Automotive Rack And Pinion Steering System Market Size to grow by USD 4.7 billion between 2024-2028
According to a research report “ Automotive Rack And Pinion Steering System Market” by Application (Passenger car, Commercial vehicle) Type (Electronic, Electro-hydraulic, Hydraulic, Manual) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4.7 billion, at a CAGR of 4.39% during the forecast period. In the automotive industry, Electric Power Steering (EPS) systems have gained significant traction due to their contribution to enhancing safety, comfort, and fuel efficiency in vehicles. Notably, EPS exclusively utilizes the rack and pinion steering system. Consequently, the increasing adoption of EPS has resulted in a corresponding surge in demand for automotive rack and pinion steering systems. Moreover, EPS serves as a crucial input for advanced safety features such as lane keep assist and electronic stability control. Technological advancements have led to the evolution of steering systems from manual to EPS and steer-by-wire systems, subsequently driving the development of essential components like the steering column and steering gearbox..
Browse market data tables, figures, and in-depth TOC on “Automotive Rack And Pinion Steering System Market” by Application (Passenger car, Commercial vehicle) Type (Electronic, Electro-hydraulic, Hydraulic, Manual) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Application, the Passenger car segment is projected to dominate the market size in 2024
In the dynamic automotive landscape of 2023, the passenger car segment holds a significant market share, accounting for a substantial volume of global automobile sales. With over half of the world's population residing in urban areas and this trend continuing to grow, the need for personal transportation solutions, particularly passenger cars, is escalating. This intensifies competition among Original Equipment Manufacturers (OEMs) and their suppliers to maintain a competitive edge and sustain in the industry. In response, automotive manufacturers are investing heavily in technological innovations. Moreover, the increasing number of vehicles on the road contributes to rising pollution levels, necessitating regulatory measures to curb vehicular emissions. Consequently, automakers are under immense pressure to provide advanced technologies that not only cater to consumer demands but also adhere to stringent emission norms.
By Type, Electronic segment is expected to hold the largest market size for the year 2024
The electronic rack and pinion steering system has emerged as a leading solution in the global automotive rack and pinion steering system market. The integration of advanced technologies in the automobile industry is fueling the demand for electronic steering systems. These systems offer numerous benefits, including heightened precision, quicker responses, and sophisticated safety features. Electronic rack and pinion steering systems utilize sensors and electronic control units (ECUs) to monitor and adjust steering inputs, ensuring optimal vehicle handling and stability. The growing consumer preference for cars equipped with Advanced Driver Assistance Systems (ADAS) and autonomous driving features is further boosting the popularity of electronic rack and pinion steering systems.
APAC is forecasted to hold the largest market size by region in 2024
The Automotive Rack and Pinion Steering System Market represents a significant segment within the automotive industry. This market is characterized by the increasing adoption of electric power steering systems, advanced technologies such as electric power assisted steering (EPAS), and the growing demand for fuel efficiency and reduced emissions. Manufacturers are focusing on enhancing the precision and responsiveness of these systems, thereby driving market growth. Additionally, the increasing global automotive production and sales are expected to boost market expansion.
The Automotive Rack And Pinion Steering System Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Automotive Rack and Pinion Steering System Market is witnessing significant growth in the automobile industry due to the increasing demand for smooth driving experience in various vehicle types. This steering system, which connects the steering wheel to the wheels, is crucial for controlling the direction of automobiles. The system utilizes universal joints in the steering column to transmit motion, allowing for precise steering. The market caters to various vehicle segments, including automobiles, construction machinery, and hybrid loaders. Schaeffler, a leading automotive and industrial supplier, is a key player in this market, offering advanced control technology for rack and pinion steering systems. Moreover, the market is expanding to accommodate the needs of emerging technologies like electric vehicles, autonomous driving controls, and advanced braking systems. These innovations aim to enhance fuel efficiency, pollution control, and overall vehicle performance. The Q50 model variant of Passenger vehicles is an excellent example of how rack and pinion steering systems contribute to a smooth driving experience. The future of the market lies in the integration of these advanced technologies, ensuring a more efficient, eco-friendly, and technologically advanced automotive industry.
Market Research Overview
The Automotive Rack and Pinion Steering System Market is experiencing significant growth due to increased vehicle production, electric vehicle incentives, and a focus on environmental safety and fuel efficiency in the motor industry. Original Equipment Manufacturers (OEMs) are integrating advanced technologies such as electric power steering systems and innovative rack and pinion mechanisms into passenger cars, light commercial vehicles, and heavy commercial vehicles to ensure effective vehicle control and comfortable driving automobiles. The power steering system, a non-replaceable component in modern automobiles, is crucial for smooth driving and vehicle handling. The rack and pinion mechanism, a key part of the steering system, converts rotational motion into linear motion, enabling the steering wheels to turn the wheels. Government bodies are promoting the sales of fuel-efficient vehicles, including electric vehicles (EVs), hybrid loaders, and construction machinery, leading to a surge in demand for automotive steering systems. Schaeffler, a leading automotive and industrial supplier, is at the forefront of this trend, offering advanced braking systems, pollution control technologies, and autonomous driving controls. Universal joints and steering columns are essential components of the steering system, ensuring smooth operation and precise control. The Q50 model variant of some automakers is a prime example of the integration of these technologies, offering improved control technology and fuel efficiency. Overall, the market for automotive steering systems is expected to grow significantly in the coming years, driven by the demand for comfortable, fuel-efficient, and environmentally friendly vehicles.
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