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 global automotive steering racks market was valued at approximately USD 25.3 billion in 2022. This market is anticipated to grow at a compound annual growth rate (CAGR) of around 6.8% from 2022 to 2030. The increasing demand for advanced vehicle safety systems, coupled with rising vehicle production and growing consumer preference for electric vehicles (EVs), is driving this growth. In particular, the shift towards electric steering racks is notable, as they offer enhanced control and efficiency compared to traditional hydraulic systems. Additionally, advancements in autonomous driving technology are expected to further boost the adoption of electric and steer-by-wire systems, contributing to the overall market expansion.
Emerging markets present significant opportunities for growth in the automotive steering racks sector. Countries in Asia-Pacific, especially India and China, are experiencing rapid urbanization and a growing middle class, leading to higher vehicle ownership rates. This trend is expected to drive demand for automotive steering racks in these regions. Furthermore, the introduction of stringent emission regulations and government incentives for EVs are likely to accelerate the adoption of electric steering technologies in these markets. The growing focus on reducing carbon footprints and enhancing vehicle safety standards globally will continue to create lucrative opportunities for market players.
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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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