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
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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.
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
- Steering Column
- Electric Control Unit
- Electric Motor
- Rack & Pinion
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Column Electric Power Steering
- Rack Electric Power Steering
- Pinion Electric Power Steering
- Saudi Arabia
- South Africa
- 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.
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