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Written by Mohit singh » Updated on: July 25th, 2024
Electro-Hydraulic Power Steering Market- South Korea
Market Statistics
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 8.30% (2024-2032)
The South Korea Electro-Hydraulic Power Steering Market is experiencing significant growth, driven by consumer preferences for convenience and time-saving solutions. South Korea electro-hydraulic power steering market size is projected to exhibit a growth rate (CAGR) of 8.30% during 2024-2032.
South Korea Electro-Hydraulic Power Steering Industry Trends and Drivers:
Market Growth Drivers for Electro-Hydraulic Power Steering (EHPS) Systems in South Korea
• Demand for Improved Fuel Efficiency and Reduced Emissions:
o Growing preference for better fuel efficiency and lower emissions compared to traditional hydraulic systems.
• Integration of Advanced Technologies:
o Rising use of AI and ML in EHPS systems to boost performance and efficiency.
• Government Regulations and Initiatives:
o Introduction of stringent regulations to reduce vehicular emissions.
o Initiatives encouraging the adoption of eco-friendly technologies by key players.
• Increased Awareness:
o Rising public awareness about fuel efficiency and environmental impact of vehicles.
• Automotive Sector Growth:
o Increasing production and sales of vehicles with advanced steering systems.
o Thriving automotive sector contributing to market growth.
• Adoption of Electric and Hybrid Vehicles:
o Growing popularity of electric and hybrid vehicles equipped with EHPS.
o Compatibility of EHPS with electric and hybrid vehicles offering a favorable market outlook.
• Development of Advanced Road Infrastructure:
o Need for sophisticated steering systems for better navigation and safety in new road infrastructure.
• Strategic Collaborations:
o Rising collaborations between automotive manufacturers and technology providers to develop and integrate EHPS systems.
• Emphasis on Vehicle Safety:
o Increasing focus on vehicle safety and the role of EHPS in enhancing driver control and reducing accidents.
o Lucrative growth opportunities for industry investors.
• Expansion of OEM Presence:
o Growing presence of OEMs in South Korea driving demand for EHPS systems in new vehicles.
• Adoption of Luxury and High-End Vehicles:
o Increasing adoption of luxury and high-end vehicles that include EHPS as a standard feature.
• Replacement and Upgrade Needs:
o Aging vehicle fleet in South Korea necessitating the replacement and upgrade of steering systems, facilitating market growth.
Download a sample copy of the Report: https://www.imarcgroup.com/south-korea-electro-hydraulic-power-steering-market/requestsample
South Korea Electro-Hydraulic Power Steering Industry Segmentation:
The report has segmented the market into the following categories:
Component Type Insights:
• Steering Column
• Sensors
• Steering Motor
• Others
Vehicle Type Insights:
• Passenger Cars
• Commercial Vehicle
Regional Insights:
• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
Request for customization: https://www.imarcgroup.com/request?type=report&id=19831&flag=E
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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