South Korea Automotive Steering Market Overview, 2029

South Korea Automotive Steering Market Overview, 2029

Historically, manual steering systems dominated the market during the early stages of the industry's development in the 1960s, reflecting the emphasis on cost-effective manufacturing. However, as South Korean automakers expanded their presence internationally, there was a notable shift towards power steering systems to meet growing consumer demand for comfort and convenience. This transition accelerated with the liberalization of the economy in the 1990s, leading to the adoption of advanced technologies. Today, South Korea's automotive steering market is characterized by precision, reliability, and integration with advanced driver assistance features, reflecting the country's commitment to quality and innovation in the automotive sector. As vehicles become more connected and technologically advanced, there is a demand for steering systems that seamlessly integrate with in-car infotainment systems, smartphone connectivity, and other vehicle functions. South Korea stands as a dynamic and robust industry, deeply entrenched in the nation's economic fabric and renowned for its innovation, quality, and global competitiveness. These companies have garnered acclaim for producing a diverse range of vehicles spanning passenger cars, commercial vehicles, electric vehicles (EVs), and advanced mobility solutions. South Korea's automotive industry boasts a strong ecosystem of suppliers, research institutions, and technological innovators, fostering a culture of continuous improvement and technological advancement. The nation's automotive prowess extends beyond manufacturing, with South Korean brands gaining international recognition for their reliability, cutting-edge design, and emphasis on sustainability. South Korea has emerged as a leader in electric and autonomous vehicle technologies, with significant investments and government support driving innovation in these areas. With a steadfast commitment to quality, innovation, and sustainability, the automotive market in South Korea continues to thrive and make significant contributions to the nation's economy and global automotive landscape. In South Africa, the automotive industry is a significant contributor to the country's economy, and government policies play a crucial role in shaping its direction and growth. The South African government has implemented various policies and initiatives aimed at supporting the automotive sector, promoting local manufacturing, attracting investment, and fostering innovation. One of the key policies is the Automotive Production and Development Programme (APDP), which provides incentives and support measures to local automotive manufacturers and encourages the production of vehicles and components in South Africa. The APDP aims to increase local content levels, create jobs, and enhance the competitiveness of the automotive industry on the global stage.

According to the research report, ""South Korea Automotive Steering Market Outlook, 2029,"" published by Bonafide Research, the South Korea Automotive Steering market is anticipated to add to more than USD 0.76 Billion by 2024–29. Key players like Bosch Automotive Steering, ZF Friedrichshafen AG, JTEKT Corporation, and Nexteer Automotive lead the sector with a diverse array of steering technologies, ranging from electric power steering (EPS) to advanced steer-by-wire systems. Strategies within the industry emphasize the adoption of EPS technology for improved efficiency and performance, integration of advanced features. Influencing factors include stringent safety regulations, evolving consumer preferences for electric vehicles and autonomous driving features, technological advancements, and economic conditions. In South Korea, the automotive steering sector benefits from the country's strong technological innovation ecosystem, government support for research and development, integration with the electric vehicle market, and strategic partnerships with global manufacturers. These factors position South Korea as a key player in shaping the future of automotive steering technologies globally. South Korea's automotive industry is characterized by a culture of excellence, efficiency, and innovation, with a strong emphasis on quality and reliability. South Korean automakers such as Hyundai Motor Company and Kia Corporation have earned global recognition for their cutting-edge designs, advanced technology, and commitment to customer satisfaction. Economic factors such as consumer purchasing power and overall market demand also influence the automotive steering market, with fluctuations in these variables affecting sales and production volumes. Competition among automotive manufacturers and suppliers both domestically and internationally shapes the market landscape, driving companies to continuously improve their products and services to gain a competitive edge. Consumer preferences and trends, such as the growing interest in electric vehicles and autonomous driving technology, are shaping the direction of the automotive steering market in South Korea, with manufacturers adapting their offerings to meet changing consumer demands. With South Korea's strong presence in the electric vehicle market, there will likely be increased focus on developing steering systems optimized for EVs. This could include innovations in power efficiency, integration with EV drivetrains, and enhanced features tailored to the specific needs of electric vehicles.

