According to the market report 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 available with Market Study Report, global steering system market is anticipated to grow with a CAGR of 4.86% while witnessing a volume growth registering a CAGR of 3.43% over 2018-2023.
 

As per the report, growing demand for automobiles in developing countries coupled with increasing adoption of electric vehicles are augmenting the growth of global steering system market. Additionally, shifting preference towards advanced steering features along with increasing disposable income are propelling the market expansion.
 

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Furthermore, increasing utilization of fuel-efficient and convenient automobiles are also driving the growth of global steering system market.
 

The report divides global steering system market into various segments based on vehicle type, steering type, distribution channel, and regional scope.
 

In terms of product type, global steering system is divided into electric-hydraulic steering system, hydraulic power steering, electric power steering, and manual steering. Elaborating on the vehicle type, the industry is split into heavy commercial vehicles, light commercial vehicles, and passenger vehicles.
 

With regards to distribution channel, global steering system market includes aftermarket sales and OEM (original equipment manufacturer).
 

As per the regional analysis, global steering system market is bifurcated into Europe, Americas, Asia-Pacific, and rest of the world. The country-level fragmentation of the market includes Canada, U.S., Brazil, rest of Americas, Russia, France, Germany, United Kingdom, rest of Europe, India, Japan, China, rest of Asia-Pacific, Middle East, and Africa among others.
 

The report states that China accounted for a substantial market share in 2017 and is expected to register consistent growth by the year 2023.
 

The research report on global steering system market enlists significant information as well as statistics regarding the industry share and its respective size over the forecast duration. The document aims to deliver high-quality market intelligence which further allows for effective decision-making during investment evaluation. It also highlights the marketing strategies implemented by the major companies operating in global steering system market.
 

Speaking of the competitive landscape, the key participants in global steering system market include Hyundai Mobis Co. Ltd., DENSO Corporation, China Automotive Systems Inc., ZF Friedrichshafen AG, Omron Corporation, Nexteer Automotive, ThyssenKrupp AG, JTEKT Corporation, and Robert Bosch Automotive Steering GmbH among others.