Press release
Rack Ends Market to Record an Exponential CAGR by 2026
The rack and pinion steering gear system in which the rack ends are used, is commonly used in all types of gear systems from conventional manual systems to the modern power steering systems, which is the major driving force for the global rack ends market. The steering system with racks and pinions are compact in size, cheap and with relatively easy mechanism as compared to other steering systems, which is anticipated boost the global rack ends market.
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The major drawback of rack and pinion system is that it cannot sustain higher friction levels which causes damage to its components which could hamper growth of global rack ends market.
Rack Ends Market: Region Wise Outlook
The global rack ends market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East & Africa (MEA). Western and Eastern Europe hold the largest market share in the global rack ends market due to the large number of automobile industries in the region. North America holds the second position in global rack ends market. The leading markets are expected to show moderate growth, while on the other end the emerging market APEJ is expected to project high growth rate in the global rack ends market, owing to the increased sales of automobiles in the region.
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Regions such as Latin America, MEA are projected to represent trends of lower growth rates in global rack ends market as compared to other regions.
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