Steering Tie Rod Market Poised to Hit $21.67 Billion by 2029 with Accelerating Growth Trends

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Steering Tie Rod Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been marked growth in the steering tie rod market size. The predicted growth sees the market size expanding from $15.65 billion in 2024 to $16.75 billion in 2025, amounting to a compound annual growth rate (CAGR) of 7.0%. The historical growth derives mainly from factors such as the introduction of safety norms, urban and infrastructural development, broadening of automotive supply chains, consumer preferences for comfort and handling, as well as environmental and efficiency norms.

How Will the Steering Tie Rod Market Size Evolve and Grow by 2029?
Projected to experience significant expansion in the coming years, the steering tie rod market is predicted to reach a market size of $21.67 billion in 2029, progressing at a compound annual growth rate (CAGR) of 6.6%. This predicted growth during the forecast period is due to the progress in electric and autonomous vehicles, technological strides in materials and manufacturing processes, the introduction of Internet of Things (IoT) and artificial intelligence (AI) in vehicles, as well as the enforced focus on fuel efficiency and emission reduction. Key trends anticipated during this forecast period consist of the integration of these components with electric power steering (EPS) systems, increased demand for personalized and adaptable tie rod designs, the integration of sensor and intelligent technologies, upsurging disposable incomes in upcoming markets, and collaborations and partnerships.

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What Drivers Are Propelling the Growth of Steering Tie Rod Market Forward?
The expected growth of the steering tie rod market is attributed to the rising production of automobiles. The term automotive production refers to the manufacturing process of vehicles - cars, trucks and other types of automobiles, transforming raw materials into a ready-for-sale product. The surge in automotive production is triggered by the escalating global demand for vehicles, technological advances, and market expansion. Steering tie rods, crucial parts employed in automotive production, link the steering rack to the steering knuckle, making regulated vehicle steering possible. For instance, as reported by the European Automobile Manufacturers Association, a Belgium-based organization, North America produced 13.596 million motor vehicles in 2021. It surged to 14.901 million units in 2022, marking a 9.6% year-over-year rise in vehicle production in the region. Hence, the expanding automotive production is propelling the growth of the steering tie rod market.

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Which Emerging Trends Are Transforming the Steering Tie Rod Market in 2025?
Major firms engaged in the steering tie rod market are concentrating on innovating and expanding their product line, which consists of steering and suspension components. The aim is to augment product range, safety, and lifespan while addressing the burgeoning demand for high quality steering and suspension parts. For instance, in June 2024, US-based automobile parts provider DRiV Incorporated announced a considerable expansion of its Monroe Steering and Suspension line by adding 750 new part numbers. This improved the product coverage by 20% and underscored the brand's devotedness to safety, durability, and minimizing product return. The broadened range involves enhancement of product's quality through usage of state-of-the-art materials, anti-corrosion coatings and rigorous testing to meet the standards of original equipment, along with new parts for highly sought-after late-model vehicles.

What Are the Key Segments 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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Who Are the Key Players Shaping the Steering Tie Rod Market's Competitive Landscape?
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.

What Geographic Markets Are Powering 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.

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