South America Automotive Steering System Market – Size, Trends and Forecast (2024

South America Automotive Steering System Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Steering is the essential component in moving the automotive in the proper direction. Evolution of the automotive steering marks from the manual model to the power steering model, obeying to the advancements in the automotive

South America Automotive Steering System Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

technology. Power steering has increased the standards of the passenger cars around the globe. Steering markets have a wide range of growth owing to the fact of the increase in the vehicle production, increasing lifespan, rise in the manufacturing companies of the automotive is showing a positive effect on the market.

South America Automotive Steering System Market Size & Growth:

South America Automotive steering system market is poised to reach a value of $40.10 billion in 2024 from $19.20 billion in 2018, growing with the CAGR of 6.11%. Key points like rising consumer preference and growing vehicle production, stringent fuel efficiency norms to drive the demand for steering systems, adoption of steer-by-wire technology and use of EPS in commercial vehicles are accelerating this market growth. Automotive steering system market has opportunities like rising potential applications and increased usage of smart systems. Factors like High costs are assisted with power steering systems, restricted ball bearing capacity of EPS systems, increasing number of on-demand taxi operators, maintaining a balance between smart steering and high cost are restricting the market growth.

South America Automotive Steering System Market Share:

Steering type, vehicle type, pivot alignment and geographical regions are the segments present reduce the lag. South

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South America Automotive Steering System Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

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