Automotive Steering Racks Market was valued at USD 24.5 Billion in 2022 and is projected to reach USD 34.0 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
During this time, key automotive manufacturers invested heavily in R&D to develop more efficient, cost-effective steering racks, and the market expanded globally with both premium and mass-market vehicles adopting modern steering solutions. The increasing adoption of electric power steering (EPS) systems and rack-mounted steering systems further accelerated growth in the automotive steering racks market. In 2021, the global automotive steering racks market was valued at approximately USD 15 billion, and this growth trajectory continued due to the demand for lightweight, high-performance components that offer durability and precision. Moreover, technological innovations such as steer-by-wire systems have also been introduced, aiming to further optimize driving experience and reduce vehicle weight.
The outlook for the automotive steering racks market from 2023 to 2033 is promising, as the industry continues to evolve with advanced technologies and shifting consumer demands. The growth of electric and autonomous vehicles is expected to drive substantial changes in the market. By 2025, it is estimated that electric vehicle sales will account for a significant share of total car sales, necessitating an increased demand for specialized steering racks tailored to these vehicles. With automation on the rise, steering systems are set to become even more sophisticated, making way for more demand for steer-by-wire and drive-by-wire technologies, which eliminate traditional mechanical linkages between the steering wheel and the wheels.
Automotive manufacturers are increasingly focusing on adopting these technologies to optimize energy efficiency, reduce weight, and improve the overall driving experience. At the same time, concerns over vehicle safety, autonomous driving capabilities, and energy efficiency will continue to shape the demand for innovative steering rack solutions in the coming years. Key players in the automotive steering racks market, including Bosch, JTEKT, Nexteer Automotive, and ZF Friedrichshafen, are expected to lead the charge with new innovations and acquisitions, helping to expand the market globally.
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The automotive steering racks market has seen significant developments between 2018 and 2022, with changing consumer demands, technological advancements, and evolving regulatory frameworks. The period from 2018 to 2022 witnessed steady growth due to the rising demand for enhanced vehicle safety, precision, and improved driving experience. As steering technology progressed, automakers began integrating electric and rack-and-pinion steering systems to enhance performance and efficiency, pushing the market further. Additionally, the increased demand for electric vehicles (EVs) contributed to this growth, as they require advanced steering mechanisms tailored to their specific needs, such as low energy consumption and precise control.
Hitachi Astemo
Ltd.
MOOG
Jtekt Corporation
Nexteer
GENERAL RICAMBI
Stiletto
Quaife
Hirsche
Lizarte
Bosch
BORG Automotive Group
AMK
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 Global Automotive Steering Racks Market
Passenger Vehicle
Commercial Vehicle
Based on Types the Market is categorized into Below types that held the largest Automotive Steering Racks market share In 2023.
Manual
Electric Power
Hydraulic Power
Global (United States, Global 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 Global 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. Global Automotive Steering Racks Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automotive Steering Racks Market, By Type
6. Global Automotive Steering Racks Market, By Application
7. Global Automotive Steering Racks Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Automotive Steering Racks Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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