South Korean automotive market, manual steering setups have been a long-standing fixture, particularly in economical and entry-level vehicle categories. These systems, lacking hydraulic or electric assistance, depend on mechanical linkages to relay steering commands directly from the driver to the wheels. Despite the rise of power-assisted steering, manual configurations persist due to their affordability, straightforwardness, and dependability. They deliver a hands-on driving feel favored by some, notably in smaller vehicle models where their lightweight design aids maneuverability. Manual steering arrangements often align with regulatory mandates or consumer inclinations towards simplicity. Nonetheless, their market share has gradually waned with the evolution of power steering technologies, offering superior comfort and convenience. Nonetheless, manual steering systems maintain a specialized presence, providing a cost-effective and trustworthy choice for specific vehicle segments in South Korea. Power steering systems assist drivers in steering their vehicles by using hydraulic or electric actuators to apply additional force to the steering mechanism, reducing the amount of physical effort required to turn the steering wheel. Traditional hydraulic power steering systems use a hydraulic pump driven by the engine to generate hydraulic pressure, which assists in steering. In South Korea, HPS systems have been widely used in conventional gasoline-powered vehicles for many years, providing reliable and responsive steering assistance. While hydraulic systems are effective, they can be less efficient than electric power steering systems and may contribute to increased fuel consumption. Electric power steering systems have gained popularity in recent years due to their efficiency, flexibility, and compatibility with electric and hybrid vehicles. South Korean automotive manufacturers and suppliers have been at the forefront of developing advanced EPS systems, incorporating features such as variable assistance, speed-sensitive steering, and customizable steering feel.

In South Korea's automotive steering market, commercial vehicles represent a vital segment characterized by vehicles designed primarily for transporting goods or performing commercial tasks. These vehicles include trucks, vans, and buses used for logistics, transportation, and public transit. In this market segment, steering systems need to prioritize durability, reliability, and efficiency to withstand the demands of heavy-duty usage typical in commercial applications. Steering technology in commercial vehicles often integrates advanced features such as power steering assistance and electronic stability control to enhance maneuverability and safety, contributing to improved overall vehicle performance and driver comfort. Passenger vehicles, on the other hand, constitute another significant segment in the South Korean automotive steering market. These vehicles encompass a wide range of cars, SUVs, and hatchbacks designed primarily for personal transportation purposes. In the passenger vehicle segment, steering systems often focus on delivering a balance of precision, responsiveness, and comfort to meet the diverse needs and preferences of drivers. Advanced steering technologies such as electric power steering (EPS) and steer-by-wire systems are increasingly prevalent in modern passenger vehicles, offering enhanced control, fuel efficiency, and integration with driver assistance features like lane-keeping assist and adaptive cruise control. Off-road vehicles represent a specialized subset within the automotive market, catering to enthusiasts and professionals requiring vehicles capable of traversing challenging terrain and harsh environments. In South Korea, off-road vehicles include SUVs, pickup trucks, and specialized utility vehicles designed for activities such as off-roading, agriculture, and construction. Steering systems in off-road vehicles are engineered to withstand extreme conditions while providing precise control and maneuverability over rugged terrain. Features such as hydraulic-assist steering and variable-ratio steering are common in off-road applications, offering drivers enhanced handling capabilities and improved off-road performance.

