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South Korea Automotive Electro Hydraulic Power Steering Systems Market
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South Korea Automotive Electro Hydraulic Power Steering Systems Market

Segments - South Korea Automotive Electro Hydraulic Power Steering systems Market by Vehicle Type (Passenger Vehicles and Commercial Vehicles) and Component Type (Steering Motor, Sensors, and Others) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Akash Vedpathak
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Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :AL-1282 | 4.8 Rating | 52 Reviews | 184 Pages | Format : PDF Excel PPT

Report Description


The South Korea automotive electro-hydraulic power steering systems market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8% during 2023–2031. Growth of the market is attributed to rapidly expanding population, which has resulted in increased demand for both luxury and non-premium cars in all major countries.

A power steering system in a car assists drivers in directing the vehicle by reducing the amount of steering effort required to move the steering wheel, making it simple for the vehicle to turn or navigate. Hydraulic or electric actuators supply regulated energy to the steering system, allowing the driver to move the steered wheels with less effort when travelling at normal speeds, and reducing the physical effort required to turn the wheels significantly when the vehicle is stopped or going slowly.

South Korea Automotive Electro Hydraulic Power Steering systems Market Outlook

Power steering can also be designed to give artificial feedback on forces acting on the steering wheel. The steering wheel and the linkage that steers the wheels have a direct mechanical relationship in these systems. This implies that even if the power-steering system fails (to augment effort), the car may still be controlled manually. Instead of hydraulic systems, electric power steering systems employ electric motors to give assistance.

Power steering has the benefit of having a changeable speed characteristic, where the steering is helped more at low speeds and lighter at high speeds to improve vehicle control. This is a feature that has progressively become standard on all new automobiles. Electro-hydraulic power steering is one of the several types of steering systems available today.

  • Rising urbanization and industrial activity, as well as changing lifestyle and increase in demand for luxury and comfort in cars across many countries is anticipated to fuel the market during the forecast period.

  • Increase in vehicle sales due to improved fuel efficiency and reduced emissions are key factors propelling the market.

  • High cost of automobile electric power steering compared to traditional steering systems is expected to hamper the market expansion.

  • Lack of skilled labor act as main challenge that can hinder the market expansion during the forecast period.

  • Technological advancement is estimated to offer immense opportunities for the market players.

Scope of South Korea Automotive Electro Hydraulic Power Steering Systems Market Report

The report on the South Korea automotive electro hydraulic power steering systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

South Korea Automotive Electro Hydraulic Power Steering systems Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Vehicle Type (Passenger Vehicles and Commercial Vehicles) and Component Type (Steering Motor, Sensors, and Others)

Regional Scope

South Korea

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Robert Bosch GmbH, ZF, NSK Group, JTEKT Corporation, and Nexteer Automotive Group.

South Korea Automotive Electro Hydraulic Power Steering Systems Market Segment Insights

The commercial vehicle segment is projected to hold a large market share

On the basis of vehicle types, the South Korea automotive electro hydraulic power steering systems market is bifurcated into passenger vehicles and commercial vehicles. The commercial segment is expected to represent a key share of the market during the forecast period. Over 70% of the gasoline spent by a typical hydraulic power steering (HPS) system is superfluous and may be eliminated, making energy conservation one of the most important problems in the development of modern heavy vehicles, particularly steering systems. An EHPS product from TRW has achieved fuel savings of 0.2 L/100 km.

South Korea Automotive Electro Hydraulic Power Steering systems Market Vehicle Type

The sensor segment is anticipated to expand at a rapid pace

On the basis of component type, the South Korea automotive electro-hydraulic power steering systems market is divided into steering motor, sensors, and others. The sensor segment is expected to represent a key share of the market during the forecast period. The sensor segment is projected to expand at a CAGR of 6.1% during the forecast period. In the electric power steering market, sensors are crucial. Torque sensor, steering wheel speed sensor, and position sensor are the three most common types of sensors.

An electric power steering system, which incorporates an electro hydraulic system, is an alternative to the traditional steering system. When this electric motor is turned on, the wheel is rotated one way or the other, resulting in improved fuel economy. The torque sensor is based on the idea of non-contact magnetic measurement.

Segments

The South Korea automotive electro hydraulic power steering systems market has been segmented on the basis of

Vehicle Types

  • Passenger Vehicles
  • Commercial Vehicles

Component Types

  • Steering Motor
  • Sensors
  • Others

Key Players

Competitive Landscape

Key players competing in the South Korea automotive electro hydraulic power steering systems market include Robert Bosch GmbH, ZF, NSK Group, JTEKT Corporation, and Nexteer Automotive Group.

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

South Korea Automotive Electro Hydraulic Power Steering systems Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Automotive Electro Hydraulic Power Steering systems Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Automotive Electro Hydraulic Power Steering systems Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Automotive Electro Hydraulic Power Steering systems Market - Supply Chain
  4.5. Global Automotive Electro Hydraulic Power Steering systems Market Forecast
     4.5.1. Automotive Electro Hydraulic Power Steering systems Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Automotive Electro Hydraulic Power Steering systems Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Automotive Electro Hydraulic Power Steering systems Market Absolute $ Opportunity
5. Global Automotive Electro Hydraulic Power Steering systems Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Types
     5.3.1. Passenger Vehicles
     5.3.2. Commercial Vehicles
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Automotive Electro Hydraulic Power Steering systems Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Automotive Electro Hydraulic Power Steering systems Demand Share Forecast, 2019-2026
7. North America Automotive Electro Hydraulic Power Steering systems Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Types
     7.4.1. Passenger Vehicles
     7.4.2. Commercial Vehicles
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Automotive Electro Hydraulic Power Steering systems Demand Share Forecast, 2019-2026
8. Latin America Automotive Electro Hydraulic Power Steering systems Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Types
     8.4.1. Passenger Vehicles
     8.4.2. Commercial Vehicles
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Automotive Electro Hydraulic Power Steering systems Demand Share Forecast, 2019-2026
9. Europe Automotive Electro Hydraulic Power Steering systems Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Types
     9.4.1. Passenger Vehicles
     9.4.2. Commercial Vehicles
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Automotive Electro Hydraulic Power Steering systems Demand Share Forecast, 2019-2026
10. Asia Pacific Automotive Electro Hydraulic Power Steering systems Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Types
     10.4.1. Passenger Vehicles
     10.4.2. Commercial Vehicles
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Automotive Electro Hydraulic Power Steering systems Demand Share Forecast, 2019-2026
11. Middle East & Africa Automotive Electro Hydraulic Power Steering systems Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Automotive Electro Hydraulic Power Steering systems Market Size and Volume Forecast by Types
     11.4.1. Passenger Vehicles
     11.4.2. Commercial Vehicles
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Automotive Electro Hydraulic Power Steering systems Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Automotive Electro Hydraulic Power Steering systems Market: Market Share Analysis
  12.2. Automotive Electro Hydraulic Power Steering systems Distributors and Customers
  12.3. Automotive Electro Hydraulic Power Steering systems Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Robert Bosch GmbH
     12.4.2. ZF
     12.4.3. NSK Group
     12.4.4. JTEKT Corporation
     12.4.5. Nexteer Automotive Group
     12.4.6.  

Methodology

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