LAMEA Automotive Electric Power Steering Market Size, 2030

LAMEA Automotive Electric Power Steering Market Size, Share & Industry Trends Analysis Report By Propulsion Type (ICE and Electric), By Component, By Vehicle Type (Passenger Cars and Commercial Vehicles), By Type, By Country and Growth Forecast, 2023 - 2030

Published Date: August-2023 | Number of Pages: 138 | Format: PDF | Report ID: KBV-16381

Special Offering: Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support


Get in-depth analysis of the COVID-19 impact on the LAMEA Automotive Electric Power Steering Market

Market Report Description

The Latin America, Middle East and Africa Automotive Electric Power Steering Market would witness market growth of 7.5% CAGR during the forecast period (2023-2030).

The electric power steering (EPS) system assists the driver in steering the vehicle with ease. The system employs an electric motor affixed to the steering rack or column. Motor-mounted sensors assess the driver's torque or rotational effort to the steering wheel. The information gathered by the sensors is used to determine how much steering assistance the front axles require from the driver. The vehicle's speed is the most important factor when assessing the output provided by EPS. Electric power steering (EPS) increases vehicle safety while improving handling and steering control by applying torque to vehicle speed and supplying active torque in hazardous driving situations.

OEMs are integrating advanced sensors into the EPS to enhance the vehicle's overall performance and safety. Using multiple steering sensors in electric power steering (EPS) contributes to the driver's enhanced protection. In addition, the government's adoption of stringent fuel efficiency standards and international safety measures are viewed as significant catalysts for the growth and advancement of advanced steering systems (like EPS) that employ steering sensors extensively.

The UAE’s commercial vehicle industry will continue to grow due to the massive infrastructural and planned housing projects. In contrast to heavy retail vehicle sales, which will continue to be bolstered by substantial infrastructure and other development projects, light commercial vehicle sales should continue to soar due to more excellent businesses and investments linked to growing migration from nearby nations. Additionally, the demand for buses and minibuses will continue to rise favorably to meet the needs of the UAE’s expanding tourism and hospitality industries and the increasing need for use by construction workers. With the burgeoning demand for automobiles, the need for electric power steering would also rise, resulting in market growth.

The Brazil market dominated the LAMEA Automotive Electric Power Steering Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $593.4 million by 2030. The Argentina market is showcasing a CAGR of 8.1% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 7.2% during (2023 - 2030).

Based on Propulsion Type, the market is segmented into ICE and Electric. Based on Component, the market is segmented into Steering Column, Electric Control Unit, Electric Motor, Rack & Pinion and Others. Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Type, the market is segmented into Column Electric Power Steering, Rack Electric Power Steering and Pinion Electric Power Steering. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.

Free Valuable Insights: The Worldwide Automotive Electric Power Steering Market is Projected to reach USD 35.6 Billion by 2030, at a CAGR of 5.6%

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NSK Ltd., Robert Bosch GmbH, HL Mando Corporation, Hitachi, Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, BBB Industries (Clearlake Capital Group, L.P.), Nexteer Automotive (Pacific Century Motors) and Zhejiang Shibao Co., Ltd.

Scope of the Study

Market Segments Covered in the Report:

By Propulsion Type

  • ICE
  • Electric

By Component

  • Steering Column
  • Electric Control Unit
  • Electric Motor
  • Rack & Pinion
  • Others

By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles

By Type

  • Column Electric Power Steering
  • Rack Electric Power Steering
  • Pinion Electric Power Steering

By Country

  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • NSK Ltd.
  • Robert Bosch GmbH
  • HL Mando Corporation
  • Hitachi, Ltd.
  • JTEKT Corporation
  • ZF Friedrichshafen AG
  • Thyssenkrupp AG
  • BBB Industries (Clearlake Capital Group, L.P.)
  • Nexteer Automotive (Pacific Century Motors)
  • Zhejiang Shibao Co., Ltd.

Unique Offerings from KBV Research

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Related Reports:

Global Market 2023-2030

North America Market 2023-2030

Asia Pacific Market 2023-2030

Europe Market 2023-2030

Purchase Report


Special Pricing & Discounts

  • Buy Sections of This Report
  • Buy Country Level Reports
  • Request for Historical Data
  • Discounts Available for Start-Ups & Universities