Demand of Automotive Steering Rack is expected to expand at CAGR of 3% to 4% during 2021 to 2031
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.
What is Driving Demand for Automotive Steering Rack?
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.
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Electric Power Steering (EPS) will be driven by smooth handling and safety concern in Automotive Industry
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.
Asia Pacific Automotive Steering Rack Market Outlook
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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Europe Automotive Steering Rack Market Outlook
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.
Who are the Key Manufacturers and Suppliers of Automotive Steering Rack?
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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By Product Type
- Passenger vehicle
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Buses & coaches
- Passenger vehicle
- North America
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- South Asia and Pacific
- Australia & New Zealand
- East Asia
- South Korea
- Middle East & Africa
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- North America
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