Brazil Automotive Electric Power Steering (EPS) Market

The Brazil automotive electric power steering market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 4% during 2023–2031. The growth of market is attributed to increasing the frequency of incidents has also prompted end-users to implement improved safety systems.

Brazil is among the most important car marketplaces. With a population of 210 million people, South America is the world's sixth major vehicle market in terms of new registrations. However, Brazil is notable for more than just its huge desire for automobiles. It is also one of the top 10 passenger car manufacturers in the world.

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The Brazil economy is expanding, and middle-class consumers’ disposable income is rising along with it. This has a favorable impact on the increasing demand for automobiles. Vehicle production has increased dramatically in the last five years as a result of the countries cheap manufacturing prices.

Brazil is a big country, and road transit is the primary form of transportation. Many other big countries, such as the United States, employ other modes of transportation, such as railroads, to deliver commodities, but Brazil's rail system is not as developed, resulting in a great need for commercial vehicles.

The electric power steering component market is gaining traction as a result of increased vehicle production. In addition, in order to boost car sales, the Brazil government has reduced automobile taxes to increase cars sales.

Electric power steering systems are more fuel-efficient than other alternatives because they do not use belt-driven hydraulic or manual pumps, which operate continuously whether assistance is required or not.

For completely automated driving, electric power steering (EPS) is a crucial technology. Small, mid-range, sports automobiles, as well as light commercial vehicles, all benefit from the EPS variations. The vehicle steering is controlled by an electric motor on the EPS.

The EPS manages and supports vehicle steering with the use of an electric motor, resulting in a smooth and enjoyable steering experience. Furthermore, the new generation of control units offers security in the event of a malfunction.

Brazil Automotive Electric Power Steering Market Trends, Drivers, Restraints, and Opportunities

• Rapid growth of the auto industries is major factors driving the market in the coming years.

• Growing trend to own a personal vehicle also high demand for advance technology with maximum safety features is estimated to fuel the market during the forecast period.

• Rising popularity of self-driving vehicles is expected to boost the market in the coming years.

• Roadway and vehicle design advancements have gradually lowered injury and fatality rates which are projected to propel the market.

• High price of electric power steering (EPS) components is expected to hamper the market growth.

• Semiconductor shortage acts as key challenges that hampers the market growth during the forecast period.

Scope of Brazil Automotive Electric Power Steering Market Report

The report on the Brazil automotive electric power steering market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Brazil Automotive Electric Power Steering Market Segment Insights

The pinion assist type (PEPS) segment is projected to account for a large market share

Based on product types, the Brazil automotive electric power steering market is divided into rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS). The pinion assist type (PEPS) segment is expected to represent a key share of the market during the forecast period due to wide usage for control and assist of the vehicle steering from mid-size to SUVs.

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The passenger car segment is expected to expand at a rapid pace

On the basis of vehicle types, the Brazil automotive electric power steering market is bifurcated into passenger car and commercial vehicle. The passenger car segment is expected to account for a key share of the market in the coming years owing to benefits, such as less expensive and low maintenance cost.

The sensor segment is expected to grow at a rapid pace

In terms of component types, the Brazil automotive electric power steering market is segmented into sensor, steering motor, steering rack/column, and others. The sensor segment is expected to represent a key share of the market during the forecast period owing to replacement of traditional parts of vehicles such as belts, and pumps by sensors also in process control, monitoring, and safety all done by sensors.

Segments

The Brazil automotive electric power steering market has been segmented on the basis of

Product Types

• Rack assist type (REPS)
• Colum assist type (CEPS)
• Pinion assist type (PEPS)

Vehicle Types

• Passenger Car
• Commercial Vehicle

Component Types

• Sensor
• Steering Motor
• Steering Rack/Column
• Others

Country

• Japan

Key Players

• Robert Bosch GmbH NSK Ltd
• ZF Friedrichshafen AG
• JTEKT Corporation
• Nexteer Automotive Group Ltd

Competitive Landscape

Key players competing in the Brazil automotive electric power steering market include Robert Bosch GmbH NSK Ltd.; ZF Friedrichshafen AG; JTEKT Corporation; Nexteer Automotive Group Ltd.

Some of these players are coming up with several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.