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MARKET OUTLOOK

Triton Market Research has stated that the automotive steering system market in Latin America is likely to grow with a CAGR of 5.19% over the forecast years from 2021 to 2028. Mexico, Brazil, and Rest of Latin America together comprise the market in this region.

The Rest of Latin America region constitutes various emerging economies, such as Chile, Argentina, Venezuela, Costa Rica, Ecuador, and Peru, among others. In July 2017, the Government of Argentina announced lowering the import duties on battery electric vehicles (BEVs), fuel cell electric vehicles (FCEV), and hybrid electric vehicles (including conventional and plug-in hybrids). The import tariffs fell from 35% previously, to a range of 0% to 5%. This depended on factors such as the vehicles’ powertrain and whether they were imported as completely built units (CBU), semi-knocked down (SKD) units, or completely knocked-down (CKD) units.

Also, the presence of companies such as Ferreirós y Vilela SA in the country helps in the growth of the automotive steering system market. Presently, it supplies all models of rack and pinion steering systems in the market, and others that are manufactured based on customers’ request. Its plant in San Isidro, has a well-developed infrastructure, with highly trained personnel in all its areas. This indicates growth for the automotive steering system market in the region in the coming years. Further, several multinational players in the automotive industries have their production facilities in Mexico and Brazil. This shows that there is great potential for the studied market in Latin America.

COMPETITIVE OUTLOOK

NSK Ltd, Hyundai Mobis, Denso Corporation, Hitachi Astemo Ltd, Nexteer Automotive Corporation, and ZF Friedrichshafen AG are some of the prominent names in the automotive steering system market.