Global Automotive Rack and Pinion Steering System
Market Report
2024
The Global Automotive Rack and Pinion Steering System Market size will grow at a compound annual growth rate (CAGR) of 5.30% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global automotive rack and pinion steering system market size will grow at a compound annual growth rate (CAGR) of 5.30% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Automotive Rack and Pinion Steering System Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.3% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Automotive Rack and Pinion Steering System Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
In order to turn the wheels more effectively, automotive rack and pinion steering systems pair a pinion gear with a rack. The pinion gear spins the steering wheel by being fastened to it. The rack, which is fastened to the vehicle's chassis, converts the rotation of the pinion gear into linear motion that turns the wheels. The rising demand for cars, trucks, and other light and heavy commercial vehicles is attributed to the market's expansion. Furthermore, the rack and pinion type steering system is used solely in electric power steering (EPS). As a result, as EPS is more widely used in cars, so too does demand for automotive rack and pinion steering systems. Additionally, EPS and its parts are more expensive than hydraulic power steering systems, allowing manufacturers of steering systems and components to report higher profit margins. The worldwide automotive rack and pinion steering system market would thus be driven throughout the forecast period by the rising usage of EPS.
In October 2022, the mCEPS from Nexteer satisfied the demand for a sophisticated, adaptable, and affordable steering system that is adaptive to client packaging and other requirements. It has a platform design and an extendable electronic control system.
A major market driver is the use of rack and pinion steering systems to improve control. With effective driver-assist technology, modern safety systems have changed the vehicle industry and made roadways safer. Users gain trust and confidence as passive and active safety systems are adopted more frequently. Along with safety measures, design improvements to vehicle parts, including the steering system, help lower the number of fatalities on the road. The rack and pinion steering system's rapid response and interactive mechanism have increased driving control and intuitiveness while also improving fuel efficiency. Due to its balance and lightweight, driving in various conditions and speeds is easier, helping when things are bad. Due to these benefits, the market for automotive rack and pinion steering systems is expected to expand significantly over the projected period.
One major issue limiting market expansion is faulty rack and pinion steering system recalls. Due to faulty parts or incorrect assembly, product recalls are frequent in the automotive industry and are done to protect consumers or the products themselves. The value chain's manufacturers and suppliers incur additional costs as a result of these recalls. The expenses of recalls, which are borne by all participants, present difficulties and affect the market as a whole. Leaks, slack in the steering gears, worn bearings, and air entering the system are typical operational and functional problems with rack and pinion power steering systems. During the forecast period, recalls for these problems will continue to be a challenge for the worldwide automotive rack and pinion steering system market and will increase expenses for manufacturers.
The COVID-19 impact has significantly affected the supply chain for the whole automotive ecosystem over time. This has caused production facilities worldwide to stop, which has disrupted the export of car parts. This scenario is anticipated to impact the automotive rack and pinion steering system market because vehicle production directly influences market growth.
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Due to their crucial strategic choices, diverse product portfolios, and market share control, some of the top players dominate the worldwide automotive rack and pinion steering system market. The group of important enterprises has a larger geographic presence and persistent R&D, contributing to secure regulatory approvals.
Top Companies Market Share in Automotive Rack and Pinion Steering System Industry: (In no particular order of Rank)
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Global Automotive Rack and Pinion Steering System Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Automotive Rack and Pinion Steering System Industry growth. Automotive Rack and Pinion Steering System market has been segmented with the help of its Type, Application , and others. Automotive Rack and Pinion Steering System market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the hydraulic category led the market in 2023. In order to give the driver the ability to modify the steering wheel's angle, the hydraulic power steering system uses hydraulic pressure. The HPS can be distinguished from other kinds of steerable systems, including electromechanical, electrohydraulic, and pneumatic systems, by its capacity to move utilizing fluid pressure instead of mechanical components.
Over the forecast period, the electronic category is anticipated to be the fastest growing. The growing demand from consumers for vehicles with ADAS and autonomous driving capabilities has led to a rise in the use of electronic rack and pinion steering systems. Additionally, the demand for fuel efficiency and tight government regulations regarding vehicle safety are driving market expansion for electronic rack and pinion steering systems globally, which is anticipated to fuel the growth of the market under consideration during the forecast period.
