IMARC Group has recently released a new research study titled “South Korea Electro-Hydraulic Power Steering Market Report by Component Type (Steering Column, Sensors, Steering Motor, and Others), Vehicle Type (Passenger Cars, Commercial Vehicle), and Region 2025-2033”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
South Korea Electro-Hydraulic Power Steering Market Overview
The South Korea electro-hydraulic power steering market size was USD 550 Million in 2024 and is expected to reach USD 900 Million by 2033, growing at a CAGR of 5.1% between 2025 and 2033. Growth is driven by increasing demand for fuel-efficient vehicles, enhanced driving comfort preferences, stringent safety regulations, a rapidly expanding automotive industry, technological advancements, robust manufacturing capabilities, rising consumer awareness, and electric/hybrid vehicle opportunities.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
South Korea Electro-Hydraulic Power Steering Market Key Takeaways
- Current Market Size: USD 550 Million (2024)
- CAGR: 5.1% (2025-2033)
- Forecast Period: 2025-2033
- Electro-hydraulic power steering (EHPS) combines hydraulic and electrical components to aid vehicle steering and enhances fuel efficiency and driving comfort.
- Key components include steering column, sensors, steering motor, and others.
- The market segments cover passenger cars and commercial vehicles.
- Major regional markets include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.
- Stringent safety regulations and increasing automotive production in South Korea are key growth catalysts.
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Market Growth Factors
The South Korea electro-hydraulic power steering market is fueled by the growing demand for fuel-efficient and environmentally friendly vehicles. Automakers are embracing advanced steering systems that reduce power consumption compared to traditional hydraulic systems. This shift caters to increasing government mandates for lower emissions and better fuel economy, making EHPS systems highly relevant in the evolving automotive sector.
Consumer preferences for enhanced driving comfort and improved handling have significantly driven EHPS adoption. These systems offer smoother, more responsive driving experiences, particularly assisting at low speeds and parking. This enhanced comfort aligns with rising consumer expectations and propels market growth.
Stringent safety regulations imposed by the government have accelerated the integration of advanced steering technologies in vehicles. These regulatory requirements aim to improve vehicle safety standards, requiring manufacturers to adopt reliable steering assistance technologies like EHPS. This regulatory pressure supports the market's expansion alongside rapid growth in South Korea's automotive production, including passenger cars and commercial vehicles.
Market Segmentation
Component Type Insights:
- Steering Column: Includes mechanical steering columns essential for steering system operation and integration within EHPS.
- Sensors: Comprise electronic sensors that monitor driver input, wheel position, and vehicle speed to control EHPS functionality.
- Steering Motor: Encompasses electric motors that assist hydraulic steering, providing variable power assistance based on conditions.
- Others: Covers additional components supporting EHPS operation such as hydraulic pumps, valves, and electronic control units.
Vehicle Type Insights:
- Passenger Cars: Vehicles designed primarily for personal transport incorporating EHPS for enhanced fuel efficiency and driving comfort.
- Commercial Vehicle: Larger vehicles such as trucks and buses utilizing EHPS systems to improve maneuverability and driver control.
Regional Insights
The dominant region in the South Korea electro-hydraulic power steering market includes the Seoul Capital Area. Other major regions comprising the market are Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others. Exact market shares or CAGR by region are not provided in the source.
The market is expanding across these regions supported by the concentration of automotive manufacturing hubs and consumer markets, reinforcing the overall country-level growth projections.
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Market Report Coverage
- Base Year of the Analysis: 2024
- Historical Period: 2019-2024
- Forecast Period: 2025-2033
- Units: Million USD
- Scope of the Report: Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment
- Component Types Covered: Steering Column, Sensors, Steering Motor, Others
- Vehicle Types Covered: Passenger Cars, Commercial Vehicle
- Regions Covered: Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), Others
- Customization Scope: 10% Free Customization
- Post-Sale Analyst Support: 10-12 Weeks
- Delivery Format: PDF and Excel via Email (editable PPT/Word on request)
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