Latin America Electric Power Steering Market Size (2024 - 2029)

The Latin America Electric Power Steering market is anticipated to experience growth driven by the integration of advanced steering sensors that enhance driver safety and comply with stringent fuel economy and safety regulations. The market's expansion is supported by the fuel efficiency of electric power steering systems, which eliminate the need for constantly running hydraulic or manual pumps, thereby offering significant fuel savings and reduced CO2 emissions. This technology is particularly beneficial for large commercial vehicles, which require higher torque and have greater mileage and load demands compared to passenger cars.

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Market Size of Latin America Electric Power Steering Industry

Market_Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.00 %
Market Concentration Medium

Major Players

Latin America Electric Power Steering Market Major Players

*Disclaimer: Major Players sorted in no particular order

Latin America Electric Power Steering Market Analysis

The Latin America Automotive EPS Market is projected to grow with a CAGR of more than 4% during the forecast period.

  • The integration of numerous steering sensors in an electric power steering (EPS) helps provide additional safety benefits to the driver. Moreover, the enactment of stringent fuel economy norms, along with safety initiatives by the governments and international associations, are considered important drivers for the growth and development of the advanced steering systems.
  • Electric power steering systems are fuel-efficient as compared to the other alternatives, which is due to the absence of belt-driven hydraulic or manual pumps, which run constantly, whether assistance is required or not. EPS provides fuel savings as high as 0.4 l for every 100 km, along with a reduction in CO2 emissions of up to 7 g/km.
  • Major automakers have their own electric power steering systems such as Ford adaptive power steering. Adaptive steering systems of Ford utilize a precision-controlled actuator just inside the steering wheel, without making any changes to its traditional steering system. Adaptive steering makes the car more nimble and easier to turn.
  • Large commercial vehicles, such as buses and trucks are different from passenger cars, as the large vehicles have the requirement of higher torque to provide steering assistance, additionally, they have much higher mileages, heavier loads and more constant use than passenger cars, due to all the above reasons EPS is a much-needed solution for commercial vehicles.

Latin America Electric Power Steering Industry Segmentation

The Latin America automotive EPS market covers the latest trends and technological development and market demand by type, component type, vehicle type, and market share of major automotive EPS manufacturing companies across Latin America.

By Type
Column Type
Pinion Type
Dual Pinion Type
By Component Type
Steering Rack/Column
Sensor
Steering Motor
Other Components
By Vehicle Type
Passenger Cars
Commercial Vehicles
By Country
Brazil
Argentina
Mexico
Chile
Colombia
Rest of Latin America
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Latin America Electric Power Steering Market Size Summary

The Latin America Electric Power Steering (EPS) market is experiencing growth driven by the increasing integration of advanced steering sensors that enhance driver safety. The shift from traditional hydraulic systems to EPS, which utilizes digital sensors and motors, is a significant factor in this expansion. This transition is supported by stringent fuel economy regulations and safety initiatives from governments and international bodies, which are encouraging the adoption of more efficient and safer steering systems. EPS systems are particularly beneficial for large commercial vehicles, such as buses and trucks, due to their higher torque requirements and constant use. Major automakers, including Ford, are developing their own EPS systems, which offer features like adaptive steering to improve vehicle maneuverability.

The market is moderately consolidated, with key players such as Robert Bosch GmbH, Continental AG, and TE Connectivity leading the industry. These companies are engaging in partnerships and collaborations to strengthen their market positions. The adoption of advanced safety systems in vehicles is becoming a priority for consumers, driven by a growing awareness of road safety and the need for improved vehicle designs. Innovations in steering sensor technology, such as those by Hella and Infineon Technologies, are further propelling market growth. As a result, the Latin America EPS market is poised for continued expansion, supported by technological advancements and regulatory pressures aimed at enhancing vehicle safety and efficiency.

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Latin America Electric Power Steering Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Column Type

      2. 2.1.2 Pinion Type

      3. 2.1.3 Dual Pinion Type

    2. 2.2 By Component Type

      1. 2.2.1 Steering Rack/Column

      2. 2.2.2 Sensor

      3. 2.2.3 Steering Motor

      4. 2.2.4 Other Components

    3. 2.3 By Vehicle Type

      1. 2.3.1 Passenger Cars

      2. 2.3.2 Commercial Vehicles

    4. 2.4 By Country

      1. 2.4.1 Brazil

      2. 2.4.2 Argentina

      3. 2.4.3 Mexico

      4. 2.4.4 Chile

      5. 2.4.5 Colombia

      6. 2.4.6 Rest of Latin America

Latin America Electric Power Steering Market Size FAQs

The Latin America Electric Power Steering Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Robert Bosch GmbH, NSK Ltd., ZF Friedrichshafen AG, JTEKT Corporation and Nexteer Automotive Group Ltd are the major companies operating in the Latin America Electric Power Steering Market.

Latin America Electric Power Steering Report Snapshots

Latin America Electric Power Steering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)