Steering Tie Rod Market Size to Reach $20.64 Billion by 2029 | Growth at 5.7% CAGR Forecast

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What is the Projected Market Size of the Steering Tie Rod Industry?
There has been a robust growth in the market size of steering tie rod in the past few years. It's projected to expand from its worth of $15.65 billion in 2024 to that of $16.52 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.5%. This growth during the historic period was precipitated by factors such as the enforcement of safety rules, increased urbanization and construction of infrastructure, growth of the automotive supply chains, customer preference for comfort and control, as well as the essentials of environmental and efficiency.

What Will Be the Size of the Steering Tie Rod Market by 2029?
In the coming years, the steering tie rod market is anticipated to experience robust growth, reaching a valuation of $20.64 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The predicted growth during the forecast period is due to several factors such as the evolution of electric and autonomous vehicles, technological breakthroughs in materials and manufacturing processes, implementation of Internet of Things (IoT) and artificial intelligence (AI) technologies in automobile, regulatory focus on fuel efficiency and emissions, and emphasis on sustainability. Key trends during the forecast period include the use of electric power steering (EPS) systems, the increasing demand for customisable and versatile tie rod designs, the incorporation of sensor and smart technologies, rising total income in budding markets, as well as collaborations and partnerships.

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What Are the Key Drivers Accelerating Growth in the Steering Tie Rod Market?
The steering tie rod market's expansion is anticipated to be fueled by a surge in automotive production. The making of vehicles, including cars, trucks, and other types of automobiles, from raw materials to finished products ready for the market, constitutes automotive production. The rise in vehicle production is attributed to the increasing global demand, technological advancements, and market expansion. Steering tie rods, which link the steering rack to the steering knuckle, enabling regulated steering of the vehicle, are crucial parts utilized in this production process. For example, data from the European Automobile Manufacturers Association, based in Belgium, shows that North America produced 13.596 million motor vehicles in 2021, and this figure rose to 14.901 million units in 2022. This represents a year-over-year increase in vehicle production within the region of 9.6%. Hence, the rise in automotive production is propelling the steering tie rod market's growth.

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How Is the Steering Tie Rod Market Segmented by Type, Application, and Region?
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), After market

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

What Are the Key Trends Driving Growth in the Steering Tie Rod Market?
Big corporations active in the steering tie rod sector prioritize product expansion efforts, including steering and suspension components, to amplify product scope, safety, and longevity, in response to the rising demand for top-tier steering and suspension parts. For example, DRiV Incorporated, an American auto parts provider, declared a substantial expansion of its Monroe Steering and Suspension portfolio in June 2024. They added 750 new parts, leading to a 20% increase in product range and reaffirming the brand's dedication to safety, durability, and lessening product recalls. The enlargement brings new components for widely used modern vehicles and improves product quality through the use of superior materials, anti-corrosion finishes, and strict compliance testing to meet original equipment standards.

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Who Are the Leading Companies Driving 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.

Which Is the Leading Region in the Global Steering Tie Rod Market?
North America was the largest region in the steering tie rod market in 2024. 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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