Passenger cars represent a large portion of the market and come in various sizes and configurations, from compact sedans to luxury vehicles. Steering systems in cars prioritize precision, responsiveness, and comfort, aiming to provide an engaging driving experience while ensuring ease of mobality in urban environments. Electric power steering (EPS) has become increasingly prevalent in cars due to its efficiency and adaptability to different driving conditions. SUVs have gained popularity globally due to their versatility, offering ample passenger space, cargo capacity, and capability for various road conditions. Steering systems in SUVs are designed to provide a balance between off-road capability and on-road comfort. Hatchbacks are known for their compact size, practicality, and affordability, making them popular choices for urban commuters and small families. Steering systems in hatchbacks typically prioritize agility, ease of parking, and maneuverability in tight spaces. EPS technology is commonly employed in hatchbacks to improve fuel efficiency and reduce steering effort, particularly at low speeds. Enhanced steering control features such as electronic stability control (ESC) and traction control contribute to overall vehicle stability and safety.Luxury passenger vehicles emphasize comfort, refinement, and advanced technology features. Steering systems in luxury vehicles often incorporate sophisticated EPS systems with variable assist levels and customizable settings to cater to driver preferences. The expansion of the commercial subsegment within South Korea's automotive steering market is propelled by various compelling factors. Firstly, the country's robust economic growth and increasing urbanization are creating a heightened demand for efficient transportation solutions. This surge in demand is notably visible in the commercial vehicle sector, encompassing trucks, buses, and vans, which serve as vital components of the logistics and supply chain infrastructure. With the flourishing e-commerce landscape and the consequent rise in goods movement, businesses are actively seeking vehicles equipped with cutting-edge steering systems to ensure seamless operations. These advanced systems not only elevate vehicle maneuverability and safety standards but also significantly enhance overall efficiency and productivity

Steering wheels were traditionally made of metal or wood, featuring a simple design with minimal integrated controls. Modern steering wheels incorporate advanced materials such as leather, plastic, or carbon fiber, and often integrate various controls for audio, cruise control, and driver assistance systems. Future steering wheels may evolve with integrated touchscreens or haptic feedback systems for enhanced driver interaction and control. Recirculating ball or worm-and-sector steering gears were common, providing mechanical linkage between the steering wheel and the wheels. Rack-and-pinion steering gears have become standard due to their compactness and efficiency, offering more precise control and responsiveness. Electrically assisted rack-and-pinion or steer-by-wire systems may become prevalent, offering enhanced flexibility and integration with advanced driver assistance systems. Hydraulic power steering pumps were widely used, driven by the engine via a belt to provide power assistance to the steering system. Electric power steering (EPS) systems have gained popularity, eliminating the need for hydraulic pumps and offering improved fuel efficiency and responsiveness. EPS systems may further evolve with advancements in motor technology and energy efficiency, potentially integrating regenerative braking capabilities or wireless power transmission. Basic mechanical linkages or potentiometer-based sensors were used to detect steering wheel position and driver input. Advanced sensor technologies such as Hall effect sensors or optical encoders are employed for precise and reliable detection of steering angle, torque, and speed. Steering sensors may incorporate more sophisticated sensor fusion algorithms, leveraging inputs from multiple sensors for enhanced accuracy and redundancy, crucial for autonomous driving applications. Steering columns and linkages were predominantly made of steel or cast iron, with manual adjustment mechanisms. Lightweight materials such as aluminum or composites are increasingly used for steering columns, reducing weight and improving fuel efficiency. Electrically adjustable steering columns are common for added convenience. Advanced materials like carbon fiber reinforced polymers (CFRP) or graphene composites may be utilized for steering components, offering further weight reduction and structural strength. Additionally, active damping systems or predictive maintenance features could be integrated to enhance performance and reliability.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Automotive Steering market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type of Steering System
• Manual Steering
• Power Steering (Hydraulic Power Steering, Electric Power Steering)
• Others(Variable Gear Ratio Steering,Rack and Pinion Steering, Recirculating Ball Steering)

By Vehicle Type
• Passenger Vehicles (Cars, SUVs, Vans)
• Commercial Vehicles (Trucks, Buses)
• Off-road Vehicles (ATVs, UTVs, Dirt Bikes)

By Component
• Steering Column
• Steering Wheel
• Steering Gear
• Steering Pump
• Steering Sensor
• Others

By End Use
• OEMs (Original Equipment Manufacturers)
• Aftermarket

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the automotive steering industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.