Analysis of Automotive Steering Rack Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to the latest research by Fact. MR, the automotive steering rack market is set to witness steady growth during 2021-2031. In the short term, demand for steering racks will rebound steadily, with a positive long-term outlook. In the near future, increased demand from the automotive industry would generate opportunities.
The steering rack is widely used in all types of steering systems, from modern power steering systems to traditional manual systems, and can be used in steering systems that involve the conversion of rotational motion into linear motion. Since steering racks are less prone to failure in vertical applications, manufacturers discourage the use of belt-driven actuators, which a potential factor is driving the global automotive steering rack market.
Over the forecast period, the growth of the steering rack market is expected to be fuelled by an increase in automobile production carried through the automotive industry. In addition, the steering rack is an important part of any passenger and commercial vehicle, and the production of these vehicles is increasing over the period of time has been attributed as the major driving factor of the market expansion.
The COVID-19 induced slowdown has had an effect on automotive sales all over the world. This has had a knock-on impact on sales of vehicle components and materials. Automotive steering rack is used extensively in the automotive industry. Although lockdown and shelter-at-home guidelines have meant restricted automobile production activities, however, sales are likely to improve over the course of the assessment period.
The rack-style steering mechanism is used in the electric power steering system (EPS). As a result, as the adoption of EPS in automobiles grows, so does the market for the steering rack. Technology has aided the evolution of steering systems from manual to EPS and steer-by-wire. As a result of EPS, vehicles are more fuel-efficient and provide a smoother ride for drivers. As a result, the global automotive steering rack market will be driven by the growing adoption of EPS over the forecast period.
The Asia Pacific is estimated to be one of the prominent markets globally for the steering rack. China and Japan market is set to account for a substantial share in the global market during the assessment period 2021-2031.
The demand for passenger cars and commercial vehicles is directly related to the growth of the automotive steering rack industry. The selling of steering rack will be driven by the growing production and sales in China, India, and other countries. EPS and its components also cost more than a hydraulic power steering system, allowing manufacturers of automotive steering systems and steering system components to earn higher profit margins.
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The COVID-19 crisis has had a significant impact on many European countries, resulting in a drop in economic activity. However, in the automotive industry, Europe is home to a number of steering rack manufacturers, making the region a major producer of automotive components and systems.
Due to the high rate of adoption of the steering rack and the growth of the automotive industry in the region. Europe holds a significant share of the global steering rack market for automobiles. As a result, the production of passenger and commercial vehicles with automotive steering racks has increased. Especially in Germany, UK, France, and Italy. Smooth riding experience and fuel-efficient features highly adopted by vehicle owners in these countries are expected to grow at a rapid rate.
Some of the leading manufacturers and suppliers of automotive Steering Rack include Stiletto, Quaife, Howe, Maval, ZF Friedrichshafen AG, Hirsche, Lizarte, Robert Bosch GmbH, Elstock, Amk, Shaftec, and others.
The automotive steering rack is supplied by several leading manufacturers and suppliers under long-term contracts with end-users. Furthermore, manufacturers are focusing on developing manufacturing facilities in Asia Pacific countries such as India, China, Thailand, and Taiwan in order to meet the region's growing demand.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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According to the latest research by Fact. MR, the Automotive Steering Rack market is anticipated to expand at a 3% to 4% CAGR over the projected timeframe (2022-2032).
The growth of the steering rack market is anticipated to be fueled by an increment in automotive manufacturing carried out by the automotive industry throughout the forecast period.
The market will generate its major share in Asia Pacific as the rapid growth of the automotive steering rack sector is directly attributed to the sales of passenger cars and commercial vehicles in this region.
The automotive steering rack market is likely to be worth US$ 31.08 Billion in 2022.
The automotive steering rack market has high growth potential due to an increase in global automobile production.
The manufacturers in the automotive steering rack market industry are likely to find the most opportunities in the Asia Pacific region.
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