Commercial Vehicles is expected to be the fastest growing during the forecast period for SAM region
According to The Insight Partners market research study on “SAM automotive steering system market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Vehicle Type” is expected to reach US$ 1,392.50 million by 2028 from US$ 652.97 million in 2020. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. The report provides trends prevailing in the SAM automotive steering system market along with the drivers and restraints pertaining to the market growth. Stringent fuel efficiency norms driving adoption of advanced automotive steering systems is the major factor driving the growth of the SAM automotive steering system market. However, issues associated with the expensive electronic power steering (EPS) system and difficulties associated with Its maintenance is one of the most prominent factors hindering the SAM automotive steering system market.
The SAM automotive steering system market has been segmented into type, vehicle type and country. Based on product type, the SAM automotive steering system market is segmented into electronic power steering, hydraulic power steering and electro-hydraulic power steering segment held a substantial market share in 2020. Based on vehicle type, the SAM automotive steering system market is segmented into Passenger Cars and Commercial Vehicles. Commercial vehicles segment held a substantial market share in 2020.
Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that SAM will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the United States, which are important trade partners. Containment measures in several countries of SAM has impacted the manufacturing industry including automotive manufacturing adversely. Major automotive manufacturers have also temporarily closed their production process in the region owing to cost control measure due to the pandemic. For instance, Toyota announced on March 25, 2020 that production of the Corolla Cross, Yaris, and Corolla will be temporarily halted in Brazil due to uncontrolled COVID-19 cases in the nation. Thus, the above-mentioned factors are expected to negatively impact the demand for automotive steering systems across the region.
Hitachi Automotive Systems Americas, Inc., Hyundai Mobis, Nexteer Automotive, NSK Ltd, JTEKT Corporation, The Mando Corporation, Robert Bosch GmbH, Showa Corporation, ThyssenKrupp AG among the leading companies in the SAM automotive steering system 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, in 2019, JTEKT Corporation was in an exhibition at the 46th Tokyo Motor Show 2019 held at Tokyo big sight from October 24 to November 4. The company showcased its electronic power steering systems.
The report segments the SAM Automotive Steering System Market follows:
SAM Automotive Steering System Market – By Type
- Electronic Power Steering
- Hydraulic Power Steering
- Electro-Hydraulic Power Steering
SAM Automotive Steering System Market – By Vehicle Type
- Passenger Cars
- Class A
- Class B
- Class C
- Class D
- Class E
- Class F
- SUV
- MPV
- Commercial Vehicles
- LCVs
- MCVs
- HCVs
SAM Automotive Steering System Market – By Country
- Brazil
- Argentina
- Rest of SAM
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