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Global Steering Tie Rod Market 2024 : Trends, Business Growth And Major Driving Factors
Steering Tie Rod Global Market Report 2024
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According to The Business Research Company's, The steering tie rod market size has grown strongly in recent years. It will grow from $14.67 billion in 2023 to $15.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the implementation of safety regulations, growing urbanization and infrastructure development, expansion of automotive supply chains, consumer demand for comfort and handling, and environmental and efficiency standards.
The steering tie rod market size is expected to see strong growth in the next few years. It will grow to $27.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to advancements in electric and autonomous vehicles, technological innovations in materials and manufacturing, integration of Internet of Things (IoT) and artificial intelligence (AI) technologies in vehicles, regulatory emphasis on fuel efficiency and emission, focus on sustainability. Major trends in the forecast period include integration with electric power steering (EPS) systems, demand for customized and versatile tie rod designs, integration of sensors and smart technologies, rising disposable incomes in emerging markets, collaborations, and partnerships.
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Market Drivers and Trends:
Increasing automotive production is expected to propel the growth of the steering tie rod market going forward. Automotive production refers to the process of manufacturing vehicles, including cars, trucks, and other automobiles, from raw materials to finished products ready for sale. The increasing automotive production is driven by growing global demand for vehicles, advancements in technology, and expanding markets. Steering tie rods are essential components used in automotive production to connect the steering rack to the steering knuckle, allowing for controlled steering of the vehicle. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, in 2021, North America manufactured 13.596 million motor vehicles, with production rising to 14.901 million units in 2022, indicating a 9.6% increase year-over-year in vehicle production within the region. Therefore, increasing automotive production is driving the growth of the steering tie rod market.
Major companies operating in the steering tie rod market are focused on developing innovative products, such as steering and suspension parts, to offer a variety of repairs and replacements. Steering and suspension parts are crucial components of a vehicle's chassis system that work together to ensure safe handling, ride comfort, and stability. For instance, in November 2021, Delphi Technologies., a UK-based automotive company, launched a new global steering and suspension offering for the Tesla Model S, unlocking a path to a new repair prospect for workshops. The launch includes several new parts, such as control arms, link stabilizers, tie rods, and ball joints, allowing workshops to offer a variety of repairs and replacements for the popular Tesla Model The new parts have undergone impressive performance and safety testing during development, with the Delphi Technologies control arm body showing better strength and fatigue life than the OEM design due to heat treatment.
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Major Key Players of the Market:
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.
Steering Tie Rod Market 2024 Key Insights:
• The steering tie rod market size is expected to see strong growth in the next few years. It will grow to $27.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Automotive Production Growth Driving Steering Tie Rod Market
• Innovative Developments In Steering And Suspension Parts
• North America was the largest region in the steering tie rod market in 2023
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