December 11, 2019
According to the latest study titled ‘Global Steering System Market Report (2019 Edition): Country Analysis by Vehicle Type, By Steering Type, By Distribution Channel, By Value, By Volume: Opportunities and Forecast (2013-2023) -- By Country (US, Canada, Brazil, Mexico, Germany, U.K, France, Russia, China, Japan, India)’ available with Market Study Report LLC, the global steering system market is estimated to grow with a CAGR of 4.86% by value and volume is estimated to expand with a CAGR of 3.43% during the period of 2018-2023.
With the increase in demand for automobiles and electric vehicles, there has been a considerable growth in the requirement of the steering system. Rise in preference for comfortable driving, and inclination towards system with advanced features, coupled with increasing demand for fuel efficient vehicles among consumers are further driving the growth of steering system market.
The study encompasses details about revenue shares and volume growth for each segment. An overview of the expansion strategies adopted by manufacturers, alongside the drivers, trends, and restraints impacting the market growth is also encompassed in the report. Moreover, the analysis by volume of steering system installed by OEM and after sales market is also provided.
As per the product type, steering system market is categorized as electric power steering, manual steering, electric-hydraulic steering system, and hydraulic power steering. While based on vehicle type, the industry is segmented into light commercial vehicles, passenger vehicles, and heavy commercial vehicles.
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While considering the geographical landscape, the steering system market is divided into countries, namely, Canada, US, Brazil, Germany, Mexico, U.K, Russia, France, Japan, China, and India. The report claims that China held the largest share in the global steering system market in 2017.
The key players of steering system market are Robert Bosch, Hyundai Mobis, ThyssenKrupp, Schaeffler Group, Nexteer, JTEKT, ZF Friedrichshafen, Omron, Denso Corp, and China Automotive.
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