South America Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, and Vehicle Type

The automotive steering system market in SAM is expected to reach US$ 1,392.50 million by 2028 from US$ 1,010.63 million in 2020. The automotive industry has reacted to the demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering (EPS) systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand. Owing to the versatility of EPS, many manufacturers are working on integrating it with other smart systems already in use in advanced driver- assistance systems (ADAS) to increase vehicle safety and enhance the driving experience.

Based on type, the electronic power steering segment led the SAM automotive steering system market in 2020. Traditional steering systems, such as hydraulic and electro-hydraulic systems, are replaced by an electronic power steering (EPS) system. The global demand for electronic power steering systems is being fueled by the growing popularity of self-driving vehicles. Vehicles with electronic power steering have a lower total weight, as well as improved fuel efficiency. Due to the lack of belt-driven hydraulic or manual pumps, electric systems are extremely fuel-efficient, as they run continuously, with or without assistance. EPS can save up to 0.4 liters of gasoline per 100 kilometers, as well as reduce CO2 emissions by up to 7 grams per kilometer. End users have been urged to implement improved protection mechanisms as the number of injuries has increased dramatically. Automobile manufacturers are integrating many systems in vehicles that improve safety as a result of these factors.

Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. The governments in SAM have 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 US, 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 to control costs due to the pandemic. For instance, on March 25, 2020, Toyota announced that production of the Corolla Cross, Yaris, and Corolla will be temporarily halted in Brazil due to uncontrolled spread of COVID-19 in the nation. Thus, the above-mentioned factors are expected to negatively impact the demand for automotive steering systems across the region.

The overall SAM automotive steering system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the SAM automotive steering system market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the SAM 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; and ThyssenKrupp AG are among the key players operating in the SAM automotive steering system market.

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