North America Steering System Market

The automobile market in North America is in a recovery phase after the economic turmoil of 2008-2009 and has been growing since 2010. With significant investments and grants from respective governments, the automotive industry got revived with the vehicle production levels increasing and at the same time the overall export of the vehicles increasing. The electric power steering system is expected to dominate the North American market as now-a-days the customers are demanding  technologies, which can increase fuel efficiency as the oil prices  rise, and also, which are more sophisticated and safe. EPS will replace traditional manual, hydraulic, and electro-hydraulic steering systems in   due course of time owing to these factors.

One of the major drivers for the steering systems market in the North American region is the need for better fuel efficiency. The stringent emission norm in the region which requires higher fuel efficiency form the vehicles and also lower the emission levels, has pushed the steering systems manufacturers to develop electronic power steering (EPS) which uses external motor for the steering application and in turn doesn’t consume extra fuel which leads to lower emission levels for vehicle using EPS.

The steering systems manufacturers are facing the biggest challenge to overcome the problem of choosing between higher fuel efficiency and pricing of the vehicle. In order to make the vehicle more affordable, they have to use HPS/EHPS systems as they are less expensive that the EPS systems, but consumes more fuel for the application in turn affecting the vehicles fuel efficiency. On the other hand using EPS in the vehicles will reduce the emission levels and improve the fuel efficiency of the vehicle but will increase the initial cost of the vehicle making it un-affordable to the masses. Therefore, to strike an appropriate balance between the vehicle pricing and fuel efficiency is one of the biggest restraints for the automobile steering systems market in the North American region.

The North American Steering systems market was valued at $5.11 billion in 2013, to grow at 7.7% annually. It is projected to reach $7.40 billion by the end of 2018.

It is segmented on the basis of applications and geography.

Key question answered

• What are the market estimates and forecasts for the North American steering systems?
• What are the trends based on the key countries of the region?
• Identification of market dynamics and impact of the same on North American steering systems market
• Analysis of recent developments, alliances, joint ventures, and mergers & acquisitions in the steering systems market in North American region

Audience for this report

• North American steering systems manufacturers
• Suppliers for steering systems manufacturers
• Traders, distributors, and suppliers in the steering systems market
• Automobile associations

• Automotive industry as end user industry

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