The steering tie rod global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Steering Tie Rod Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The steering tie rod market size has grown strongly in recent years. It will
grow from $14.67 billion in 2023 to $15.65 billion in 2024 at a compound annual
growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed
to the implementation of safety regulations, growing urbanization and
infrastructure development, expansion of automotive supply chains, consumer
demand for comfort and handling, and environmental and efficiency standards.
The steering tie rod market size is expected to see strong growth in the next
few years. It will grow to $27.01 billion in 2028 at a compound annual growth
rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to
advancements in electric and autonomous vehicles, technological innovations in
materials and manufacturing, integration of Internet of Things (IoT) and
artificial intelligence (AI) technologies in vehicles, regulatory emphasis on
fuel efficiency and emission, focus on sustainability. Major trends in the
forecast period include integration with electric power steering (EPS) systems,
demand for customized and versatile tie rod designs, integration of sensors and
smart technologies, rising disposable incomes in emerging markets,
collaborations, and partnerships.
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Scope Of Steering Tie Rod Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Steering Tie Rod Market Overview
Market Drivers -
Increasing automotive production is expected to propel the growth of the
steering tie rod market going forward. Automotive production refers to the
process of manufacturing vehicles, including cars, trucks, and other
automobiles, from raw materials to finished products ready for sale. The
increasing automotive production is driven by growing global demand for
vehicles, advancements in technology, and expanding markets. Steering tie rods
are essential components used in automotive production to connect the steering
rack to the steering knuckle, allowing for controlled steering of the vehicle.
For instance, in May 2023, according to the European Automobile Manufacturers
Association, a Belgium-based association, in 2021, North America manufactured
13.596 million motor vehicles, with production rising to 14.901 million units
in 2022, indicating a 9.6% increase year-over-year in vehicle production within
the region. Therefore, increasing automotive production is driving the growth
of the steering tie rod market.
Market Trends -
Major companies operating in the steering tie rod market are focused on
developing innovative products, such as steering and suspension parts, to offer
a variety of repairs and replacements. Steering and suspension parts are
crucial components of a vehicle's chassis system that work together to ensure
safe handling, ride comfort, and stability. For instance, in November 2021,
Delphi Technologies., a UK-based automotive company, launched a new global
steering and suspension offering for the Tesla Model S, unlocking a path to a
new repair prospect for workshops. The launch includes several new parts, such
as control arms, link stabilizers, tie rods, and ball joints, allowing
workshops to offer a variety of repairs and replacements for the popular Tesla
Model The new parts have undergone impressive performance and safety testing
during development, with the Delphi Technologies control arm body showing
better strength and fatigue life than the OEM design due to heat treatment.
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
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Regional Insights -
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.
Key Companies -
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.
Table of Contents
1. Executive Summary
2. Steering Tie Rod Market Report Structure
3. Steering Tie Rod Market Trends And Strategies
4. Steering Tie Rod Market – Macro Economic Scenario
5. Steering Tie Rod Market Size And Growth
…..
27. Steering Tie Rod Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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