South Korea Automotive Electro-Hydraulic Power Steering Market Size Insights Forecasts to 2032
- The South Korean Automotive Electro-Hydraulic Power Steering Market Size was valued at USD XX Billion in 2022.
- The Market Size is Growing at a CAGR of 7.5% from 2022 to 2032.
- The South Korean Automotive Electro-Hydraulic Power Steering Market Size is Expected to Reach XX Billion by 2032.
Get more details on this report -
The South Korean Automotive Electro-Hydraulic Power Steering Market Size is Expected to Reach USD XX Billion by 2032, at a CAGR of 7.5% during the forecast period 2022 to 2032.
Electro-Hydraulic Power Steering (EHPS) is a type of power steering system found in automobiles. It combines hydraulic and electrical components to provide efficient and responsive steering control, enhancing the driving experience. Hydraulic or electric actuators provide regulated energy to the steering system, allowing the driver to move the steered wheels with less effort at normal speeds and significantly reducing the physical effort required to turn the wheels when the vehicle is stopped or moving slowly. The electro-hydraulic power steering (EHPS) is an important part of the automotive industry, providing advanced steering technology that improves vehicle handling and control. Hydraulic and electrical components are combined in electro-hydraulic power steering systems to provide a responsive and efficient steering experience.
This research report categorizes the market for South Korean Automotive Electro-Hydraulic Power Steering market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korean Automotive Electro-Hydraulic Power Steering market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korean Automotive Electro-Hydraulic Power Steering market.
Rising urbanization and industrial activity, as well as changing lifestyles and increased demand for luxury and comfort in automobiles, are expected to fuel the market during the forecast period. Increased vehicle sales as a result of improved fuel efficiency and lower emissions are driving the market. Furthermore, technological advancement is expected to provide enormous opportunities for market participants.
The high cost of automobile electric power steering compared to traditional steering systems is expected to hamper market growth.
- In 2022, the passenger vehicles segment accounted for the largest revenue share over the forecast period.
Based on the vehicle type, the South Korean automotive electro-hydraulic power steering market is segmented into passenger vehicles and commercial vehicles. Among these, the passenger vehicles segment is expected to hold a significant market share over the forecast period. This can be attributed to technological advancements in automobiles, which have been increasing at an unprecedented rate. Although several passenger cars already have some form of advanced power handling, because it improves fuel efficiency, no assistance is required to operate the power handling manually. As a result, advanced product technology continues to play an important role in the automated development of the automotive sector, creating significant growth opportunities for the automotive electro-hydraulic power steering market in such applications.
- In 2022, the sensors segment accounted for the largest revenue share over the forecast period.
Based on component type, the South Korean Automotive Electro-Hydraulic Power Steering market is segmented into steering motors, sensors, and others. Among these, the sensors segment has the largest revenue share over the forecast period. Sensors are critical in the electric power steering market. The three most common types of sensors are torque sensor, steering wheel speed sensor, and position sensor. An alternative to the traditional steering system is an electric power steering system that incorporates an electro-hydraulic system. When this electric motor is activated, the wheel rotates in one direction or the other, resulting in improved fuel economy. The torque sensor operates on the non-contact magnetic measurement principle.
The report offers the appropriate analysis of the key organizations/companies involved within the South Korean Automotive Electro-Hydraulic Power Steering market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- ATS Automation
- Denso Corporation
- GKN PLC
- Hitachi Automotive Systems Ltd.
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automation
- NSK Ltd.
- Robert Bosch GmbH
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korean Automotive Electro-Hydraulic Power Steering Market based on the below-mentioned segments:
South Korean Automotive Electro-Hydraulic Power Steering Market, By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
South Korea Automotive Electro-Hydraulic Power Steering Market, By Component Type
- Steering Motor
Need help to buy this report?