Market Size of Mexico Automotive EPS Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Automotive EPS Market Analysis
The Mexico Automotive Electric Power Steering Market was valued at USD 1.09 billion in 2021 and is expected to surpass a net valuation of USD 1.50 billion by 2027 end, registering a solid CAGR growth of 5.80% during the forecast period.
The inception of Covid-19 in Mexico halted automotive production including parts and components as well. Thus during the pandemic market EPS remained on the lower side of the graph witnessing a constant decline. Although after 2021, the market has agon regained its growth phase to showcase strong growth potential.
Over the medium term, rising ADAS features in vehicles coupled with improved technology is expted to provide major boost to the demand. As customers are becoming more aware of new safety systems and technology, they are increasingly selecting for vehicles with improved safety features. Automotive manufacturers have been forced to equip their vehicles with driver assistance systems, particularly steering assistance systems, as passenger safety concerns have grown. Such factors are pushing the demand for steering sensors.
The use of several steering sensors in electric power steering (EPS) helps to provide the driver with extra safety benefits. Furthermore, the adoption of stringent fuel efficiency standards by government and international safety measures, are seen as major drivers for the expansion and development of advanced steering systems (such as EPS), which make extensive use of steering sensors.
The automotive industry's recent shift in attention to technical developments such as electrification and autonomous driving has raised the demand for power steering in Mexico. At the same time, the manufacturers' preference for integrating advancements in vehicles suggests that the market will continue to grow. Autonomous vehicles (especially level 4 and level 5) that feature self-driving systems generally process huge amounts of data to give feedback to the steering system to drive smoothly clearing obstacles or perform turning maneuvers as per traffic signs. Due to this, it is expected that a greater number of sensors need to be incorporated in these types of vehicles, which is expected to drive the market for this segment.
