Surge In Fuel-efficient And Lightweight Vehicles Fueling The Growth Of The Market Due To Stricter Emission Norms And Demand For Improved Fuel Economy: Core Growth Enabler in the Automotive Rack And Pinion Steering System Market, 2025

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

What Will the Automotive Rack And Pinion Steering System Industry Market Size Be by 2025?
The market size for automotive rack and pinion steering systems has exhibited significant growth in the recent past. The sector, currently valued at $19.07 billion in 2024, is projected to expand to $20.12 billion in 2025, yielding a compound annual growth rate (CAGR) of 5.5%. The past growth trends have been driven by various factors including increased automobile production, the growing need for fuel-efficient steering systems, a rise in the uptake of electric power steering, heightened concentration on driving comfort and safety, and the escalating incorporation of advanced driver-assistance systems (ADAS).

What's the Long-Term Growth Forecast for the Automotive Rack And Pinion Steering System Market Size Through 2029?
Predictions indicate that the market for automotive rack and pinion steering system will experience robust growth in the upcoming years, with an anticipated worth of $24.56 billion in 2029, representing a compound annual growth rate (CAGR) of 5.1%. This growth, expected in the forecast period, is attributed to factors including escalating adoption of electric and hybrid cars, a surge in demand for light steering components, intensified focus on vehicle automation, growth in automotive aftermarket services, and increased funding for steering system revolution. Future trends in the forecast period include progress in electric power steering technology, the use of advanced materials for lightweight steering mechanisms, advancements in steering system designs for autonomous vehicles, integration of steer-by-wire systems and the creation of modular steering structures.

View the full report here:
https://www.thebusinessresearchcompany.com/report/automotive-rack-and-pinion-steering-system-global-market-report

What Are the Key Growth Drivers Fueling the Automotive Rack And Pinion Steering System Market Expansion?
An increase in the demand for lightweight vehicles that are fuel-efficient is anticipated to stimulate the expansion of the automotive rack and pinion steering system market. Lightweight, fuel-efficient vehicles are cars engineered with lighter components and are meant to use less fuel, thereby improving performance and decreasing emissions. The need for such vehicles intensifies as tighter government emission regulations prompt car manufacturers to produce lighter and more fuel-efficient cars to reduce fuel consumption and CO2 emissions. The automotive rack and pinion steering system supports such vehicles by providing a compact, lightweight design that lowers the overall weight of the vehicle whilst delivering accurate steering control, thus enhancing handling and fuel economy. For example, as per Statistics Canada, a governmental agency based in Canada, in 2022, 3.0% of the vehicle registrations were electric vehicles, a rise from 2.3% in 2021. Hence, the growing demand for lightweight, fuel-efficient vehicles is driving the expansion of the automotive rack and pinion steering system market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=24884&type=smp

What Are the Key Trends Driving Automotive Rack And Pinion Steering System Market Growth?
Key players in the automotive rack and pinion steering system market are turning their focus towards pioneering advanced technology, like powerpack-integrated modular steering solutions. These solutions are meant to augment system compactness, as well as bolstering ADAS and self-driving capabilities. Powerpack-integrated modular steering solutions are compact units that combine crucial steering components. They're designed to be efficient, simplifying installation, and are tailor-made for vehicles with space constraints or specific design needs. For example, in April 2023, Nexteer Automotive, an American automobile industry enterprise, launched its Modular Rack-Assist Electric Power Steering (mREPS) system. The innovative mREPS technology is adaptable and provides an array of options for OEMs requiring advanced steering systems for heavier vehicles like electric vehicles (EVs) and light commercial vehicles. By using a modular method, Nexteer's system simplifies the design and production process, allowing OEMs to more easily adjust to various vehicle platforms. The system aims to provide excellent performance while being cost-effective. This shift aligns with the increasing demand for scalable, customizable solutions in the ever-changing automotive market.

How Is the Automotive Rack And Pinion Steering System Market Segmented?
The automotive rack and pinion steering system market covered in this report is segmented -

1) By Component: Rack, Pinion, Steering Column, Tie Rods, Bushings and Bearings
2) By Technology: Conventional Steering Systems, Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), Adaptive Steering Technology
3) By Vehicle Type: Passenger Cars, Commercial Vehicles, Electric Vehicles, Sports Cars
4) By Application: Original Equipment Manufacturer (OEM), Aftermarket

Subsegments:
1) By Rack: Power Rack, Manual Rack, Electric Rack, Variable Ratio Rack
2) By Pinion: Steel Pinion, Aluminum Pinion, Composite Pinion
3) By Tie Rods: Inner Tie Rod, Outer Tie Rod
4) By Steering Column: Conventional Steering Column, Collapsible Steering Column, Telescopic Steering Column, Tilt Steering Column
5) By Bushings and Bearings: Rubber Bushings, Polyurethane Bushings, Ball Bearings, Needle Bearings

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=24884&type=smp

Which Companies Are Leading the Charge in Automotive Rack And Pinion Steering System Market Innovation?
Major companies operating in the automotive rack and pinion steering system market are Robert Bosch GmbH, ZF Friedrichshafen AG, Thyssenkrupp AG, Hyundai Mobis Co. Ltd., Valeo SE, Schaeffler Group, JTEKT Corporation, Dana Incorporated, NSK Ltd., Knorr-Bremse AG, Mando Corporation, Nexteer Automotive Corporation, Johnson Electric Holdings Limited, Leopold Kostal GmbH & Co. KG, ATS Corporation, China Automotive Systems Inc., Rane Holdings Limited, Hitachi Astemo Ltd., Sidem NV, Pailton Engineering Ltd.

Which Regions Are Leading the Global Automotive Rack And Pinion Steering System Market in Revenue?
North America was the largest region in the automotive rack and pinion steering system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive rack and pinion steering system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=24884

This Report Supports:
1. Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2. Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3. Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4. Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 7882 955267,
Asia: +91 88972 63534,
Americas - +1 310-496-7795 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.