The global steering tie rod market is estimated to be valued at USD 10,440.3 million in 2024 and USD 17,946.3 million by 2034. It will likely exhibit steady growth, with global demand for steering tie rods set to surge at a CAGR of 5.6% during the next ten years.
The passenger car segment is expected to dominate the global steering tie rod industry through 2034. It will likely hold a volume share of 61.4% by 2024. This is due to the increasing demand for passenger cars globally.
The steering tie rod market is intricately linked to the growth and production trends within the automotive industry. A surge in global vehicle production, particularly in emerging markets, is expected to drive demand for steering components, including tie rods.
The shift in consumer preferences towards SUVs and other premium cars has influenced the demand for robust steering systems, placing additional importance on durable tie rods. Manufacturers are meeting domestic demands and contributing significantly to the global supply chain.
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Consumer preferences for vehicles equipped with advanced features are anticipated to boost the growth of the steering tie rod market. The integration of sophisticated steering components becomes crucial in meeting the demands of a competitive automotive market. As manufacturers strive to differentiate their products, the demand for technologically advanced tie rods is rising.
The growing popularity of aftermarket steering tie rods will likely support market expansion. Vehicle owners seek cost-effective and reliable replacement parts to address vehicle wear and tear issues. The convenience of online platforms and a robust network of aftermarket suppliers cater to the diverse needs of vehicle owners.
Another factor expected to drive the steering tie rod market growth is the rising emphasis on vehicle safety and compliance with regulations. The integration of advanced steering components aligns with the automotive industry’s commitment to enhancing safety features. Steering tie rods play a crucial role in ensuring responsive and reliable steering control, contributing to overall vehicle safety and compliance with stringent regulations.
Globalization and the interconnected nature of the automotive supply chain continue to influence the steering tie rod industry. Market players are strategically expanding their global footprint, establishing production facilities, and forming alliances with regional partners. This ensures a seamless supply chain and allows manufacturers to cater to diverse regional requirements and preferences.
Key Takeaways from the Steering Tie Rod Market Market Report:
- The global market for steering tie rods is projected to total USD 17,946.3 million by 2034.
- By sales channel, the OEM segment is expected to generate revenue worth USD 14,715.9 million by 2034.
- By vehicle type, the passenger vehicles segment is set to hold a market share of 4% in 2024.
- North America is set to account for a global market share of about 2% in 2024.
- East Asia’s industry value is anticipated to reach USD 4,395.4 million by 2024.
- Sales in China will likely reach USD 4,775.0 million by 2034.
- India is poised to register a CAGR of 2% through 2034.
Competitive Landscape:
The global steering tie rod market is moderately consolidated, with top players accounting for about 30% to 35% of the share. MOOG Inc., TRW Automotive Holdings Corp., ZF Friedrichshafen AG, Federal-Mogul Corporation, Delphi Automotive PLC, Mando Corporation, Nexteer Automotive Group Limited, NSK Ltd., and CTR Corporation are the leading steering tie rod manufacturers listed in the report.
Key companies embrace technological innovations and use advanced materials to offer innovative steering components. Similarly, strategies like mergers, partnerships, collaborations, facility expansions, and acquisitions are becoming common in the market as players look to stay ahead of the competition.
Recent Development:
In March 2021, the new JAR1256, JTE1946 and JTE1947 tie rods were introduced by ZF Aftermarket.
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More Insights into the Steering Tie Rod Market Report:
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global steering tie rod market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the report is segmented based on product type, material type, vehicle type, sales channel, and region.
Steering Tie Rod Market Segmentation:
By Product Type:
- Inner Tie Rod
- Outer Tie Rod
By Material Type:
- Steel Tie Rod
- Aluminum Tie Rod
- Other Alloy Tie Rod
By Vehicle Type:
- Passenger Vehicles
- Compact
- Mid-size
- Luxury
- SUV
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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