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.
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.
South Korea Automotive Electro Hydraulic Power Steering Systems 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 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.
South Korea Automotive Electro Hydraulic Power Steering systems Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Vehicle Type (Passenger Vehicles and Commercial Vehicles) and Component Type (Steering Motor, Sensors, and Others)
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.
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.
The South Korea automotive electro hydraulic power steering systems market has been segmented on the basis of
- Passenger Vehicles
- Commercial Vehicles
- Steering Motor
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.