North American Passenger Vehicle Power Steering Systems Growth Opportunities

North American Passenger Vehicle Power Steering Systems Growth Opportunities

The power steering system is a critical component of the vehicle’s active safety system, owing to its safety and performance benefits. Passenger vehicles in North America have 100% adoption of power steering systems primarily due to advantages, such as improved fuel efficiency, power, added comfort, drivability, and assistance it offers for ADAS and autonomous driving. Power steering systems are broadly classified based on their operating mechanisms. These include electric power steering (EPS), hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS). The scope of the study covers forecasting and analysis of the EPS ecosystem in North America as they have 98.2% penetration in the passenger vehicle steering market. It also assesses the revenue and volume forecast potential for vehicles utilizing different types of EPS systems, such as column-assist EPS, pinion-assist EPS, and rack-assist EPS, over the 2022 to 2031 period. The study also highlights industry-leading technology and market trends in the EPS ecosystem, EPS solutions, and advanced steering technologies on offer by major suppliers such as Nexteer Automotive, JTEKT Corporation, Bosch Steering, Thyssenkrupp Presta Steering. These insights provide a snapshot of the opportunities driving market growth in the short, medium, and long terms.