Automotive Steering Rack Market
Automotive Steering Rack Market Trends Analysis Report By Product Type (Manual, Power), By Application (Passenger vehicle, Commercial vehicle), By Sales Channel (OEM, Aftermarket) - Regional forecast 2021-2031
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
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.
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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.
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.
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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.
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.
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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.
Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprints
Key Segments
-
By Product Type
- Manual
- Power
-
By Application
- Passenger vehicle
- Hatchback
- Sedan
- SUV
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Buses & coaches
- Passenger vehicle
-
Sales Channel
- OEM
- Aftermarket
-
By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Europe
- Germany
- Italy
- France
- U.K.
- Spain
- BENELUX
- Russia
- South Asia and Pacific
- India
- ASEAN
- Australia & New Zealand
- East Asia
- China
- Japan
- South Korea
- Middle East & Africa
- GCC
- Turkey
- South Africa
- North Africa
- North America
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
Table of Content
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Product Type 6.2. Application 6.3. Sales Channel 7. Global Market Analysis and Forecast, By Product Type 7.1. Manual 7.2. Power 8. Global Market Analysis and Forecast, By Application 8.1. Passenger vehicle 8.2. Commercial vehicle 9. Global Market Analysis and Forecast, By Sales Channel 9.1. OEM 9.2. Aftermarket 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. East Asia 10.6. South Asia & Pacific 10.7. MEA 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Western Europe Sales Analysis and Forecast, by Key Segments and Countries 14. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 17. MEA Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Product Type, Application, and Sales Channel for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Stiletto 20.2. Quaife 20.3. Howe 20.4. Maval 20.5. ZF Friedrichshafen AG 20.6. Hirsche 20.7. Lizarte 20.8. Robert Bosch GmbH 20.9. Elstock 20.10. Amk 20.11. Shaftec
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List Of Table
Table 01: Global Market US$ Mn Forecast by Region
Table 02: Global Market US$ Mn Forecast by Product Type
Table 03: Global Market US$ Mn Forecast by Application
Table 04: Global Market US$ Mn Forecast by Sales Channel
Table 05: North America Market US$ Mn Forecast by Country
Table 06: North America Market US$ Mn Forecast by Product Type
Table 07: North America Market US$ Mn Forecast by Application
Table 08: North America Market US$ Mn Forecast by Sales Channel
Table 09: Latin America Market US$ Mn Forecast by Country
Table 10: Latin America Market US$ Mn Forecast by Product Type
Table 11: Latin America Market US$ Mn Forecast by Application
Table 12: Latin America Market US$ Mn Forecast by Sales Channel
Table 13: Western Europe Market US$ Mn Forecast by Country
Table 14: Western Europe Market US$ Mn Forecast by Product Type
Table 15: Western Europe Market US$ Mn Forecast by Application
Table 16: Western Europe Market US$ Mn Forecast by Sales Channel
Table 17: Eastern Europe Market US$ Mn Forecast by Country
Table 18: Eastern Europe Market US$ Mn Forecast by Product Type
Table 19: Eastern Europe Market US$ Mn Forecast by Application
Table 20: Eastern Europe Market US$ Mn Forecast by Sales Channel
Table 21: East Asia Market US$ Mn Forecast by Country
Table 22: East Asia Market US$ Mn Forecast by Product Type
Table 23: East Asia Market US$ Mn Forecast by Application
Table 24: East Asia Market US$ Mn Forecast by Sales Channel
Table 25: South Asia & Pacific Market US$ Mn Forecast by Country
Table 26: South Asia & Pacific Market US$ Mn Forecast by Product Type
Table 27: South Asia & Pacific Market US$ Mn Forecast by Application
Table 28: South Asia & Pacific Market US$ Mn Forecast by Sales Channel
Table 29: MEA Market US$ Mn Forecast by Country
Table 30: MEA Market US$ Mn Forecast by Product Type
Table 31: MEA Market US$ Mn Forecast by Application
Table 32: MEA Market US$ Mn Forecast by Sales Channel
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List Of Figures
Figure 01: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 02: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 03: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 04: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 05: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 06: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 07: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 08: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 09: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 10: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 11: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 12: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 14: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 15: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 16: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 17: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 18: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 19: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 20: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 21: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 22: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 23: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 24: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 25: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 26: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 27: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 28: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 29: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 30: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 31: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Sales Channel
Figure 32: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the growth rate of Automotive Steering Rack market?
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).
Why is the Automotive Steering Rack market witnessing major growth?
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.
Where will the Automotive Steering Rack market generate its major market share?
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.
How much is the Automotive Steering Rack Market likely to be Worth in 2022?
The automotive steering rack market is likely to be worth US$ 31.08 Billion in 2022.
Why Automotive Steering Rack Market has High Growth potential?
The automotive steering rack market has high growth potential due to an increase in global automobile production.
Where will Manufacturers find the Most Opportunities in the Automotive Steering Rack Industry?
The manufacturers in the automotive steering rack market industry are likely to find the most opportunities in the Asia Pacific region.
Automotive Steering Rack Market