Steering Tie Rod Market Set for Expansion as Demand for Enhanced Vehicle Safety and Performance Increases

Posted on 2024-11-22 by Future Market Insights in Automotive // 0 Comments

Steering Tie Rod Market

The global steering tie rod market is anticipated to reach a valuation of USD 16,174 million by 2023. Over the forecast period, demand is expected to grow at a CAGR of 5.8%, with the market’s value rising from USD 17,068.5 million in 2024 to approximately USD 29,939.7 million by 2034.

Regions such as South Asia and Pacific, East Asia, and Latin America are poised to offer significant growth opportunities. The increasing demand for vehicles in these regions, driven by the need for efficient transportation and travel solutions, is fueling the rising requirement for steering tie rods.

The global Steering Tie Rod Market is witnessing significant growth, driven by the rising demand for reliable steering systems and the growing emphasis on vehicle safety and performance. Steering tie rods are essential components that connect the steering gear to the wheel assembly, ensuring precise control and smooth handling for passenger cars and commercial vehicles.

As vehicle manufacturers incorporate advanced steering technologies to meet evolving safety standards, the adoption of high-performance tie rods is increasing. Furthermore, the growing vehicle parc, particularly in emerging economies, and the trend of extended vehicle lifespans are fueling demand for replacement parts in the aftermarket segment.

Technological advancements, such as lightweight and corrosion-resistant materials, are further enhancing the durability and efficiency of steering tie rods. With stringent regulatory frameworks emphasizing road safety and the proliferation of electric vehicles, the market is poised for robust growth.

Detailed Market Study: Full Report and Analysis

Key Takeaways:

Market Growth:
The steering tie rod market is projected to grow steadily, supported by increasing vehicle production and the rising need for aftermarket replacements.
Technological Advancements:
Innovations such as lightweight materials, enhanced durability, and improved corrosion resistance are elevating the performance of steering tie rods.
Regional Insights:
- Asia-Pacific: Dominates the market due to high vehicle production rates and expanding automotive aftermarket industries in countries like China and India.
- North America and Europe: Growth is driven by stringent safety standards and the adoption of advanced steering technologies.
EV Integration:
The rising popularity of electric vehicles (EVs) is influencing the design and material preferences for steering tie rods, catering to the unique requirements of EV architectures.
Aftermarket Demand:
The aftermarket segment is growing rapidly due to increasing consumer awareness of timely vehicle maintenance and the replacement of worn-out parts.

Key Drivers:

Increasing Vehicle Production:
The growing global automotive industry, especially in emerging economies, boosts demand for OEM steering tie rods.
Rising Emphasis on Vehicle Safety:
Enhanced safety features and stringent regulatory requirements are driving the adoption of high-quality steering components.
Growth in Aftermarket Services:
The expanding vehicle parc and the trend of extending vehicle lifespans necessitate the regular replacement of steering tie rods, boosting aftermarket sales.
Advancements in Materials:
Use of lightweight and durable materials, such as high-strength alloys and composites, is enhancing the performance and longevity of steering tie rods.
Adoption of Electric Vehicles:
The shift towards EVs and hybrid vehicles requires modifications in steering system components, creating new opportunities for tie rod manufacturers.
Consumer Awareness of Maintenance:
Increasing awareness among vehicle owners about the importance of regular maintenance and component replacements is driving demand in both OEM and aftermarket segments.

Leading Steering Tie Rod Brands

Tenneco
ZF Friedrichshafen AG
Delphi Automotive PLC
Mando Corporation
Nexteer Automotive Group Limited
NSK Ltd
CTR Corporation
Sankei Industry Co., Ltd.
ACDelco
Mevotech LP
Febi Bilstein
Dorman Products, Inc
Dana Inc
Motorcraft
HARDRACE
MEYLE AG
THK
Rane Group
Skyjacker
Whiteline Performance

Key Segments of Market Report

By Vehicle Type:

The three leading types include passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars are segregated into compact, mid-size, luxury, and SUVs.

By Position:

Inner and outer tie rods are the two types of positions.

By Material:

A couple of key materials include carbon steel and stainless steel.

By Sales Channel:

OEM and aftermarket are the prominent sales channels. The aftermarket segment is categorized into OEM service centers and independent service centers.

By Region:

Information about several regions like North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia Pacific, and the Middle East and Africa.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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