What is the present valuation and projected CAGR of the steering tie rod market?
The steering tie rod market size has grown strongly in recent years. It will grow from $15.65 billion in 2024 to $16.75 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. 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 $21.67 billion in 2029 at a compound annual growth rate (CAGR) of 6.6%. 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.
Get Your Free Sample of The Global Steering Tie Rod Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17262&type=smp
What key drivers have fueled the steering tie rod market’s development over the years?
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.
What is the segmentation for 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
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/steering-tie-rod-global-market-report
Who are the most influential companies 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.
What are the top industry trends projected to impact the steering tie rod market?
Major companies operating in the steering tie rod market are focused on developing significant expansion of products, such as steering and suspension parts, to enhance product coverage, safety, and durability while meeting the growing demand for high-quality steering and suspension parts. For instance, in June 2024, DRiV Incorporated, a US-based automotive parts supplier, announced a significant expansion of its Monroe Steering and Suspension range with 750 new part numbers, increasing coverage by 20% and reinforcing the brand’s commitment to safety, durability, and reducing comebacks. This expansion introduces new parts for popular late-model vehicles and enhances product quality with advanced materials, anti-corrosion coatings, and stringent testing to meet original equipment standards.
What are the major regional insights for the steering tie rod market, and which region holds the top position?
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.
What Does The Steering Tie Rod Market Report 2025 Offer?
The steering tie rod market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A steering tie rod is a critical component in a vehicle’s steering system, connecting the steering rack to the steering knuckle on each front wheel. It transmits force from the steering rack to the wheel, allowing the vehicle to turn and maintain directional control. The proper functioning of tie rods is essential for vehicle stability and safe handling.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17262
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
