Latest News- Automotive Rack And Pinion Steering System Market: Front-wheel drive is expected to lead the Application segment during 2025-2029

The Automotive Rack And Pinion Steering System Market is being driven by Increasing adoption of electric power steering

The Automotive Rack And Pinion Steering System Market is expected to grow at a CAGR of 4.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 4515.2 million. The steer-by-wire automotive steering system represents a significant advancement in vehicle technology, eliminating traditional mechanical linkages between the steering wheel and wheels for enhanced comfort and improved fuel efficiency. In contrast to conventional power steering systems, which utilize mechanical components such as steering gears, the steer-by-wire system employs an electric motor (power assist unit) and sensors to facilitate steering. Specifically, a steering wheel angle sensor is connected to the steering wheel, transmitting signals to the steering actuator. The pinion angle sensor enables the pinion's movement along the rack, effectively transforming the pinion into an electrical actuator that supports wheel movement. This innovation streamlines the steering mechanism, reducing the need for mechanical components and contributing to a more efficient driving experience. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Front-wheel drive
  • All-wheel drive
  • Rear-wheel drive
• Type
  • Electronic
  • Electro-hydraulic
  • Hydraulic
  • Manual
• Vehicle Type
  • Passenger car
  • Commercial vehicle
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • France
    • Spain
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption of electric power steering
• Improving control using rack and pinion steering systems
• Design and manufacturing benefits of rack and pinion steering systems

However, the market also witnesses some limitations, which are as follows:

• Rising cost of raw materials used in vehicle components
• Recalls of defective rack and pinion steering systems
• Low penetration of rack and pinion steering systems in heavy-duty trucks

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Market Scope in Automotive Rack And Pinion Steering System Market Research Report

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Research Analysis Overview

The Automotive Rack and Pinion Steering System Market encompasses the design, engineering, manufacturing, validation, certification, and optimization of steering systems. Key factors include steering geometry, wheel position, diameter, and grip, as well as system integration, performance, and compliance with standards and regulations. Cost, weight, complexity, simulation, modeling, analysis, innovation, and trends also play significant roles in the market.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue of automotive component and equipment manufacturers. Factors fueling market expansion include the growing demand for electronic components in automobiles. With the surge in sales of EVs, motorcycles, and PCs over the past decade, the need for electronic control units (ECUs) and other electrical components has significantly increased. Key components of the automotive steering system, such as steering gearboxes, steering columns, steering wheels, and steering ratios, are integral to this trend, as they enable power steering systems and contribute to the overall vehicle driving experience.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/