Report : South America Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering), Product Type (Column Drive and Rack Drive), and Vehicle Type (Passenger Cars and Commercial Vehicles)
At 4.4% CAGR, the South America Automotive Steering System Market is speculated to be worth US$ 1,392.50 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America automotive steering system market was valued at US$ 1,032.49 million in 2021 and is expected to reach US$ 1,392.50 million by 2028, registering a CAGR of 4.4% from 2021 to 2028. Integration of technologically advanced EPS systems in commercial vehicles and rise in integration of EPS and advanced driver-assistance systems (ADAS)are the critical factors attributed to the South America automotive steering system market expansion.
EPS is mainly used in passenger cars and light commercial vehicles, with a small presence in heavy vehicles. With technological advances, EPS systems can carry more weight, and they can be used in commercial vehicles. Due to their higher load-bearing capability than EPS systems, HPS (Hydraulic Power Steering) systems currently dominate the commercial vehicle market. HPS systems use the engine's control, reducing fuel efficiency.
The EPS system is more fuel-efficient and reliable than HPS systems because it draws power from the tank. Increased load-bearing ability will allow this technology to be used in commercial vehicles as well. For instance, Volvo has developed Volvo Dynamic Steering, which uses an electric motor. The steering is regulated 2,000 times per second by the engine. The Torque Overlay platform was used to build this technology. For the pickup truck industry, Nexteer Automotive has designed a rack-assisted electronic power steering system. The Servotwin electro-hydraulic steering system for heavy commercial vehicles was introduced by Robert Bosch, another leading steering system maker. Similarly, in October 2020, Nexteer Automotive Corporation launched EPS systems for commercial vehicles. In the coming years, such advances are expected to generate lucrative opportunities for EPS systems in the commercial vehicle market.
On the contrary, high cost of electronic power steering (eps) system and difficulties associated with its maintenance hurdles the growth of South America automotive steering system market.
The South America automotive steering system market, by type, is segmented into electronic power steering, hydraulic power steering, electro-hydraulic power steering. The electronic power steering segment held 67.4% market share in 2021, amassing US$ 696.21 million. It is projected to garner US$ 974.63 million by 2028 to expand at 4.9% CAGR during 2021–2028.
The South America automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held 67.6% market share in 2021, amassing US$ 698.30 million. It is projected to garner US$ 958.79 million by 2028 to expand at 4.6% CAGR during 2021–2028.
The South America automotive steering system market, based on vehicle type, is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicle segment held 60.5% market share in 2021, amassing US$ 624.50 million. It is projected to garner US$ 811.49 million by 2028 to expand at 3.8% CAGR during 2021–2028.
Based on country, the South America automotive steering system market is segmented into Brazil, Argentina, and the Rest of South America. Our regional analysis states that the Rest of South America captured 84.2% market share in 2021. It was assessed at US$ 869.41 million in 2021 and is likely to hit US$ 1,163.37 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.
Key players dominating the South America automotive steering system market are Nexteer Automotive Corp; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; and ThyssenKrupp AG; Robert Bosch Automotive Steering GmBH, among others.
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