Steering Tie Rod Market Expected to Surpass USD $20.64 Billion by 2029, Expanding at 5.7% CAGR

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 What Will Be the Forecast Market Size of the Global Steering Tie Rod Market by 2029?
 The steering tie rod market size has grown strongly in recent years. It will grow from $15.65 billion in 2024 to $16.52 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to the implementation of safety regulations, growing urbanization and infrastructure development, expansion of automotive supply chains, consumer demand for comfort and handling, and 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 $20.64 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to advancements in electric and autonomous vehicles, technological innovations in materials and manufacturing, integration of Internet of Things (IoT) and artificial intelligence (AI) technologies in vehicles, regulatory emphasis on fuel efficiency and emission, focus on sustainability. Major trends in the forecast period include integration with electric power steering (EPS) systems, demand for customized and versatile tie rod designs, integration of sensors and smart technologies, rising disposable incomes in emerging markets, collaborations, and partnerships.
 
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 What Are the Primary Growth Contributors in the Steering Tie Rod Market?
 Increasing automotive production is expected to propel the growth of the steering tie rod market going forward. Automotive production refers to the process of manufacturing vehicles, including cars, trucks, and other automobiles, from raw materials to finished products ready for sale. The increasing automotive production is driven by growing global demand for vehicles, advancements in technology, and expanding markets. Steering tie rods are essential components used in automotive production to connect the steering rack to the steering knuckle, allowing for controlled steering of the vehicle. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, in 2021, North America manufactured 13.596 million motor vehicles, with production rising to 14.901 million units in 2022, indicating a 9.6% increase year-over-year in vehicle production within the region. Therefore, increasing automotive production is driving the growth of the steering tie rod market.
 
 What Are the Emerging Segments in the Steering Tie Rod Market?
 The steering tie rodmarket covered in this report is segmented — 
 
 1) By Position: Inner Tie Rods, Outer Tie Rods
 2) By Material: Carbon Steel, Stainless Steel
 3) By Vehicle Type: Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle
 4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
 
 Subsegments:
 1) By Inner Tie Rods: Standard Inner Tie Rods, Heavy-Duty Inner Tie Rods 
 2) By Outer Tie Rods: Standard Outer Tie Rods, Heavy-Duty Outer Tie Rods
 
 What Are the Notable Trends in the Steering Tie Rod Market by Product, Application, and Region?
 Major companies operating in the steering tie rod market are focused on developing significant expansion of products, such as steering and suspension parts, to enhance product coverage, safety, and durability while meeting the growing demand for high-quality steering and suspension parts. For instance, in June 2024, DRiV Incorporated, a US-based automotive parts supplier, announced a significant expansion of its Monroe Steering and Suspension range with 750 new part numbers, increasing coverage by 20% and reinforcing the brand’s commitment to safety, durability, and reducing comebacks. This expansion introduces new parts for popular late-model vehicles and enhances product quality with advanced materials, anti-corrosion coatings, and stringent testing to meet original equipment standards. 
 
 Who Are the Leading Companies in the Steering Tie Rod Industry by Revenue?
 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.
 
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 Which Region Is Projected to Account for the Largest Share of the Steering Tie Rod Market?
 North America was the largest region in the steering tie rod market in 2024. The regions covered in the steering tie rod market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
 
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