The steering tie rod market has experienced robust growth, rising from $14.67 billion in 2023 to $15.65 billion in 2024, with a CAGR of 6.7%. This growth is driven by safety regulations, urbanization, and consumer demand for enhanced vehicle comfort. Projections indicate the market will reach $27.01 billion by 2028, growing at a CAGR of 6.8%. Key advancements include innovations in electric and autonomous vehicle technology.
Major Driver In The Steering Tie Rod Market
The steering tie rod market is projected to grow due to increasing automotive production. As a critical component that connects the steering rack to the steering knuckle, tie rods play a crucial role in vehicle control. The growth in automotive production is driven by rising global vehicle demand and technological advancements. The European Automobile Manufacturers Association reported that vehicle production in North America increased from 13.596 million units in 2021 to 14.901 million units in 2022, representing a 9.6% year-over-year rise. This increase is fueling the growth of the steering tie rod market.
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Steering Tie Rod Market Competitive Landscape
The Bosch Group, ZF Friedrichshafen AG, Schaeffler Technologies AG & Co. KG, BorgWarner Inc., APA Industries Inc., NSK Ltd., HL Mando Corp, Moog Inc., Dorman Products, Ingalls Engineering Co., Teknorot Automotive Inc., Federal-Mogul Corporation, Mevotech, Centric Parts, Beck Arnley, CTR Corporation, ACDelco, First Line Ltd., Synergy Manufacturing Inc., Crown Automotive Sales Co. Inc., Ferdinand Bilstein, Optimal AG And Co. KG, TRW Automotive, Sankei Industry Co. Ltd.
Key Steering Tie Rod Market Trend
Major companies in the steering tie rod market are innovating by developing advanced steering and suspension components to enhance repair and replacement options. Steering and suspension parts play a vital role in a vehicle's chassis system, ensuring safe handling, ride comfort, and stability. Notably, in November 2021, Delphi Technologies, a UK-based automotive firm, introduced a comprehensive global steering and suspension line specifically for the Tesla Model S. This launch includes crucial parts like control arms, link stabilizers, tie rods, and ball joints, enabling workshops to cater to a variety of repair needs for this popular vehicle. The new components have passed rigorous performance and safety tests, with the Delphi control arm showing superior strength and fatigue resistance compared to the original equipment manufacturer (OEM) design due to specialized heat treatment.
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Steering Tie Rod Market Segmentation
The steering tie rod market covered in this report is segmented –
1) By Position: Inner Tie Rods, Outer Tie Rods
2) By Material: Carbon Steel, Stainless Steel
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
By Geography:The regions covered in the steering tie rod market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the steering tie rod market in 2023.
The Steering Tie Rod Global Market Report 2024 furnishes information about the global steering tie rod market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
