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)
The South America automotive steering system market was valued at US$ 1,032.49 million in 2021 and is projected to reach US$ 1,392.50 million by 2028; it is expected to grow at a CAGR of 4.4% from 2021 to 2028.
Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS) is Driving the South America Automotive Steering System Market
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 Automotive Steering System Market Overview
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 Revenue and Forecast to 2028 (US$ Million)
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.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 South America Automotive Steering System Market – By Type
1.3.2 South America Automotive Steering System Market – By Product Type
1.3.3 South America Automotive Steering System Market – By Vehicle Type
1.3.4 South America Automotive Steering System Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. South America Automotive Steering System Market Landscape
4.1 Market Overview
4.2 South America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. South America Automotive Steering System Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Rise in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance
5.3 Market Opportunities
5.3.1 Integration of Technologically Advanced EPS Systems in Commercial Vehicles
5.4 Future Trends
5.4.1 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market – South America Analysis
6.1 South America: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
7. South America Automotive Steering System Market Analysis – By Type
7.1 Overview
7.2 South America Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028
7.3 Electronic Power Steering
7.3.1 Overview
7.3.2 Electronic Power Steering: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Hydraulic Power Steering
7.4.1 Overview
7.4.2 Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
7.5 Electro-Hydraulic Power Steering
7.5.1 Overview
7.5.2 Electro-Hydraulic Power Steering: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8. South America Automotive Steering System Market Analysis – By Product Type
8.1 Overview
8.2 South America Automotive Steering System Market Revenue Breakdown, By Product Type, 2020 and 2028
8.3 Column Drive
8.3.1 Overview
8.3.2 Column Drive: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.4 Rack Drive
8.4.1 Overview
8.4.2 Rack Drive: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9. South America Automotive Steering System Market Analysis – By Vehicle Type
9.1 Overview
9.2 South America Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
9.3 Passenger cars
9.3.1 Overview
9.3.2 Passenger Cars: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9.4 Commercial Vehicles
9.4.1 Overview
9.4.2 Commercial Vehicles: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
10. South America Automotive Steering System Market – Country Analysis
10.1 Overview
10.1.1 South America: Automotive Steering System Market, by Key Country
10.1.1.1 Brazil: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Brazil: Automotive Steering System Market, by Type
10.1.1.1.2 Brazil: Automotive Steering System Market, by Product Type
10.1.1.1.3 Brazil: Automotive Steering System Market, by Vehicle Type
10.1.1.1.4 Brazil: Automotive Steering System Market, by Passenger Cars
10.1.1.1.5 Brazil: Automotive Steering System Market, by Commercial Vehicles
10.1.1.2 Argentina: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Argentina: Automotive Steering System Market, by Type
10.1.1.2.2 Argentina: Automotive Steering System Market, by Product Type
10.1.1.2.3 Argentina: Automotive Steering System Market, by Vehicle Type
10.1.1.2.4 Argentina: Automotive Steering System Market, by Passenger Cars
10.1.1.2.5 Argentina: Automotive Steering System Market, by Commercial Vehicles
10.1.1.3 Rest of South America: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Rest of South America: Automotive Steering System Market, by Type
10.1.1.3.2 Rest of South America: Automotive Steering System Market, by Product Type
10.1.1.3.3 Rest of South America: Automotive Steering System Market, by Vehicle Type
10.1.1.3.4 Rest of South America: Automotive Steering System Market, by Passenger Cars
10.1.1.3.5 Rest of South America: Automotive Steering System Market, by Commercial Vehicles
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Nexteer Automotive Corp
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Hyundai Mobis Co Ltd
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 JTEKT Corp
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Mando Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 NSK Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 ThyssenKrupp AG
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Robert Bosch Automotive Steering GmBH
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. South America Automotive Steering System Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. Brazil: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 3. Brazil: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 4. Brazil: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. Brazil: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 6. Brazil: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 7. Argentina: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 8. Argentina: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 9. Argentina: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 10. Argentina: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 11. Argentina: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of South America: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of South America: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of South America: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 15. Rest of South America: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 16. Rest of South America: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 17. List of Abbreviation
LIST OF FIGURES
Figure 1. South America Automotive Steering System Market Segmentation
Figure 2. South America Automotive Steering System Market Segmentation – By Country
Figure 3. South America Automotive Steering System Market Overview
Figure 4. Passenger Cars Segment Held the Largest Market Share in 2020
Figure 5. Brazil was the Largest Revenue Contributor in 2020
Figure 6. South America– PEST Analysis
Figure 7. Expert Opinions
Figure 8. South America Automotive Steering System Market Impact Analysis of Drivers and Restraints
Figure 9. South America: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. South America Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 11. Electronic Power Steering: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 12. Hydraulic Power Steering: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 13. Electro-Hydraulic Power Steering: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 14. South America Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 15. Column Drive: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 16. Rack Drive: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 17. South America Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)
Figure 18. Passenger Cars: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 19. Commercial Vehicles: South America Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 20. South America: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. South America: Automotive Steering System Market Revenue Share, By Key Country (2020 and 2028)
Figure 22. Brazil: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Argentina: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Rest of South America: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
- Nexteer Automotive Corp
- Hyundai Mobis Co Ltd
- JTEKT Corp
- Mando Co Ltd
- NSK Ltd
- ThyssenKrupp AG
- Robert Bosch Automotive Steering GmBH
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the South America automotive steering system market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the South America automotive steering system market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth South America market trends and outlook coupled with the factors driving the automotive steering system market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution