Top Factor Driving Steering Tie Rod Market Growth in 2025: Automotive Production Growth Driving Steering Tie Rod Market

How Big Is the Steering Tie Rod Market Expected to Be, and What Will Its Growth Rate Be?
The market size of the steering tie rod has experienced substantial growth in the past years. It is projected to expand from $15.65 billion in 2024 to $16.75 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.0%. The surge in growth during the historic period can be credited to the enforcement of safety rules, an increase in urbanization and infrastructure evolution, the growth of automotive supply chains, rising consumer demand for comfort and control, and stringent environmental and efficiency standards.

It is anticipated that the steering tie rod market will experience substantial growth in the upcoming years, with the market expected to reach a value of $21.67 billion by 2029, reflecting a compound annual growth rate (CAGR) of 6.6%. This projected growth within the forecast period can be linked to factors such as the progression of electric and self-driving vehicles, technological improvements in materials and production, the incorporation of Internet of Things (IoT) and artificial intelligence (AI) in automobiles, policy focus on fuel economy and emissions, and an emphasis on sustainability. Additionally, ongoing trends for the forecast period include the integration of electric power steering (EPS) systems, a rising demand for versatile and custom tie rod designs, the incorporation of sensors and smart technologies, an increase in disposable income in emergent markets, as well as collaborations and alliances.

What Are the Primary Growth Drivers for the Steering Tie Rod Market?
The steering tie rod market is expected to experience exponential growth due to an increase in automotive production. Automotive production involves the creation of vehicles such as cars, trucks, and other automobiles, from the raw materials stage to the point where they are finished products ready for sale. The upsurge in automotive production can be attributed to an increased global demand for vehicles, advancements in technological aspects, and market expansion. Steering tie rods play a crucial role in automotive production, serving as vital components that connect the steering rack to the steering knuckle, therefore, facilitating vehicle steering control. For example, the European Automobile Manufacturers Association, based in Belgium, reported in May 2023 that North America produced 13.596 million motor vehicles in 2021. This production level rose to 14.901 million units in 2022, representing a year-over-year increase of 9.6% in vehicle production within the region. Consequently, the rise in automotive production is fueling the growth of the steering tie rod market.

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Who Are the Dominant Companies Influencing Steering Tie Rod Market Trends?
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.

How Is the Steering Tie Rod Market Evolving?
Top firms in the steering tie rod industry are concentrating on significant product enhancements, such as steering and suspension components, to boost product range, ensure safety, and increase durability. Their strategy aims to cater to the escalating requirements for top-notch steering and suspension components. For example, in June 2024, DRiV Incorporated, a renowned supplier of automotive parts based in the United States, revealed a considerable enlargement of its Monroe Steering and Suspension portfolio with an addition of 750 fresh part codes. This growth bolstered the brand's pledge towards safety and durability while reducing comebacks by 20%. This extension brings in new components for favored late-model automobiles and improves product quality using superior materials, anti-corrosion coverings, and strict testing procedures to meet original equipment standards.

What Are the Different Segmentations in the 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

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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Which Region Is at the Forefront of 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.

What Is Covered In The Steering Tie Rod Global Market Report?

- Market Size Analysis: Analyze the Steering Tie Rod Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Steering Tie Rod Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Steering Tie Rod Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Steering Tie Rod Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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