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Middle East & Africa Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type

Middle East & Africa Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type

  • May 2021
  • 85 pages
  • ID: 6075701
  • Format: PDF
  • The Insight Partners

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The automotive steering system market in the MEA is expected to reach US$ 805.86 million by 2028 from US$ 652.97 million in 2020. The market is estimated to grow at a CAGR of 2.9% from 2021 to 2028. Electronic power steering (EPS) is mainly used in passenger cars and light commercial vehicles, with a small presence in heavy vehicles. With technological advances, EPS systems can carry more weight, and they can be used in commercial vehicles. Due to their higher load-bearing capability than EPS systems, hydraulic power steering (HPS) systems currently dominate the commercial vehicle market. HPS systems use the engine’s control, reducing fuel efficiency.

The EPS system is more fuel-efficient and reliable than HPS systems because it draws power from the tank.Increased load-bearing ability will allow this technology to be used in commercial vehicles as well.

In the coming years, such advances are expected to generate lucrative opportunities for EPS systems in the commercial vehicles segment for the automotive steering system market. The increase in integration of EPS and advanced driver-assistance systems (ADAS) is among the other factors expected to positively influence the demand for automotive steering system markets.

The commercial vehicles segment led the MEA automotive steering system market based on vehicle type in 2020.Small commercial vehicles, heavy trucks, coaches, and buses are examples of commercial vehicles (except for some countries in which the buses or heavy trucks data are not available).

The commercial vehicle segment is further segmented into light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles.Light commercial vehicles (LCVs) are cars with at least four wheels that are used to move goods.

Thus, the rising demand for commercial vehicles is expected to contribute to the growth of the automotive steering systems over the years.

South Africa is also highly impacted by the COVID-19 pandemic; however, the country has managed to reduce the average daily increase of COVID-19 cases from 23.2% prior to the lockdown to 7% during the lockdown. South Africa has the largest COVID-19 cases in the Middle East & Africa region, followed by Iran, among others. All industries across the region had come to a halt with the initial spread of the virus, and with the gradual reopening of the lockdown guidelines, industries are implementing and working on the changes needed to meet the customer’s distinct demands. In April, the number of pre-owned online car listings in the UAE dropped by nearly half. The automotive industry waits for the situation to return to normalcy and other industries to restart their work processes, with factories unable to resume operations and low requirements. Thus, the above-mentioned factors are expected to negatively impact the growth of the automotive steering system market in the region.

The overall MEA automotive steering system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the MEA automotive steering system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the MEA automotive steering system market. Nexteer Automotive, JTEKT Corporation, The Mando Corporation, NSK Ltd., Robert Bosch GmbH, and ThyssenKrupp AG are among the key players operating in the MEA automotive steering system market.

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