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.
The automotive steering racks market is evolving at a rapid pace, driven by technological advancements and changing consumer preferences. As the automotive industry continues to adapt to new demands for efficiency, safety, and sustainability, steering racks play a crucial role in providing responsive and reliable steering systems for modern vehicles. In this article, we will explore the key market insights, trends, and factors influencing the automotive steering racks market, offering an in-depth look at the growth prospects, challenges, and technological innovations shaping the industry.
Steering racks are a vital component in a vehicle’s steering system, responsible for converting the rotational motion of the steering wheel into linear motion to turn the vehicle's wheels. The automotive steering rack is typically connected to a steering pinion and is available in various configurations, including manual, power-assisted, and electric power steering systems.
There are two main types of steering racks:
Manual Steering Racks: These are traditional steering racks that rely on the driver's physical strength to turn the wheels. They are typically found in older vehicles and offer simplicity and durability.
Power Steering Racks: These use hydraulic or electric assistance to reduce the effort required to steer the vehicle. Modern vehicles typically feature power-assisted steering systems for smoother handling and ease of driving.
As the automotive industry evolves, there is a growing shift towards electric power steering (EPS) systems, which offer greater fuel efficiency, improved precision, and reduced environmental impact compared to traditional hydraulic systems.
The global automotive steering racks market is witnessing significant growth, with a steady increase in the demand for high-performance steering systems. According to recent market research, the automotive steering racks market was valued at approximately USD 9.2 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of around 5.6% from 2023 to 2030.
The growth of the automotive steering racks market can be attributed to several factors, including the rising demand for electric vehicles (EVs), advancements in steering technology, and the increasing focus on vehicle safety and comfort. As electric power steering systems continue to gain popularity, automakers are investing in research and development to create more efficient, cost-effective, and eco-friendly steering solutions.
Several key drivers are fueling the growth of the automotive steering racks market:
The rise of electric vehicles is one of the most significant drivers of the automotive steering racks market. EVs require advanced steering technologies to enhance driving experience and safety. Electric power steering (EPS) systems are increasingly being integrated into EVs due to their lightweight design, energy efficiency, and precise control. As the adoption of EVs continues to increase, the demand for advanced steering racks is expected to grow as well.
Technological advancements in steering rack systems, such as steer-by-wire and fully electric steering systems, are transforming the market. These innovations are designed to offer enhanced driver control, improved fuel efficiency, and reduced weight. The integration of advanced features like lane-keeping assist, automated steering, and autonomous driving systems is further driving the demand for more sophisticated steering rack technologies.
Automakers are increasingly focusing on improving vehicle safety and driver comfort. Power steering racks, particularly electric power steering (EPS) systems, offer better precision, smoother handling, and reduced driver fatigue. These benefits contribute to improved safety, making advanced steering racks a critical component in modern vehicles. As safety standards continue to evolve, the demand for more reliable and responsive steering systems is set to rise.
With growing concerns over environmental sustainability and fuel efficiency, automakers are prioritizing technologies that reduce fuel consumption. Electric power steering systems are more energy-efficient than hydraulic systems, offering reduced drag on the engine and improved fuel economy. As fuel efficiency remains a key consideration for consumers and manufacturers, EPS systems are becoming the preferred choice for steering systems in vehicles.
Despite the positive growth prospects, the automotive steering racks market faces several challenges that could impact its expansion:
Advanced steering systems, such as steer-by-wire and EPS systems, often come with higher production costs compared to traditional manual or hydraulic systems. The integration of these technologies requires significant investment in research, development, and manufacturing. While these systems offer long-term benefits, the initial costs can be a barrier to adoption for certain automakers and consumers, particularly in budget segments of the market.
The automotive steering racks market is highly competitive, with several major players vying for market share. This competition, coupled with price sensitivity in the automotive industry, creates pressure on manufacturers to offer high-quality steering racks at competitive prices. Companies must continuously innovate and improve their products to maintain a competitive edge while managing cost constraints.
The automotive industry is subject to stringent regulations related to safety, environmental impact, and performance. Steering racks must comply with various standards, such as ISO 9001 for quality management and ISO 14001 for environmental management. Meeting these standards requires ongoing investment in quality control processes and compliance procedures, which can increase operational costs for manufacturers.
The automotive steering racks market can be segmented based on type, vehicle type, and region:
Manual Steering Racks: Though less common in modern vehicles, manual steering racks are still used in certain budget-friendly or off-road vehicles.
Power Steering Racks: This segment includes hydraulic power steering (HPS) and electric power steering (EPS) systems. EPS systems are gaining traction due to their energy efficiency and precise control.
Passenger Cars: The largest segment, as most passenger vehicles now come equipped with advanced steering systems, including EPS and HPS.
Commercial Vehicles: Steering racks in commercial vehicles must handle heavier loads and offer greater durability. These vehicles typically use hydraulic power steering.
Electric Vehicles (EVs): EVs are a rapidly growing segment, driving the demand for advanced electric power steering systems due to their energy efficiency and precision.
North America: The North American market is one of the largest, driven by the strong automotive manufacturing base and increasing adoption of electric vehicles.
Europe: Europe is witnessing significant growth in the automotive steering racks market, particularly due to stringent safety regulations and a strong focus on fuel efficiency.
Asia-Pacific: The Asia-Pacific region is expected to witness the highest growth, primarily due to the booming automotive industry in countries like China and India, coupled with increasing demand for EVs and advanced steering technologies.
Several key players dominate the automotive steering racks market, including:
Robert Bosch GmbH: A global leader in automotive components, Bosch has a strong presence in the steering racks market, particularly with its EPS and HPS systems.
JTEKT Corporation: A major player in the automotive steering systems market, JTEKT offers a wide range of steering racks for various vehicle types, including electric and hybrid vehicles.
ZF Friedrichshafen AG: ZF is known for its innovative automotive steering systems, offering both traditional hydraulic steering racks and advanced EPS solutions.
Thyssenkrupp AG: Thyssenkrupp provides advanced steering solutions, including EPS and steer-by-wire systems, to meet the evolving needs of the automotive industry.
The automotive steering racks market is poised for significant growth, driven by technological advancements, increasing demand for electric vehicles, and a heightened focus on safety, efficiency, and comfort. While challenges such as high costs and competition exist, the industry's ongoing innovations promise a bright future for steering rack systems. As the market continues to evolve, manufacturers must embrace new technologies, meet regulatory requirements, and address consumer demands to stay competitive in an increasingly dynamic automotive landscape.
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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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