The automotive industry has reacted to the global demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand. Owing to the versatility of EPS, many manufacturers are working on integrating it with other smart systems already in use in ADAS to increase vehicle safety and enhance the driving experience. For instance, Maserati switched its Ghibli, Quattroporte, and Levante models to electronic power steering in the models introduced in 2018, allowing new driver assistance systems. Similarly, Nexteer Automotive Corporation also introduced EPS that ensures safety through driver assistance by the integration ADAS systems with the electronic power steering systems.
South America includes Brazil, Argentina, and the Rest of South America. Currently, the regional passenger car industry is growing at a steady pace as most of the countries were strongly affected by the economic crisis and currency fluctuations in the past. With the slow but continuous recovery of the Brazilian market, there is a growth in the overall passenger car industry, and it has accounted for a significant market share based on production, sales, and exports. Growing sales and increasing demand for passenger cars at low-interest rates are accelerating the consumer interest toward the purchasing of passenger cars in the SAM. The mounting consumer demand for integration of advanced technologies within the car is the primary factor driving the sales and the adoption of passenger cars across the region. Furthermore, the growing investments by OEMs to expand their presence in the region are also one of the significant factors driving the automotive steering system market.
South America Automotive Steering System Market Segmentation
The South America automotive steering system market is segmented into type, product type, vehicle type, and country.
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 accounted for the highest share in the South America automotive steering system market in 2021.
The South America automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held the largest market share in 2021.
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 accounted for the highest share in the South America automotive steering system market.
Based on country, the South America automotive steering system market is segmented into Brazil, Argentina, and the Rest of South America. Brazil dominated the market in 2021.
Nexteer Automotive Corp; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; and ThyssenKrupp AG; Robert Bosch Automotive Steering GmBH, are the leading companies operating in the South America automotive steering system market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,032.49 Million |
| Market Size by 2028 | US$ 1,392.50 Million |
| CAGR (2021 - 2028) | 4.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Automotive Steering System Market is valued at US$ 1,032.49 Million in 2021, it is projected to reach US$ 1,392.50 Million by 2028.
As per our report South America Automotive Steering System Market, the market size is valued at US$ 1,032.49 Million in 2021, projecting it to reach US$ 1,392.50 Million by 2028. This translates to a CAGR of approximately 4.4% during the forecast period.
The South America Automotive Steering System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Automotive Steering System Market report:
The South America Automotive Steering System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Automotive Steering System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Automotive Steering System Market value chain can benefit from the information contained in a comprehensive market report.
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