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 2021 – 2028
The South Korea automotive electro-hydraulic power steering systems market size is expected to expand at a substantial CAGR of 8% during the forecast period, 2021–2028. 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.
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.
Market Trends, Drivers, Restraints, and Opportunities
- 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 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 |
2020 |
|
Historic Data |
2018–2019 |
|
Forecast Period |
2021–2028 |
|
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. |
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.
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
- Robert Bosch GmbH
- ZF
- NSK Group
- JTEKT Corporation
- Nexteer Automotive Group
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.
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.
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.
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
- Robert Bosch GmbH
- ZF
- NSK Group
- JTEKT Corporation
- Nexteer Automotive Group
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.
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