Mexico Automotive EPS Market Size (2024 - 2029)

Mexico Automotive EPS Market Analysis

The Mexico Automotive Electric Power Steering Market was valued at USD 1.09 billion in 2021 and is expected to surpass a net valuation of USD 1.50 billion by 2027 end, registering a solid CAGR growth of 5.80% during the forecast period.

The inception of Covid-19 in Mexico halted automotive production including parts and components as well. Thus during the pandemic market EPS remained on the lower side of the graph witnessing a constant decline. Although after 2021, the market has agon regained its growth phase to showcase strong growth potential.

Over the medium term, rising ADAS features in vehicles coupled with improved technology is expted to provide major boost to the demand. As customers are becoming more aware of new safety systems and technology, they are increasingly selecting for vehicles with improved safety features. Automotive manufacturers have been forced to equip their vehicles with driver assistance systems, particularly steering assistance systems, as passenger safety concerns have grown. Such factors are pushing the demand for steering sensors. 

The use of several steering sensors in electric power steering (EPS) helps to provide the driver with extra safety benefits. Furthermore, the adoption of stringent fuel efficiency standards by government and international safety measures, are seen as major drivers for the expansion and development of advanced steering systems (such as EPS), which make extensive use of steering sensors.

The automotive industry's recent shift in attention to technical developments such as electrification and autonomous driving has raised the demand for power steering in Mexico. At the same time, the manufacturers' preference for integrating advancements in vehicles suggests that the market will continue to grow. Autonomous vehicles (especially level 4 and level 5) that feature self-driving systems generally process huge amounts of data to give feedback to the steering system to drive smoothly clearing obstacles or perform turning maneuvers as per traffic signs. Due to this, it is expected that a greater number of sensors need to be incorporated in these types of vehicles, which is expected to drive the market for this segment.

Mexico Automotive EPS Industry Segmentation

Automotive EPS Motor is an integral component, due to its basic functionality of allowing the driver to steer the car by augmenting steering efforts needed to turn the steering wheel. Factors such as extensive ownership of personal vehicles and growing technological advancements will see the rise of the EPS market. 

Electric power steering (EPS) has remained key technology for vehicle technology. In addition, EPS has been well equipped to meet the requirements for all small, mid-range, sports cars as well as light commercial vehicles. These EPS has installed electric motor that controls the vehicle steering and provides an optimal steering feel. The Mexico automotive EPS market is segmented by vehicle type, EPS type, and demand category. By application type, the market has been segmented into passenger cars and commercial vehicles. 

By EPS type, the market is segmented into rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS)). and by demand category, the market has been segmented into OEM and replacement. For each segment, the market sizing and forecast have been done based on value (USD billion).