Market Introduction
The region’s automotive manufacturing sector is witnessing growth owing to the presence of a large number of OEM and automakers in the region. Brazil benefits from being a potentially large domestic market with low vehicle ownership and a growing economy. Additionally, the rising automotive production is supporting the growth of the EPS market in the region. Further, the region has the presence of some of the major automakers such as Volkswagen, General Motors, Hyundai, Toyota, Peugeot, Ford, and Renault. The national regulatory bodies of various countries in the region have realized the importance of the automotive sector and are taking initiatives for the development of the automotive industry. For instance, the Brazilian government has formulated Favourable trade investment policies to encourage private investments. The Brazilian government has also made provisions to give investor exemption from custom duties and other taxes on the purchase of certain infrastructure and capital goods. Thus, the government initiatives to support the growth of the automotive sector would strengthen the automotive manufacturing industry in the region, which is likely to support the growth of the EPS market in the region. Further, self-driving vehicles witnessing progress is driving the SAM electronic power steering market.
SAM is adversely affected by the COVID-19 pandemic. In SAM, Brazil has the highest number of COVID-19 confirmed cases, followed by other countries such as Ecuador, Peru, Chile, and Argentina. Governments in SAM are taking several initiatives such as lockdowns, trade bans, and travel restrictions to protect people and control the COVID-19 spread in the region. These measures are expected to have a direct impact on the region’s economic growth as it would face lower export revenues. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the US, which are important trade partners. The sharp decline in the sales of the logistics industry and halt in vehicle production in the region due to lockdown measures is hindering the growth of SAM electronic power steering market. Containment measures in several countries of South America would hamper the economic activity in the manufacturing and service sectors for at least the next quarter, and is expected to rebound once the pandemic is contained.
Market Overview and Dynamics
The electronic power steering market in SAM is expected to grow from US$ 2,354.65 million in 2019 to US$ 2,510.45 million by 2027; it is estimated to grow at a CAGR of 3.9% from 2020 to 2027. There seems to be a widespread adoption of buses and trucks throughout the area, especially for logistics and public transport reasons. Public transport is being used more in SAM compared to private transport, though transportation is mostly via private vehicles in North America. With the improvement of new transport networks, the rising population of urban areas is expecting increasing public transport and appearing to be inadequate. The SAM-wide OEMs are now focused on reducing the carbon footprint, thereby increasing the use of electric vehicles. With rising mobility on demand, the deployment of passenger cars and taxis is more focused on reducing the carbon footprints.
Key Market Segments
In terms of type, the R-EPS segment led the SAM electronic power steering market in 2019. In terms of application, passenger cars segment led the SAM electronic power steering market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the electronic power steering market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG.
Reasons to buy report
SAM Electronic Power Steering Market Segmentation
SAM Electronic Power Steering Market - By Type
SAM Electronic Power Steering Market - By Application
SAM Electronic Power Steering Market - By Country
SAM Electronic Power Steering Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 2,354.65 Million |
| Market Size by 2027 | US$ 2,510.45 Million |
| CAGR (2020 - 2027) | 3.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Electronic Power Steering Market is valued at US$ 2,354.65 Million in 2019, it is projected to reach US$ 2,510.45 Million by 2027.
As per our report South America Electronic Power Steering Market, the market size is valued at US$ 2,354.65 Million in 2019, projecting it to reach US$ 2,510.45 Million by 2027. This translates to a CAGR of approximately 3.9% during the forecast period.
The South America Electronic Power Steering 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 Electronic Power Steering Market report:
The South America Electronic Power Steering Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Electronic Power Steering Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Electronic Power Steering Market value chain can benefit from the information contained in a comprehensive market report.
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