South Korea Vehicle Steering Intermediate Shaft Market was valued at USD 0.3 Billion in 2022 and is projected to reach USD 0.5 Billion by 2030, growing at a CAGR of 6.0% from 2024 to 2030.
The South Korea Vehicle Steering Intermediate Shaft market plays a crucial role in the automotive industry, supporting the proper functionality of steering systems in vehicles. As vehicles evolve with advanced technologies, the demand for reliable and durable vehicle steering intermediate shafts has significantly increased. These shafts are vital components that connect the steering wheel to the steering mechanism, facilitating smooth vehicle handling. The demand for these components is driven by various factors, including the growth of the automotive sector, the rise in vehicle production, and technological advancements aimed at improving driving safety and comfort.
Industries in South Korea, particularly the automotive sector, have expressed a growing need for high-quality vehicle steering intermediate shafts that ensure precision, durability, and performance. The continuous innovation in steering technology, including electric power steering (EPS) and autonomous vehicles, requires intermediate shafts that can withstand high stress, extreme temperatures, and variable driving conditions. Manufacturers are now focusing on producing shafts that provide greater stability, minimize vibration, and enhance the overall driving experience.
From an industrial perspective, the vehicle steering intermediate shaft market in South Korea is heavily influenced by the demands for higher safety standards and eco-friendly solutions. The increasing preference for electric vehicles (EVs) has led to a rise in the requirement for steering components that are lightweight and can contribute to the overall energy efficiency of the vehicle. Moreover, the automotive industry’s shift towards driver-assistance systems further drives the need for advanced steering shafts that offer superior performance and reliability.
To meet these industrial demands, suppliers of vehicle steering intermediate shafts in South Korea are focusing on improving product quality through advanced manufacturing processes. They are also collaborating with OEMs (Original Equipment Manufacturers) to design shafts that align with the latest industry trends. These partnerships help ensure that steering components meet the specific needs of modern vehicles, ranging from passenger cars to commercial trucks.
The growing trend towards smart vehicles, coupled with the automotive industry's focus on safety and efficiency, ensures a promising future for the vehicle steering intermediate shaft market in South Korea. As the demand for high-performance automotive parts rises, manufacturers will continue to innovate and enhance the design of these crucial components.
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Nexteer Automotive
Merit Automotive Electronics Systems
Nexteer
MandoNSK
NamyangHenglong
JTEKT
Bosch
ThyssenKrupp
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Vehicle Steering Intermediate Shaft Market
Collapsible Shaft
Non-Collapsible Shaft
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
Steel
Aluminum
Plastic
Composite
Steering System
Suspension System
Braking System
OEMs (Original Equipment Manufacturers)
Aftermarket
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Vehicle Steering Intermediate Shaft Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Vehicle Steering Intermediate Shaft Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Vehicle Steering Intermediate Shaft Market, By Type
6. South Korea Vehicle Steering Intermediate Shaft Market, By Application
7. South Korea Vehicle Steering Intermediate Shaft Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Vehicle Steering Intermediate Shaft Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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