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MARKET OUTLOOK 

As per Triton Market Research, the North America automotive steering system market is anticipated to develop with a CAGR of 4.19% by revenue, during the forecast period between 2021 and 2028. The United States and Canada together form the market in this region.

In 2018, the United States exported 1.8 million light vehicles and 131,200 medium & heavy trucks to over 200 markets worldwide, with additional exports of auto parts. With a huge consumer market, well-equipped infrastructure, favorable investment policies, a highly skilled workforce, and favorable government incentives, the United States has become a premier market for the 21st-century automotive industry. This will influence the demand for steering systems in the coming years.

Also, according to Nexteer Automotive, a leading automobile steering manufacturing company in North America, R-EPS captures over 90% of the full-size truck market in the region. A high demand for powerful light commercial vehicles in the United States is thus expected to further propel the growth of the R-EPS segment here. 

In addition, Canada is one of the leading producers of light vehicles across the world. Five global original equipment manufacturers, Toyota, Honda, Stellantis, GM, and Ford, assemble over 1.4 million vehicles at their Canadian plants each year. This indicates a positive outlook for the Canadian automotive market, which, in turn, will aid the demand for automotive steering systems in the country in the coming period.

COMPETITIVE OUTLOOK

The dominant players in the automotive steering system market are Mitsubishi Electric Corporation, Denso Corporation, JTEKT Corporation, Robert Bosch GmbH, Honda Motor Company, and Nexteer Automotive Corporation.