Steering Tie Rod Market Report 2024

The steering tie rod market size has grown strongly in recent years. It will grow from $14.67 billion in 2023 to $15.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period can be attributed to the implementation of safety regulations, increasing urbanization and infrastructure development, the expansion of automotive supply chains, consumer demand for comfort and handling, and adherence to 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 $27.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to advancements in electric and autonomous vehicles, technological innovations in materials and manufacturing, the integration of Internet of Things (IoT) and artificial intelligence (AI) technologies in vehicles, regulatory emphasis on fuel efficiency and emissions, and a focus on sustainability. Major trends in this period include integration with electric power steering (EPS) systems, demand for customized and versatile tie rod designs, incorporation of sensors and smart technologies, rising disposable incomes in emerging markets, and increased collaborations and partnerships.

Increasing automotive production is expected to drive the growth of the steering tie rod market in the future. Automotive production encompasses the process of manufacturing vehicles, such as cars, trucks, and other automobiles, from raw materials to finished products ready for sale. The surge in automotive production is fueled by the rising global demand for vehicles, technological advancements, and expanding markets. Steering tie rods are crucial components in automotive production, connecting the steering rack to the steering knuckle, thereby enabling controlled steering of the vehicle. For example, according to the European Automobile Manufacturers Association, a Belgium-based organization, North America manufactured 13.596 million motor vehicles in 2021, with production increasing to 14.901 million units in 2022, representing a 9.6% year-over-year growth in vehicle production within the region. Consequently, the increase in automotive production is driving the growth of the steering tie rod market.

Leading companies in the steering tie rod market are focusing on developing innovative products, including steering and suspension parts, to offer a range of repair and replacement options. Steering and suspension parts are vital components of a vehicle's chassis system, working together to ensure safe handling, ride comfort, and stability. For instance, in November 2021, Delphi Technologies, a UK-based automotive company, launched a new global steering and suspension offering for the Tesla Model S, providing workshops with new repair opportunities. This launch includes several new parts, such as control arms, link stabilizers, tie rods, and ball joints, enabling workshops to offer various repairs and replacements for the popular Tesla Model S. These new parts have undergone rigorous performance and safety testing, with the Delphi Technologies control arm body demonstrating superior strength and fatigue life compared to the OEM design due to heat treatment.

In December 2022, BorgWarner Inc., a US-based automotive and e-mobility supplier, acquired Drivetek AG for an undisclosed amount. This acquisition strengthens BorgWarner's power electronics and auxiliary inverter capabilities and expands its customer base and industry reach. Drivetek AG is a Switzerland-based company that provides tie rod assembly.

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.

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.

The countries covered in the steering tie rod market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A steering tie rod is an essential part of a vehicle's steering system, linking the steering rack to the steering knuckle on each front wheel. It transmits force from the steering rack to the wheel, enabling the vehicle to turn and maintain directional control. The proper functioning of tie rods is crucial for vehicle stability and safe handling.

The primary types of steering tie rods are inner tie rods and outer tie rods. Inner tie rods connect the steering rack to the outer tie rods within a vehicle's steering system. They are made from materials such as carbon steel and stainless steel, and are used in passenger cars, light commercial vehicles, and heavy commercial vehicles. These tie rods are distributed through various sales channels, including original equipment manufacturers (OEM) and the aftermarket.

The steering tie rod market research report is one of a series of new reports that provides steering tie rod market statistics, including steering tie rod industry global market size, regional shares, competitors with a steering tie rod market share, detailed steering tie rod market segments, market trends and opportunities, and any further data you may need to thrive in the steering tie rod industry. This steering tie rod market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The steering tie rod market consists of sales of adjustable tie rods, non-adjustable tie rods, and ball-joint tie rod ends. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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