United States Automotive Steering Racks Market was valued at USD 6.1 Billion in 2022 and is projected to reach USD 8.5 Billion by 2030, growing at a CAGR of 4.3% from 2024 to 2030.
The US Automotive Steering Racks Market has witnessed significant growth in recent years, driven by the increasing demand for advanced steering systems in vehicles. Steering racks are essential components of the steering mechanism in vehicles, responsible for translating the rotational motion of the steering wheel into the linear motion required to turn the wheels. This technology plays a vital role in ensuring the safety, performance, and comfort of modern automobiles. The market is highly dynamic, with technological advancements, regulatory changes, and evolving consumer preferences shaping its future trajectory.
There are several types of automotive steering racks available in the market, each tailored to meet specific needs and vehicle types. The two primary categories include manual and power steering racks. Power steering racks, which include hydraulic and electric power steering systems, are more commonly found in modern vehicles due to their ability to reduce driver effort and improve overall vehicle handling. In contrast, manual steering racks are typically found in older models or specific vehicle segments such as sports cars, where direct feedback and precision are prioritized.
Industry demand for automotive steering racks is influenced by various factors, such as vehicle production volumes, regulatory standards, and technological innovations. The automotive industry’s shift toward electric vehicles (EVs) has further amplified the demand for advanced steering systems, including steer-by-wire technology, which eliminates the traditional mechanical linkage between the steering wheel and the wheels. This trend is expected to drive the automotive steering racks market as manufacturers look to develop lightweight, efficient, and reliable solutions to meet the needs of the evolving automotive landscape.
Moreover, the rise in consumer preferences for enhanced driving experiences has led to an increased focus on advanced driver assistance systems (ADAS), which rely heavily on precision steering. Automotive steering racks must be designed to integrate seamlessly with these systems, ensuring vehicle stability, safety, and performance. The continuous development of autonomous driving technology is also contributing to a higher requirement for steering racks that offer more precise control and reliability.
The US Automotive Steering Racks Market is also being shaped by significant investments in research and development aimed at reducing costs while improving the performance of steering systems. Manufacturers are constantly innovating to produce lighter, more durable, and energy-efficient steering racks that cater to the diverse needs of the automotive industry. In addition, the growing emphasis on sustainability has pushed manufacturers to focus on environmentally friendly materials and production processes.
As demand for automotive steering racks continues to rise, suppliers must also address the challenges posed by supply chain disruptions, labor shortages, and rising raw material costs. This requires companies to adopt more resilient strategies, such as diversifying supply chains and embracing automation technologies, to meet growing market demands while maintaining high-quality standards.
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Hitachi Astemo
Ltd.
MOOG
Jtekt Corporation
Nexteer
GENERAL RICAMBI
Stiletto
Quaife
Hirsche
Lizarte
Bosch
BORG Automotive Group
AMK
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US Automotive Steering Racks Market
Rack and Pinion Steering Racks
Recirculating Ball Steering Racks
Electric Power Steering Racks
Hydraulic Power Steering Racks
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
Two-Wheelers
Steel
Aluminum
Composite Materials
Plastic
Standard Steering Racks
Variable Gear Ratio Steering Racks
Active Steering Racks
Adaptive Steering Racks
OEMs (Original Equipment Manufacturers)
Aftermarket Manufacturers
Fleet Operators
Individual Vehicle Owners
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US Automotive Steering Racks Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US Automotive Steering Racks Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Automotive Steering Racks Market, By Type
6. US Automotive Steering Racks Market, By Application
7. US Automotive Steering Racks Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Automotive Steering Racks Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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