South Korea Automotive Gears Market Outlook | Growth, Industry, Value, Forecast, Share, Size, Analysis, COVID-19 IMPACT, Trends, Companies & Revenue

South Korea Automotive Gears Market Synopsis

South Korea automotive gear market is estimated to reach a value of USD 6.82 billion by 2025, registering a CAGR of 4.8% during the forecast period. The country has become one of the major automobile production hubs in Asia and holds a significant position in global markets for both passenger cars and commercial vehicles due to its presence in the automotive industry since the 1960s. South Korea???s auto parts sector has witnessed an increase over the recent years owing to strong local demand from automakers such as Hyundai Motors, Kia Motors Corporation, GM Daewoo Auto & Technology Co., Ltd., and Ssangyong Motor Company Limited that is focused on continuous innovation along with producing highly efficient engines.

Drivers of the Market

The growth of South Korean automotive gears market is driven by increasing sales volume as well as production volume of automobiles in South Korea mainly fuelled by rising disposable income coupled with growing consumer preference towards passenger vehicle segment rather than commercial vehicle segment due to high fuel efficiency offered by it. Additionally, various government initiatives undertaken including liberalization policies have also been supporting this growth which will further fuel up the demand for these components during the forecasted period. Moreover, development in car sharing services especially amongst millennials will boost sale volumes across all segments leading to higher requirements for quality transmission systems driving their prices upwards thus spurring opportunities for manufacturers operating within this industrial vertical.

Challenges of the Market

High complexity as well as cost associated with developing advanced gear manufacturing technologies serve as major restraints towards growth of this industry within south korea thereby hindering its overall progress.. Also decline in exports shipments due to trade war between US and China could be hurting operations related to this sector . These forces might hamper prospects related with expansion within entire value chain thereby inhibiting profits related with investments

Key Players of the Market

Major players operating within south korean automotive gear industry include Eaton Corporation plc , Dana Incorporated , ZF Friedrichshafen AG , Magna International Incorporation , Aisin Seiki Co Ltd etc who are focusing heavily upon mergers & acquisitions based strategies so as gain competitive edge over other participants . They are also investing substantially upon research & developments activities so that they could develop more robust & efficient solutions keeping pace alongside changing dynamics influencing end user demands.

Covid-19 Impact on the Market

The Covid-19 pandemic has had a major impact on the South Korean automotive gears market. Decreased car production and sales due to coronavirus restrictions have led to decreased demand for automotive gears in the country. The situation is likely to continue over the forecast period (2020-2025). Additionally, increased raw material costs and shortage of labor due to supply chain disruptions are expected to increase manufacturing costs, further hampering growth prospects for the market. Moreover, with significant job losses leading to reduced disposable incomes, consumer spending power has been directly affected as well. On a brighter note, government initiatives such as special tax exemptions on electric vehicle components may create opportunities for manufacturers in the coming years.

Key Highlights of the Report:

• South Korea Automotive Gears Market Outlook
• Market Size of South Korea Automotive Gears Market, 2021
• Forecast of South Korea Automotive Gears Market, 2028
• Historical Data and Forecast of South Korea Automotive Gears Revenues & Volume for the Period 2018 - 2028
• South Korea Automotive Gears Market Trend Evolution
• South Korea Automotive Gears Market Drivers and Challenges
• South Korea Automotive Gears Price Trends
• South Korea Automotive Gears Porter's Five Forces
• South Korea Automotive Gears Industry Life Cycle
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Application for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Transmission for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Differential for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Steering System for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Other for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Product Type for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Planetary for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Bevel for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Rack & Pinion for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Hypoid for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Worm for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Helical for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Material for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Metallic for the Period 2018 - 2028
• Historical Data and Forecast of South Korea Automotive Gears Market Revenues & Volume By Non-Metallic for the Period 2018 - 2028
• South Korea Automotive Gears Import Export Trade Statistics
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Product Type
• Market Opportunity Assessment By Material
• South Korea Automotive Gears Top Companies Market Share
• South Korea Automotive Gears Competitive Benchmarking By Technical and Operational Parameters
• South Korea Automotive Gears Company Profiles
• South Korea Automotive Gears Key Strategic Recommendations