Automotive Steering Market size was valued at USD 32 Billion in 2024 and is forecasted to grow at a CAGR of 4.5% from 2026 to 2033, reaching USD 45 Billion by 2033.
The Automotive Steering Market in South Korea is undergoing a significant transformation, propelled by the nation's commitment to technological advancement and the automotive industry's evolving needs. As of 2025, the market is experiencing a robust growth trajectory, with projections indicating a compound annual growth rate (CAGR) of 3.9% through 2035. This surge is largely attributed to the increasing demand for electric and autonomous vehicles, which necessitate advanced steering systems for enhanced performance and safety.
Key developments in the market include:
Electric Power Steering (EPS): EPS systems are becoming increasingly prevalent, especially in passenger vehicles, due to their contribution to fuel efficiency and reduced emissions. The adoption of EPS aligns with global trends toward sustainable mobility solutions.
Electro-Hydraulic Power Steering (EHPS): EHPS combines the benefits of hydraulic and electric systems, offering improved steering control and comfort. In South Korea, the EHPS market is projected to grow at a CAGR of 8.3% from 2025 to 2033, driven by the demand for fuel-efficient vehicles and enhanced driving experiences.
Steer-by-Wire Technology: This cutting-edge technology eliminates mechanical linkages, allowing for more precise steering control and integration with advanced driver-assistance systems (ADAS). South Korean manufacturers are investing in steer-by-wire systems to meet the demands of autonomous vehicle development.
Industry requirements are shaping the steering market in several ways:
Integration with ADAS: The incorporation of steering systems with ADAS features is becoming standard, enhancing vehicle safety and driver convenience.
Customization and Comfort: Consumers are seeking vehicles that offer customizable steering feedback and improved comfort, prompting manufacturers to develop adaptive steering solutions.
Lightweight Materials: To improve vehicle efficiency, there is a trend toward using lightweight materials in steering components, such as carbon fiber and aluminum.
Leading companies in the South Korean market, including Hyundai Mobis, JTEKT Corporation, Nexteer Automotive, and Robert Bosch GmbH, are at the forefront of these innovations. Their focus on research and development is crucial in meeting the evolving demands of the automotive industry and maintaining South Korea's position as a leader in automotive technology.
Get an In-Depth Research Analysis of the South Korea Automotive Steering Market Size And Forecast [2025-2032]
ThyssenKrupp
HUAYU Automotive Systems
Eaton
JTEKT
Hitachi Automotive Systems
American Axle & Manufacturing Holdings
CIE Automotive
KYB
SHOWA
Dongfeng Motor Parts And Components Group
Wanxiang Qianchao
Beijing Hainachuan Automotive Parts
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.
Get Discount On The Purchase of the South Korea Automotive Steering Market Size And Forecast [2025-2032]
Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Automotive Steering Market
Electric Steering
Hydraulic Steering
Electro-Hydraulic Steering
Steering Wheel
Steering Column
Power Steering Pump
Steering Gearbox
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
Heavy-Duty Vehicles
Steer-by-wire
Autonomous Steering
Advanced Driver Assistance Systems (ADAS)
OEM (Original Equipment Manufacturer)
Aftermarket
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
For More Information or Query, Visit @ South Korea Automotive Steering Market Research Analysis
1. Introduction of the South Korea Automotive Steering 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 Automotive Steering Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Automotive Steering Market, By Type
6. South Korea Automotive Steering Market, By Application
7. South Korea Automotive Steering Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Automotive Steering Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
About Us: Verified Market Reports
Verified Market Reports is a leading Research and Consulting firm servicing over 5000+ clients. We provide advanced analytical research solutions while offering information-enriched research studies. We also offer insights into strategic and growth analyses and data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance using industrial techniques to collect and analyze data on more than 25,000 high-impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise, and years of collective experience to produce informative and accurate research.
Contact us:
Mr. Edwyne Fernandes
US: +1 (650)-781-4080
US Toll-Free: +1 (800)-782-1768
Website: https://www.verifiedmarketreports.com/