Report : South America Electronic Power Steering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Column Assisted Electronic Power Steering(C-EPS), Pinion Assisted Electronic Power Steering (P-EPS), Rack Assisted Power Steering System (R-EPS), and Electronic Hydraulic Power Steering (EHPS)), and Application (Light Commercial Vehicles (LCV), Passenger Cars, and Heavy Commercial Vehicles (HCV))
HCVs Segment is Expected to be Fastest Growing During Forecast Period for SAM Region
According to The Insight Partners market research study on “SAM Electronic Power Steering Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 2,510.45 million by 2027 from US$ 2,354.65 million in 2019. The market is estimated to grow at a CAGR of 3.9% from 2020 to 2027. The report provides trends prevailing in the SAM electronic power steering market along with the drivers and restraints pertaining to the market growth. Self-driving vehicles witnessing progress is the major factor driving the growth of the SAM electronic power steering market. However, issues associated with extravagant price of electronic power steering is expected to hinder the growth of SAM electronic power steering market.
The SAM electronic power steering market is briefly further segmented into type, application and country. By type, the SAM market is broadly classified into column assisted electronic power steering (C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted power steering system (R-EPS), and electronic hydraulic power steering (E-HPS). R-EPS segment led the SAM electronic power steering market in 2019. Whereas, based on application, the SAM market is divided into passenger cars, light commercial vehicle, and heavy commercial vehicle. Passenger Cars segment led the SAM electronic power steering market in 2019.
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.
HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG are among the leading companies in the SAM electronic power steering market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, NSK Ltd. had announced that it had developed a method using cold forming technology for manufacturing electric power steering components that are safer, reliable, and lighter, which in turn improves fuel efficiency in automobiles.
The report segments the SAM Electronic Power Steering Market follows:
SAM Electronic Power Steering Market – By Type
SAM Electronic Power Steering Market – By Application
SAM Electronic Power Steering Market – By Country