenger vehicle segment. Steering gear is leading in the North America’s automotive steering market due to its safety and handling demands to market trends. Advanced steering systems that provide better control and responsiveness are in high demand because to consumer preferences and strict safety standards. Predictable and secure handling characteristics are ensured by the steering gear, which converts the driver's input into the desired motion of the wheels. The importance of the steering gear has increased with the sophistication of vehicle technology, since functions like lane-keeping assistance and autonomous driving have grown more and more dependent on accurate and dependable steering control. The steering gear is currently leading the market, which is partly due to changes in the North American market. Cars with outstanding handling and reactivity are becoming more and more popular in the area, appealing to a sophisticated customer base. Vehicles that provide an exciting and engaging driving experience are valued by North American consumers. Driving dynamics and engagement are important to North American consumers, and steering gear is a key component of a vehicle's ability to meet these demands. Automotive fans in the region find driving innovations like variable-ratio steering gear, which adjusts the steering ratio According to vehicle speed, to be particularly intriguing. Furthe r driving the development of state-of-the -art steering gear technologies is the requirement for sophisticated safety features. Active steering systems have become more popular in the North American market. These systems can automatically modify the steering angle in small steps to increase stability and control. For automakers trying to comply with the strict safety regulations in the area, the steering gear's flawless integration with these cutting-edge safety systems has made it an essential part.. Oem’s are leading in the North America’s automotive steering market due to its localized manufacturing and supply chain to market trends. Leading oems benefit from a wide network of manufacturing facilities and supply chain operations throughout the North American region. By producing steering components and systems locally, they have reduced logistical obstacles, transportation expenses, and maintained a regular and dependable supply of high-quality parts. This localized approach has allowed the m to respond quickly to demand swings, minimize supply chain disruptions, and retain tight control over quality standards. The top oems have formed strategic alliances with local suppliers and component makers, resulting in a robust ecosystem of specialized vendors and service providers. These relationships have permitted information sharing, cooperative r&d projects, and the co-creation of novel steering solutions customized to the specific needs of the North American market. These oems have led the way in incorporating cutting-edge technologies into steering systems, exhibiting a deep awareness of changing consumer tastes and market trends. In order to ensure the best possible handling, maneuverability, and driver comfort, they have actively responded to the region's growing preference for larger vehicles, such as suvs, crossovers, and pickup trucks, by designing robust and responsive steering systems that are specifically made to handle the special challenges associated with these vehicle types. By implementing cutting-edge steering technology that improves vehicle control and stability, the top oems have continuously responded to the growing demand for safer cars in the North American market. They have strengthened their position as the industry leader by designing systems that work in unison with state-of-the -art safety features like collision avoidance and lane-keeping assistance.
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Automotive Steering Market Regional Insights
The USA is leading in the automotive steering market in North America due to its robust technological innovation ecosystem, strong manufacturing capabilities, and significant investments. The usa's dominance in the North American automotive steering market can be attributed to its innovative ecosystem, advanced manufacturing capabilities, and substantial investments. The thriving ecosystem of technological innovation is built on collaboration between research institutions, universities, and private sector companies, fostering a culture of innovation and driving the development of cutting-edge steering technologies. The country's strong manufacturing foundation is another key factor, with sophisticated infrastructure and state-of-the -art facilities enabling efficient high-quality steering system production at scale. This, in turn, caters to both domestic and international market demands, while the usa's strategic location offers logistical advantages for supply chain management and distribution. Significant investments in research and development (r&d) by both public and private sectors ensure that the usa remains at the forefront of innovation in the automotive steering market. These investments support the development of new steering technologies, materials, and manufacturing processes, shaping the future of steering technology and setting new performance, safety, and sustainability standards. Adapting to market trends and consumer preferences, the usa focuses on innovative steering solutions that integrate with advanced driver assistance systems (adas) and autonomous vehicles. This focus on next-generation steering systems maintains the usa's competitive edge in the North American automotive steering market, creating new growth opportunities and driving the industry forward.
