What Is The Scope Of The Global Steering Tie Rod Market?
A steering tie rod is a critical component in a vehicle's steering system, connecting the steering rack to the steering knuckle on each front wheel. It transmits force from the steering rack to the wheel, allowing the vehicle to turn and maintain directional control. The proper functioning of tie rods is essential for vehicle stability and safe handling.
Steering Tie Rod Global Market Report 2024 provides data on the global steering tie rod market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The steering tie rod market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Steering Tie Rod Market?
The steering tie rod market has experienced strong growth, expanding from $14.67 billion in 2023 to $15.65 billion in 2024 at a CAGR of 6.7%. This historical growth is linked to safety regulations, urbanization, infrastructure development, expansion of automotive supply chains, demand for comfort and handling, and adherence to environmental efficiency standards. Future growth is forecasted to propel the market to $27.01 billion by 2028 at a CAGR of 6.8%, driven by advances in electric and autonomous vehicles, material innovations, IoT and AI integration in vehicles, regulatory emphasis on fuel efficiency, and sustainability. Emerging trends include integration with electric power steering systems, demand for versatile tie rod designs, incorporation of sensors and smart technology, rising disposable incomes in emerging economies, and strategic collaborations.
What Are The Core Factors Supporting Growth In The Steering Tie Rod Market?
The increase in automotive production is also expected to boost the growth of the steering tie rod market. Automotive production is growing due to rising global demand for vehicles, advancements in technology, and expanding markets. Steering tie rods are vital components in automotive production, as they link the steering rack to the steering knuckle, ensuring controlled steering. For example, the European Automobile Manufacturers Association reported that North America’s vehicle production rose by 9.6% in 2022 compared to 2021, with 14.9 million vehicles produced. As a result, increasing automotive production is stimulating the growth of the steering tie rod market.
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What Are The Major Segments Within The Global Steering Tie Rod Market?
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
Which Trends Are Expected To Transform The Steering Tie Rod Market?
Companies in the steering tie rod market are developing steering and suspension parts to offer a wide range of repairs and replacements. These components are vital for vehicle handling, comfort, and stability. In November 2021, Delphi Technologies, a UK-based automotive company, introduced new steering and suspension parts for the Tesla Model S. The new parts include control arms, link stabilizers, tie rods, and ball joints, all tested for performance and safety. The control arm body, for instance, offers better strength and fatigue resistance than the original equipment manufacturer (OEM) design.
What Is The Fastest Growing Region In The Steering Tie Rod Market?
North America was the largest region in the steering tie rod market in 2023. The regions covered in the steering tie rod market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
