Automotive Rack And Pinion Steering System Market Analysis 2025 – Insights For Long-Term Investment & Planning
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How Big Is The Global Automotive Rack and Pinion Steering System Market Expected To Grow, And What Is Its Annual Growth Rate?
The automotive rack and pinion steering system market witnesses significant growth in recent years, with expectations to further expand from $19.07 billion in 2024 to $20.12 billion in 2025 at a compound annual growth rate CAGR of 5.5%. The past growth period attributes its success to increasing vehicle production, surging demand for fuel-efficient steering systems, rise in the adoption of electric power steering, coupled with a growing focus on driving comfort, safety, and the integration of advanced driver-assistance systems ADAS.
Expect increased growth trajectory in the next few years as the automotive rack and pinion steering system market size will reach $24.56 billion in 2029, growing at a CAGR of 5.1%. The forecast period anticipates growth driven by an increased adoption of electric and hybrid vehicles, demand for lightweight steering components, emphasis on vehicle automation, expanding automotive aftermarket services, and increased investments in steering system innovation. Revolutionary trends to watch out for in the forecast period include advancements in electric power steering technology, the use of advanced materials for lighter steering systems, steering system design innovations for autonomous vehicles, steer-by-wire systems integration and the development of modular steering architectures.
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What Is Driving The Growth Of The Automotive Rack and Pinion Steering System Market?
A significant growth driver propelling the automotive rack and pinion steering system market is the global demand for fuel-efficient and lightweight vehicles. These vehicles, consuming less fuel due to their lightweight construction, improve performance and reduce emissions. This demand is in response to stricter government emission rules urging automakers to design lighter, fuel-efficient vehicles to cut fuel use and carbon emissions. Automotive rack and pinion steering systems enhance fuel-efficient and lightweight vehicles with a compact, lightweight design that reduces overall vehicle weight. On top of that, it provides precise steering control, thus improving handling and fuel economy. This fact is proven by Statistics Canada, revealing that in 2022, electric vehicles accounted for 3% of light-duty vehicle registrations, up from 2.3% in the preceding year.
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Which Leading Companies Are Driving The Growth Of The Automotive Rack and Pinion Steering System Market Share?
Automotive rack and pinion steering system market stalwarts such as Robert Bosch GmbH, ZF Friedrichshafen AG, Thyssenkrupp AG, Hyundai Mobis Co. Ltd., Valeo SE, Schaeffler Group, JTEKT Corporation, Dana Incorporated, NSK Ltd., Knorr-Bremse AG, Mando Corporation, Nexteer Automotive Corporation, Johnson Electric Holdings Limited, Leopold Kostal GmbH & Co. KG, ATS Corporation, China Automotive Systems Inc., Rane Holdings Limited, Hitachi Astemo Ltd., Sidem NV, Pailton Engineering Ltd., have been instrumental in shaping the market landscape.
What Are The Key Trends Of The Automotive Rack and Pinion Steering System Market?
Emerging trends indicate major players focusing on developing powerpack-integrated modular steering solutions, enhancing system compactness and supporting advanced driver-assistance systems ADAS and autonomous driving capabilities. These solutions combine essential steering components into a compact, all-in-one unit, improving system efficiency and installation, particularly fit for vehicles with limited space or specialized design requirements.
How Is The Global Automotive Rack and Pinion Steering System Market Segmented?
This advanced automotive rack and pinion steering system market caters to diverse needs:
1 By Component: Rack, Pinion, Steering Column, Tie Rods, Bushings and Bearings
2 By Technology: Conventional Steering Systems, Electronic Power Steering EPS, Hydraulic Power Steering HPS, Adaptive Steering Technology
3 By Vehicle Type: Passenger Cars, Commercial Vehicles, Electric Vehicles, Sports Cars
4 By Application: Original Equipment Manufacturer OEM, Aftermarket
Subsegments:
1 By Rack: Power Rack, Manual Rack, Electric Rack, Variable Ratio Rack
2 By Pinion: Steel Pinion, Aluminum Pinion, Composite Pinion
3 By Tie Rods: Inner Tie Rod, Outer Tie Rod
4 By Steering Column: Conventional Steering Column, Collapsible Steering Column, Telescopic Steering Column, Tilt Steering Column
5 By Bushings and Bearings: Rubber Bushings, Polyurethane Bushings, Ball Bearings, Needle Bearings
What Are The Leading Region In The Automotive Rack and Pinion Steering System Market?
Regionally, North America dominated the automotive rack and pinion steering system market in 2024, with Asia-Pacific expected to observe the fastest growth in the forecast period. The report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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