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Key Development
• November 2021: bosch announced the development of its new steering system, the ibooster, which is designed to improve safety and comfort in automated driving. • January 2022: nsk ltd. Introduced its new electric power steering (eps) system, which offers improved fuel efficiency and reduced emissions. • February 2022: continental ag announced the development of its new steering system, the high-performance steering system (hpss), which is designed for high-speed autonomous driving applications.
Companies Mentioned
- Mitsubishi Electric Corporation
- Thyssenkrupp Ag
- Robert Bosch GmbH
- JTEKT Corporation
- HYUNDAI MOBIS
- ZF Friedrichshafen AG
- Denso Corporation
- Hella KGaA Hueck & Co
- NSK Ltd.,
- HL Mando Corporation
- GKN Ltd
- Nexteer Automotive
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Automotive Steering Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Type of Steering System
- 5.4. Market Size and Forecast, By Vehicle Type
- 5.5. Market Size and Forecast, By Component
- 6. North America Automotive Steering Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Type of Steering System
- 6.4. Market Size and Forecast, By Vehicle Type
- 6.5. Market Size and Forecast, By Component
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.3.1. XXXX
- 7.3.2. XXXX
- 7.3.3. XXXX
- 7.3.4. XXXX
- 7.3.5. XXXX
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. United States Automotive Steering Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Type of Steering System
- 7.8.3. Market Size and Forecast By Vehicle Type
- 7.8.4. Market Size and Forecast By Component
- 7.9. Canada Automotive Steering Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Type of Steering System
- 7.9.3. Market Size and Forecast By Vehicle Type
- 7.9.4. Market Size and Forecast By Component
- 7.10. Mexico Automotive Steering Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Type of Steering System
- 7.10.3. Market Size and Forecast By Vehicle Type
- 7.10.4. Market Size and Forecast By Component
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. Robert Bosch GmbH
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. JTEKT Corporation
- 8.5.3. Nexteer Automotive
- 8.5.4. Hyundai Mobis
- 8.5.5. NSK Ltd
- 8.5.6. HL Mando Corporation
- 8.5.7. ZF Friedrichshafen AG
- 8.5.8. ThyssenKrupp AG
- 8.5.9. DENSO Corporation
- 8.5.10. GKN Ltd
- 8.5.11. Hella GmbH & Co. KGaA
- 8.5.12. Mitsubishi Electric Corporation
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Automotive Steering Market Size and Forecast, By Type of Steering System (2018 to 2029F) (In USD Billion)
Table 6: Global Automotive Steering Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 7: Global Automotive Steering Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 8: North America Automotive Steering Market Size and Forecast, By Type of Steering System (2018 to 2029F) (In USD Billion)
Table 9: North America Automotive Steering Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 10: North America Automotive Steering Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 11: Influencing Factors for Automotive Steering Market, 2023
Table 12: United States Automotive Steering Market Size and Forecast By Type of Steering System (2018 to 2029F) (In USD Billion)
Table 13: United States Automotive Steering Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 14: United States Automotive Steering Market Size and Forecast By Component (2018 to 2029F) (In USD Billion)
Table 15: Canada Automotive Steering Market Size and Forecast By Type of Steering System (2018 to 2029F) (In USD Billion)
Table 16: Canada Automotive Steering Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 17: Canada Automotive Steering Market Size and Forecast By Component (2018 to 2029F) (In USD Billion)
Table 18: Mexico Automotive Steering Market Size and Forecast By Type of Steering System (2018 to 2029F) (In USD Billion)
Table 19: Mexico Automotive Steering Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 20: Mexico Automotive Steering Market Size and Forecast By Component (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Automotive Steering Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Automotive Steering Market Share By Region (2023)
Figure 6: North America Automotive Steering Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Automotive Steering Market Share By Country (2023)
Figure 8: US Automotive Steering Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Canada Automotive Steering Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: Mexico Automotive Steering Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Competitive Dashboard of top 5 players, 2023
Figure 12: Porter's Five Forces of Global Automotive Steering Market
Automotive Steering Market Research FAQs
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