The automotive steering system market in SAM 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.
Automobile manufacturers must adhere to the average pollution cap decided by these regulations. These regulations have pushed automakers to spend more in fuel-efficient steering systems such as electronic power steering. As opposed to conventional hydraulic steering systems, electrically assisted power steering systems are lighter in weight and have a simpler structure.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.
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SAM Automotive Steering System Market Segmentation
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
SAM Automotive Steering System Market- Companies Mentioned
- Hitachi Automotive Systems Americas, Inc.
- Hyundai Mobis
- JTEKT Corporation
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch GmbH
- Showa Corporation
- The Mando Corporation
- ThyssenKrupp AG
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Brazil, Argentina
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 SAM Automotive Steering System Market – By Type
1.3.2 SAM Automotive Steering System Market – By Vehicle Type
1.3.3 SAM Automotive Steering System Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. SAM Automotive Steering System Market Landscape
4.1 Market Overview
4.2 SAM PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. SAM 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 Upsurge in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 Expensive Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance
5.3 Market Opportunities
5.3.1 Incorporation of Technologically Advanced EPS Systems in Commercial Vehicles
5.4 Future Trends
5.4.1 Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market – SAM Analysis
6.1 SAM Automotive Steering System Market Overview
6.2 SAM Automotive Steering System Market – SAM Revenue and Forecast to 2028 (US$ Million)
7. SAM Automotive Steering System Market Analysis – By Type
7.1 Overview
7.2 SAM Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028
7.3 Electronic Power Steering
7.3.1 Overview
7.3.2 SAM Electronic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Hydraulic Power Steering
7.4.1 Overview
7.4.2 SAM 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: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8. SAM Automotive Steering System Market Analysis – By Vehicle Type
8.1 Overview
8.2 SAM Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
8.3 Passenger cars
8.3.1 Overview
8.3.2 Passenger Cars: SAM Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.3.2.1 SAM Automotive Steering System Market, by Passenger Car Types- Revenue and Forecast to 2028 (US$ Mn)
8.4 Commercial Vehicles
8.4.1 Overview
8.4.2 Commercial Vehicles: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.4.2.1 SAM Automotive Steering System Market, by Commercial Vehicle Types- Revenue and Forecast to 2028 (US$ Mn)
9. SAM Automotive Steering System Market – Country Analysis
9.1 Overview
9.1.1 SAM: Automotive Steering System Market, by Key Country
9.1.1.1 Brazil: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Brazil: Automotive Steering System Market, by Type
9.1.1.1.2 Brazil: Automotive Steering System Market, by Vehicle Type
9.1.1.1.3 Brazil: Automotive Steering System Market, by Passenger Cars
9.1.1.1.4 Brazil: Automotive Steering System Market, by Commercial Vehicles
9.1.1.2 Argentina: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Argentina: Automotive Steering System Market, by Type
9.1.1.2.2 Argentina: Automotive Steering System Market, by Vehicle Type
9.1.1.2.3 Argentina: Automotive Steering System Market, by Passenger Cars
9.1.1.2.4 Argentina: Automotive Steering System Market, by Commercial Vehicles
9.1.1.3 Rest of SAM: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Rest of SAM: Automotive Steering System Market, by Type
9.1.1.3.2 Rest of SAM: Automotive Steering System Market, by Vehicle Type
9.1.1.3.3 Rest of SAM: Automotive Steering System Market, by Passenger Cars
9.1.1.3.4 Rest of SAM: Automotive Steering System Market, by Commercial Vehicles
10. SAM Automotive Steering System Market- COVID-19 Impact Analysis
10.1 Overview
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 China Automotive Systems, Inc.
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 Nexteer Automotive
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 Hitachi Automotive Systems Americas, Inc.
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 Hyundai Mobis
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 JTEKT Corporation
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 The Mando Corporation
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 NSK Ltd.
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
12.8 Robert Bosch GmbH
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Showa Corporation
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 ThyssenKrupp AG
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. SAM Automotive Steering System Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. SAM Automotive Steering System Market, by Passenger Cars – Revenue and Forecast to 2028 (USD Million)
Table 3. SAM Automotive Steering System Market, by Commercial Vehicle Types – Revenue and Forecast to 2028 (USD Million)
Table 4. Brazil: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. Brazil: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 6. Brazil: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 7. Brazil: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 8. Argentina: Automotive Steering System Market, by 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 SAM: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of SAM: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of SAM: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 15. Rest of SAM: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 16. List of Abbreviation
LIST OF FIGURES
Figure 1. SAM Automotive Steering System Market Segmentation
Figure 2. SAM Automotive Steering System Market Segmentation – By Country
Figure 3. SAM Automotive Steering System Market Overview
Figure 4. Electronic Power Steering Segment Held the Largest Market Share in 2020
Figure 5. Commercial Vehicles Segment Held the Largest Market Share in 2020
Figure 6. Brazil was the Largest Revenue Contributor in 2020
Figure 7. SAM PEST Analysis
Figure 8. Expert Opinions
Figure 9. SAM Automotive Steering System Market Impact Analysis of Drivers and Restraints
Figure 10. SAM Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. SAM Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 12. SAM Electronic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 13. SAM Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 14. SAM Electro-Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 15. SAM Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)
Figure 16. SAM Passenger Cars: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 17. SAM Commercial Vehicles: SAM Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 18. SAM: Automotive Steering System Market Revenue Share, By Key Country-Revenue 2020 (US$ Million)
Figure 19. SAM: Automotive Steering System Market Revenue Share, By Key Country (2020& 2028)
Figure 20. Brazil: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Argentina: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Rest of SAM: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Impact of COVID-19 Pandemic in SAM Country Markets
The List of Companies - South America Automotive Steering System Market
- Hitachi Automotive Systems Americas, Inc.
- Hyundai Mobis
- JTEKT Corporation
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch GmbH
- Showa Corporation
- The Mando Corporation
- ThyssenKrupp AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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