South America Steering Column Control Module Market: South American Industry Analysis and Forecast (2024-2030)

South America Steering Column Control Module Market Definition:

A steering column is a column that connects the steering wheel to the vehicle's steering system. The link between the steering wheel and the steering column is the South America Steering Column Control Module. It controls the complete steering system and is placed at the top of the steering column.

 

Further, the South America Steering Column Control Module market is segmented by Steering Type, Vehicle Type, Distribution Channel, and geography. On the basis of Steering Type, the South America Steering Column Control Module market is segmented under Manual Steering and Power Steering. Based on the Vehicle Type, the South America Steering Column Control Module market is segmented under Passenger Cars and Commercial Vehicles. Based on the Distribution Channel, the South America Steering Column Control Module market is segmented under Original Equipment Manufacturer and Aftermarket sellers. By geography, the market covers the following countries: Brazil, Colombia, Venezuela, Chile, and the rest of South America. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million).

 

 

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South America Steering Column Control Module Market Dynamics:

Credit availability increases to increase the growth of the country's light-vehicle market.

 

The region has seen positive development in car demand and sales as the economy has improved (directly influencing consumer confidence), and credit availability has increased to support the country's light-vehicle market, expanding investment in the country, and strong export demand.

 

Participation of Brazil in the automotive parts export driving the market growth:

Because Brazil is a major exporter of automotive parts, the demand for light and heavy commercial vehicles for transportation is expected to increase in the near future. This has the potential to boost transportation vehicle manufacturing and sales while also bringing market economy stability.

 

Increase in middle-class car ownership percentage in the region

 

Strong regional economy, a growing middle class with higher purchasing power throughout South America, and sustained infrastructural investment all point to an increase in car ownership, which would ultimately help the market to grow in the region.

 

Market Restraint:

 

Social and Political instability hampering the market growth:

 

The South America Steering Column Control Module sector in South America is extremely vulnerable to social and political instability since nations such as Venezuela are witnessing a slowdown in economic growth, which has had a significant influence on the country's automotive industry.

 

South America Steering Column Control Module Trends:

 

Despite the pandemic, the passenger automobile industry in South America grew significantly in 2020. Despite the fact that sales of all types of vehicles fell by 216.6% in all of the region's countries combined in 2020, given the pandemic and the rate at which the economy is expected to recover, and the region's status as a hotspot for potential investors from all over the region, the industry is expected to rebound with strong numbers in the coming quarters.

 

Following the economic recession, which damaged both production and sales, the output of the Brazilian car sector has constantly decreased. However, the industry is gaining traction as economic indicators improve, directly influencing consumer confidence, and credit becomes more readily available to support the country's light-vehicle market and significant export demand from South American countries.

 

South America Steering Column Control Module Market Segment Analysis:

By Vehicle Type, the passenger car sales in the region have shown significant growth despite the pandemic effect on the several countries in the region. The countries are all set to bounce back, and being the major attention of most of the investors also helps the growth of the passenger car industry market growth in the region.

 

By Distribution Channel, South America is one of the regions with the highest promise in the present regional automotive aftermarket outlook. South America is forecasted to be among the top ten countries in terms of online automotive aftermarket and part sales.

 

 

South America Steering Column Control Module Market Regional Insights:

Brazil, Argentina, Colombia, etc. are some of the major markets of the South American region. Brazil is a significant exporter of automotive parts, and the demand for light and heavy commercial vehicles is expected to increase in the near future. This has the potential to boost transportation vehicle manufacturing and sales while also bringing stability to the market economy.

 

This region has a high rate of growth and distinct qualities that provide excellent business potential for auto care providers. South America GDP increased by 6% in 2023, exceeding the Asia-Pacific growth rate of 5.3%, thanks to the growth of its four largest economies — Brazil, Mexico, Argentina, and Colombia.

 

Argentina is South America's second-largest passenger automobile market. Although sales in the country fell by 18% from 2020 to 2021, strong incentive campaigns by OEMs are likely to boost passenger car sales during the forecast year.

 

With the automobile sector moving toward more sustainable manufacturing, research into electrification appears to have potential because the region is a hot investment zone, owing to the market's increasing nature, which can bring in a lot of money and improve market conditions.

 

Recent Developments in South America Steering Column Control Module Market

 

• January 2021- Ford Motor Company has halted vehicle production in Brazil as part of a reorganization of its South American operations. The moves, which include the closure of three factories, are estimated to result in pretax charges of USD 4.1 billion. However, the corporation intends to continue vehicle sales in Brazil by importing vehicles from Argentina, Uruguay, and other regional markets.

 

• Fiat announced a rebranding of its brand image in Brazil and South America in July 2020. The company's current and future focus will be on SUVs, which are currently missing from the brand's Brazilian lineup. In the following years, the company expects to introduce two SUVs, new turbo engines, and a CVT automatic transmission, all of which will be available in 2021.

 

COVID-19 Impact on South America Steering Column Control Module Market:

 

The country with the most COVID-19 instances is Brazil, followed by Ecuador, Chile, Peru, and Argentina, among others. SAM's government has taken a number of steps to protect its population and stem the spread of COVID-19. SAM is forecast to see fewer export revenues as commodity prices fall and export volumes fall, particularly in China, Europe, and the United States, which are all significant trading partners. Containment efforts in some SAM countries have had a negative influence on the industrial industry, particularly automotive production. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. For example, due to uncontrolled COVID-19 cases in Brazil, Toyota announced on March 25, 2020, that production of the Corolla Cross, Yaris, and Corolla would be temporarily halted in the country. As a result, the variables listed above are forecasted to have a negative influence on demand for vehicle steering systems in the region.

 

South America Steering Column Control Module Market Key Players Insights:

 

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the South America Steering Column Control Module market to the stakeholders in the industry. The report provides trends that are most dominant in the South America Steering Column Control Module market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the South America Steering Column Control Module Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the South America Steering Column Control Module market report is to help understand which market segments and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the South America Steering Column Control Module market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the South America Steering Column Control Module market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the South America Steering Column Control Module market. The report also analyses if the South America Steering Column Control Module market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, and if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the South America Steering Column Control Module market. Economic variables aid in the analysis of economic performance drivers that have an impact on the South America Steering Column Control Module market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the South America Steering Column Control Module market is aided by legal factors.

 

South America Steering Column Control Module Market Scope:

South America Steering Column Control Module Market Scope
Market Size in 2023	USD 110.71 Mn.
Market Size in 2030	USD 143.74 Mn.
CAGR (2024-2030)	3.8%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Steering Type Manual Steering Power Steering
	By Vehicle Type Passenger Cars Commercial Vehicle
	By Distribution Channel Original Equipment Manufacturer Aftermarket sellers
Country Scope	Brazil   Argentina   Rest of South America

 

South America Steering Column Control Module Market Key Players: 

• JTEKT Corporation (Japan)
• nexteer (US)
• NSK Ltd. (Japan)
• Robert Bosch GmbH (Germany)
• the mando corporation (South Korea)