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Pitman Arms Global Market Report 2024 - By Report, Size, Share, Demand, Outlook By 2033
Pitman Arms Market
Pitman Arms Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $13.81 billion In 2028 At A CAGR Of 6.4% :
The pitman arms market size has grown strongly in recent years. It will grow from $10.02 billion in 2023 to $10.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to automotive industry trends, regulatory changes, economic conditions, consumer preferences, competitive landscape.
The pitman arms market size is expected to see strong growth in the next few years. It will grow to $13.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to global economic trends, environmental regulations, consumer mobility preferences, market expansion strategies, supply chain resilience. Major trends in the forecast period include adoption of advanced materials, integration of smart technologies, development of electric power steering (eps) systems, development of variable ratio steering systems, adoption of eco-friendly and sustainable manufacturing practices.
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Pitman Arms Market Major Segments
The pitman arms market covered in this report is segmented -
1) By Steering Type: Manual Steering Gear, Recirculating Ball, Parallelogram Steering Gear
2) By Material: Steel Alloys, Iron Alloys, Carbon Composites
3) By Vehicle Type: Commercial, Passenger Cars, Electric cars
4) By Sales Channel: Online, Offline
Key Driver - Automobile Industry Growth Fuels Increasing Demand for Pitman Arms
The rising demand for automobiles is expected to propel the growth of the pitman arms market going forward. Automobiles are motorized vehicles that are typically powered by internal combustion engines, electric motors, or alternative fuels designed for personal transportation. The pitman's arm plays a crucial role in the steering system of an automobile by converting the driver's rotational steering input into a lateral movement that directly affects the vehicle's front wheels. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. Additionally, in 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the rising demand for automobiles is driving the growth of the pitman arms market.
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Prominent Trend - Increasing Focus On Technological Advancements Such As Folding Steering System Technology To Provide Reliable Services To Their Customers
Major companies operating in the pitman arms market are focused on innovating advanced solutions such as folding steering systems technology to drive revenues in the pitman arms market. The term folding steering system typically refers to the technology that allows the steering wheel to be adjusted in terms of its angle and position to accommodate the preferences and comfort of the driver. For instance, in October 2021, Hyundai Mobis Co. Ltd., a South Korea-based automotive parts and systems manufacturing company launched a folding steering system. This foldable steering system technology allows a steering wheel to be folded and unfolded and is optimized for future mobility vehicles as it can create greater inside space and inventive design. The redundancy design of various key electronic components, including the system's sensors and ECU, guarantees that the car can continue normal steering in an emergency. Both the new foldable steering system and the steer-by-wire (SBW) steering system are compatible.
Pitman Arms Market Players
Major companies operating in the pitman arms market report are Robert Bosch GmbH, ZF TRW Automotive Holdings Corp., OES Genuine, Federal-Mogul Motorparts LLC, Moog Inc., Dorman Products Inc., Allstar Performance Automotive Inc., Mevotech LP, Powers and Sons LLC, Beck/Arnley Worldparts Inc., Omix-Ada Inc., Jeg's Automotive Inc., Skyjacker Suspensions, Skyjacker Suspensions, URO Parts Industries Inc., ACDelco LLC, Vierol AG, Driveworks Ltd., Rare Parts Inc., Howe Racing Enterprises Inc., RT Offroad, Flaming River Industries Inc., Yec Co. Ltd., Raybestos Brake & Chassis, Proforged LLC
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the pitman arms market in 2023. The regions covered in the pitman arms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pitman Arms Market Report Structure
3. Pitman Arms Market Trends And Strategies
4. Pitman Arms Market - Macro Economic Scenario
5. Pitman Arms Market Size And Growth
…..
27. Pitman Arms Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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