How Has the Steering Tie Rod Market Evolved Historically and What is its Current Size?
The steering tie rod market has seen considerable growth due to a variety of factors.
• The steering tie rod market has shown strong growth in recent years. It is anticipated to grow from $15.65 billion in 2024 to $16.75 billion in 2025, with a CAGR of 7.0%.
Factors driving this growth include the enforcement of safety regulations, urbanization, infrastructure development, the expansion of automotive supply chains, consumer demand for comfort and better handling, and increased environmental and efficiency standards.
What Is The Projected Growth Of The Steering Tie Rod Template Market?
The steering tie rod market is expected to maintain its strong growth trajectory in upcoming years.
• The steering tie rod market is expected to grow to $21.67 billion by 2029, with a CAGR of 6.6%.
This growth is fueled by advancements in electric and autonomous vehicles, innovations in materials and manufacturing, integration of IoT and AI in vehicles, regulatory emphasis on fuel efficiency, and sustainability efforts. Key trends include integration with electric power steering systems, demand for customizable designs, the incorporation of smart technologies, rising disposable incomes in emerging markets, and collaborations between industry players.
What Are The Key Drivers Fueling Growth In The Steering Tie Rod Market?
The surge in vehicle production is predicted to fuel the expansion of the steering tie rod market in the future. Car manufacturing, which includes the creation of cars, trucks, and other vehicles from raw elements to finished products ready for purchase, is what automotive production entails. The rise in automotive manufacturing can be attributed to the increasing global demand for vehicles, technological advancements, and market growth. Steering tie rods, which are critical components used in vehicle production to link the steering rack to the steering knuckle, enable the vehicle's steering to be controlled. For instance, the European Automobile Manufacturers Association, a Belgium-based organization, reported in May 2023 that North America produced 13.596 million motor vehicles in 2021, and this number escalated to 14.901 million units in 2022, reflecting a year-over-year increase of 9.6% in vehicle production in this region. Hence, the escalating production of vehicles is propelling the steering tie rod market's growth.
What Are The Principal Market Segments In The Global Steering Tie Rod Industry?
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
Subsegments:
1) By Inner Tie Rods: Standard Inner Tie Rods, Heavy-Duty Inner Tie Rods
2) By Outer Tie Rods: Standard Outer Tie Rods, Heavy-Duty Outer Tie Rods
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What Trends Are Shaping The Steering Tie Rod Market?
Leading businesses in the steering tie rod market are concentrating on significant product expansion, including steering and suspension components, in efforts to improve product range, safety, and longevity in response to the increased demand for high-quality steering and suspension parts. For example, DRiV Incorporated, an automotive parts supplier located in the US, announced in June 2024 that they significantly expanded their Monroe Steering and Suspension portfolio by introducing 750 new part numbers, increasing its range by 20% This move not only strengthened the brand's dedication to safety and durability but also aimed to minimize product returns. This expansion debuted new parts for well-liked late-model vehicles and boosted product quality using innovative materials, anti-corrosion coatings, and rigorous testing to align with original equipment standards.
Who Are the Key Players In The Steering Tie Rod Market?
Major companies operating in the steering tie rod market are:
• 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.
What Are The Regional Insights Into 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.