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The passenger car segment is anticipated to significantly expand during the projection period. More than half of the world's population lives in urban areas, which is expanding even more quickly. The increased urbanization is the primary cause of the longer commute. The demand for passenger automobiles is rising, intensifying the competition between OEMs and their suppliers.
According to Cognitive Market Research, the commercial vehicle category is expected to be the fastest growing over the forecast period due to its widespread use in developing nations like South Africa, Argentina, and Saudi Arabia, among others, where it is used to navigate through narrow roads with little clearance due to the presence of tight turns or bends increasing safety chances while driving down a road with heavy traffic load on both sides, these countries' high adoption rates are significant factors driving up market size during this particular period.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Automotive Rack and Pinion Steering System market report 2024 Edition by contacting our team.
According to Cognitive Market Research, Europe is estimated to have the biggest market share and significant automotive rack and pinion steering system market growth during the forecast period. Government rules in this area governing fuel efficiency have prompted a growth in the use of fuel-efficient cars with effective rack and pinion steering systems. This element is anticipated to fuel the market's expansion in this area. Furthermore, introducing automotive rack and pinion steering systems, such as EPS, in cars is anticipated to minimize the cost of exporting the systems, moving the market toward increased profitability. OEM suppliers have installed new plants in Germany. The German automotive rack and pinion steering system market has expanded as a result of improvements in sensor technology for EPS and lower manufacturing costs for these systems.
On the other hand, Asia Pacific is anticipated to increase at a high rate. APAC is seeing significant economic expansion, driven by nations like China, India, Thailand, Indonesia, and South Korea, which has raised per-capita income and increased auto sales. The region's industrial and infrastructure development investment has increased demand for commercial vehicles. Due to government incentives, low costs, and advantages in raw materials, China and India have consequently become the world's largest and fastest-growing automobile markets.
The current report Scope analyzes Automotive Rack and Pinion Steering System Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Research Analyst at Cognitive Market Research
I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that my skills remain sharp and relevant. I spearheaded research initiatives focused on market trends, customer behavior, and competitive landscapes. I have a demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams, I played a pivotal role in shaping successful projects that hinged on robust research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Automotive Rack and Pinion Steering System Market is witnessing significant growth in the near future.
In 2023, the Electronic segment accounted for noticeable share of global Automotive Rack and Pinion Steering System Market and is projected to experience significant growth in the near future.
The Passenger Car segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies BorgWarner Inc. , HL Mando Co. Ltd. and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Type | Electronic, Electro-hydraulic, Hydraulic, Manual |
Application | Passenger Car, Commercial Vehicle |
List of Competitors | BorgWarner Inc., China Automotive Systems Inc., HL Mando Co. Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Kaz Technologies, Knorr Bremse AG, Mando Aftermarket North America, Nexteer Automotive Group Ltd., NSK Ltd., Rane Holdings Ltd., Robert Bosch GmbH, thyssenkrupp AG, ZF Friedrichshafen AG |
This chapter will help you gain GLOBAL Market Analysis of Automotive Rack and Pinion Steering System. Further deep in this chapter, you will be able to review Global Automotive Rack and Pinion Steering System Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Automotive Rack and Pinion Steering System Market Trends North America Automotive Rack and Pinion Steering System Technological Road Map North America Automotive Rack and Pinion Steering System Market Drivers North America Automotive Rack and Pinion Steering System Market Restraints North America Automotive Rack and Pinion Steering System Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Automotive Rack and Pinion Steering System market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Electronic have a significant impact on Automotive Rack and Pinion Steering System market? |
What are the key factors affecting the Electronic and Electro-hydraulic of Automotive Rack and Pinion Steering System Market? |
What is the CAGR/Growth Rate of Passenger Car during the forecast period? |
By type, which segment accounted for largest share of the global Automotive Rack and Pinion Steering System Market? |
Which region is expected to dominate the global Automotive Rack and Pinion Steering System Market within the forecast period? |
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Additional Quantitative Data |
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