Latin America Electric Power Steering Market Astonishing Growth with Top Influencing Key Players like Hubei Henglong Auto System Group, Denso Corporation

Latest research on Latin America Electric Power Steering Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2021 to 2026 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the Latin America Electric Power Steering market. This report included a special section on the Impact of COVID19. Also, Latin America Electric Power Steering Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the Latin America Electric Power Steering industry.

Latin America Electric Power Steering market is growing at a CAGR of 4% during the forecast period (2021-2026).

The Latin America Electric Power Steering market is highly competitive and consists of a number of major players. Top Companies like Hubei Henglong Auto System Group, Denso Corporation, GKN PLC, JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd, Robert Bosch GmbH, Thyssenkrupp Presta AG, ZF Friedrichshafen AG

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Industry News And Developments:

- In 2019, NSK Ltd. which was a leader in electric power steering and Volkswagen AG have entered into a formal cooperation agreement, both companies steering divisions have agreed on development cooperation.

Scope of the Report

- 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.

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Key Market Trends

Sensors are Expected to Grow at Rapid Pace in the Market

The major change between the traditional power steering to electric power steering is the hydraulic parts of the system such as hoses, belts, and pumps which are replaced by digital sensors and motors in the EPS systems. Sensors are one of the most critical parts in the EPS system, mainly the torque sensor, which collects steering direct and road resistance input and communicate the torque to the EPS module. The sensors produce a digital square wave signal with the frequency depending on the speed with which the wheel is turning. The signal is low when the wheel is kept straight and increases as the wheel is turned away from the center. Some of the recent advancements of the EPS sensors are

In 2018, Hella showcased its steering and braking solutions in which it displayed the steering angle sensor, Torque and Angle Sensor (TAS). These sensors are based on contactless inductive position sensor (CIPOSA) technology, which measures the torque and angle of the steering wheel with accuracy.

Government Initiatives and Growing Emphasis on Safer Automotive Systems are Driving the Market

On an average, globally, about 1.24 million people die in road accidents each year, half of whom are vulnerable road users, such as pedestrians and motorcyclists, while the other half die because of side-impact accidents. According to the World Health Organization (WHO), 80% of cars sold in the world are not compliant with the main safety standards. Only 40 countries have adopted the full set of the seven most important regulations for car safety.

A significant increase in the number of accidents has also encouraged end-users to adopt better safety systems. Improvements in roadway and motor vehicle designs have steadily reduced injury and death rates in all the first world countries. However, the accident rates are still higher in some developing countries, and governments are focusing on implementing stringent safety norms and supporting the adoption of various subsystems in the vehicles.

What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: Latin America Electric Power Steering Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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