South America Electronic Power Steering Market Size, Share, and Analysis by 2027

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.

Brazil and Argentina are major economies in SAM. Self-driving vehicles witnessing progress is driving the SAM electronic power steering market in a positive way. There is an increase in adoption of buses and trucks, specifically for logistics and public transportation purposes, across the. In SAM Public transport is used more as compared to private transportation, whereas in North America, transportation is mainly through private vehicles. Growing population in urban areas is demanding the increasing public transportation with the improvement in existing transportation infrastructure is proving to be insufficient. The OEMs across SAM are now focusing on reducing the carbon footprint, therefore, boosting the usage of electric vehicles. With the growing mobility on demand, passenger cars and taxis are focusing more on the deployment of greener technologies. The manufacturers are majorly focusing on the field of vehicle electrification, specifically passenger cars. Several countries are highly focused on building green transportation. The governments across different countries are taking several initiatives to boost the adoption of electric vehicles in their public transportation—such as e-trucks and e-buses—so as to reduce CO2 emissions by offering tax rebates and incentives. Some of the electric vehicle models are the BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses. Recently, some of the commercial vehicle manufacturers have announced electric buses and some OEMs have announced the plans for migrating full-size trucks or pickup trucks to battery EV platforms. All these factors are expected to create huge opportunities for the growth and the acceleration of new technology implementations, such as EPS, across SAM.

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 South America 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. 

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM electronic power steering market. The SAM electronic power steering market is expected to grow at a good CAGR during the forecast period.

SAM Electronic power steering Market Segmentation    

SAM Electronic power steering Market – By Type

• Column Assisted Electronic Power Steering(C-EPS)
• Pinion Assisted Electronic Power Steering (P-EPS)
• Rack Assisted Power Steering System (R-EPS)
• Electronic Hydraulic Power Steering (EHPS)

SAM Electronic power steering Market – By Application

• Light Commercial Vehicles (LCV)
• Passenger Cars
• Heavy Commercial Vehicles (HCV)

SAM Electronic power steering Market, by Country

• Brazil
• Argentina
• Rest of SAM

SAM Electronic power steering Market - Companies Mentioned

• HYUNDAI MOBIS
• JTEKT Corporation
• Mando Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive
• NSK Ltd.
• Robert Bosch GmbH
• SHOWA CORPORATION
• thyssenkrupp AG
• ZF Friedrichshafen AG 

South America Electronic Power Steering Report Scope