Press release
Automotive Production Growth Driving Steering Tie Rod Market Driver: Leading Transformation in the Steering Tie Rod Market in 2025
Steering Tie Rod Market
The increasing automotive production is expected to boost the growth of the steering tie rod market. Steering tie rods are essential components in vehicle production, connecting the steering rack to the steering knuckle. The rising global demand for vehicles and technological advancements are driving automotive production. For example, the European Automobile Manufacturers Association reported that North American vehicle production rose by 9.6% from 2021 to 2022. As automotive production grows, the steering tie rod market will expand.
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What is the future CAGR of the steering tie rod market, and how will it impact industry expansion?
The steering tie rod market has seen strong growth and will rise from $15.65 billion in 2024 to $16.75 billion in 2025, at a CAGR of 7.0%. The growth is due to the implementation of safety regulations, growing urbanization and infrastructure development, expansion of automotive supply chains, consumer demand for comfort and handling, and rising environmental and efficiency standards.
The steering tie rod market is forecasted to reach $21.67 billion by 2029, growing at a CAGR of 6.6%. The market's growth is driven by innovations in electric and autonomous vehicles, IoT and AI integration, and regulatory emphasis on fuel efficiency. Key trends include electric power steering, customizable designs, and collaborations.
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What are the most significant trends transforming the steering tie rod market today?
Companies in the steering tie rod market are expanding their product offerings, such as steering and suspension parts, to improve safety and durability. For example, in June 2024, DRiV Incorporated, a US-based automotive parts supplier, expanded its Monroe Steering and Suspension range with 750 new part numbers. This expansion, which includes new parts for late-model vehicles, uses advanced materials and anti-corrosion coatings to meet original equipment standards.
Which key market segments comprise the steering tie rod market and drive its revenue growth?
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 geographical regions are pioneering growth 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.
Who are the leading players fueling growth 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.
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What Is Covered In The Steering Tie Rod Global Market Report?
•Market Size Forecast: Examine the steering tie rod market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the steering tie rod market for a structured understanding.
•Key Players Overview: Analyze major players in the steering tie rod market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the steering tie rod market.
•Segment Contributions: Evaluate how different segments drive overall growth in the steering tie rod market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the steering tie rod market.
•Industry Challenges: Identify potential risks and obstacles affecting the steering tie rod market.
•Competitive Landscape: Review strategic developments in the steering tie rod market, including expansions, agreements, and new product launches.
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