Market Size of South Korea Electro Hydraulic Power Steering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Electro-Hydraulic Power Steering Market Analysis
The South Korea electro-hydraulic power steering market is anticipated to register a CAGR of over 8% during the forecast period (2020-2025).
As most vehicles nowadays have become heavier and switched to front-wheel drive, along with an increase in tire diameter and width, the effort needed to turn the steering wheel manually would also increase. To reduce the manual effort, power steering or rather power-assisted steering were introduced to assist the driver. An advantage of power steering is its adjustable speed characteristic, where the steering is assisted more at low speed and assisted lightly at high speed to increase the control over the vehicle. This feature has gradually become a commonplace across all new vehicles. Of the different types of steering systems available nowadays, electro-hydraulic power steering is one of them.
Electro-hydraulic hybrid systems allow conventional hydraulic steering to run without the need of an engine-driven hydraulic pump. The hydraulic pressure instead is supplied by an electric motor pump unit that does not draw power from the engine. This concept is particularly helpful in vehicles that utilize conventional hydraulic steering as a basic technology but are also offered for hybrid-electric vehicle variants.
South Korea Electro-Hydraulic Power Steering Industry Segmentation
The South Korea Electro-Hydraulic Power Steering Market report covers a detailed study on the latest trends and innovations in the market which is Segmented by Vehicle Type (Passenger Vehicles and Commercial Vehicles), Component Type (Steering Motor, Sensors, and Others). Along with the major players, their strategies, innovations, technological advancements and financials are also covered in the report.
| Component Type | |
| Steering Column | |
| Sensors | |
| Steering Motor | |
| Others |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicle |
South Korea Electro Hydraulic Power Steering Market Size Summary
The South Korea electro-hydraulic power steering market is experiencing significant growth, driven by the increasing weight of vehicles and the shift towards front-wheel drive systems. This transition has necessitated the introduction of power-assisted steering systems to reduce the manual effort required to turn the steering wheel. Electro-hydraulic power steering systems, which combine hydraulic and electric motor technologies, are becoming more prevalent due to their ability to provide adjustable steering assistance based on vehicle speed. This feature enhances vehicle control and has become a standard in new vehicles. The market is also influenced by advancements in steering sensor technologies, which have improved the reliability and performance of these systems.
Despite the growth of electro-hydraulic power steering systems, the market faces competition from fully electronic power steering systems, which offer greater efficiency and simplicity. These systems eliminate the need for hydraulic pressure, reducing complexity and maintenance requirements. Major automotive manufacturers and OEMs are increasingly adopting these electronic systems, potentially impacting the growth of electro-hydraulic systems. However, electro-hydraulic systems continue to offer significant fuel savings compared to conventional hydraulic systems, making them attractive for commercial vehicle owners. The market is dominated by a few key players, such as JTEKT Corporation, Nexteer Automotive Group, ZF Friedrichshafen AG, NSK Ltd, and Robert Bosch GmbH, who maintain strong partnerships with major OEMs.
South Korea Electro Hydraulic Power Steering Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Component Type
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2.1.1 Steering Column
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2.1.2 Sensors
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2.1.3 Steering Motor
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2.1.4 Others
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicle
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South Korea Electro Hydraulic Power Steering Market Size FAQs
What is the current South Korea Electro Hydraulic Power Steering Market size?
The South Korea Electro Hydraulic Power Steering Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in South Korea Electro Hydraulic Power Steering Market?
JTEKT Corporation, Nexteer Automotive Group, ZF, NSK Group and Robert Bosch GmbH are the major companies operating in the South Korea Electro Hydraulic Power Steering Market.
