Manual Steering Rack Market was valued at USD 5.2 Billion in 2022 and is projected to reach USD 7.8 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
The global manual steering rack market was valued at approximately USD 8.5 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. The increasing demand for cost-effective and fuel-efficient vehicles is driving this growth. Additionally, the steady rise in automotive production and the preference for simpler mechanical systems over more complex electronic steering systems contribute to the robust market expansion. The market's growth is also supported by the ongoing advancements in steering technologies and rising vehicle customization trends.
Opportunities within the manual steering rack market are emerging as a result of the expanding automotive industry in developing regions. As economies in Asia-Pacific and Latin America continue to grow, the demand for affordable and reliable steering solutions is expected to rise. Furthermore, the growing focus on vehicle durability and maintenance in these regions presents additional avenues for market growth. Investment in research and development to enhance the performance and efficiency of manual steering racks will likely provide a competitive edge and stimulate further market opportunities.
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Hitachi
Jtekt Corporation
Nexteer
Quaife
Hirsche Automotive
Bosch
BORG Automotive
Lizarte
MOOG Parts
General Ricambi
Guangdong Diamond Auto Parts
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 Manual Steering Rack Market
Passenger Cars
Commercial Vehicles
Based on Types the Market is categorized into Below types that held the largest Manual Steering Rack market share In 2023.
Rack and Pinion Type
Ball Screw Type
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 Manual Steering Rack 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 Manual Steering Rack Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Manual Steering Rack Market, By Type
6. Global Manual Steering Rack Market, By Application
7. Global Manual Steering Rack Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Manual Steering Rack Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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