5.06% CAGR to be Recorded in Automotive Rack And Pinion Steering System Market between 2022 and 2027, 17,000+ Technavio Research Reports

Competitive Landscape, Trend Analysis, Global Opportunity Analysis, and Industry Forecast

NEW YORK, Jan. 21, 2024 /PRNewswire-PRWeb/ -- The automotive rack and pinion steering system market is estimated to grow by USD 5.25 billion from 2023 to 2027. The market is estimated to grow at a CAGR of  5.06% during the forecast period. However, the growth momentum will progress. The report is segmented the market based on Application (Passenger car and Commercial Vehicle), Type (Electronic, Electro-hydraulic, Hydraulic, and Manual ), and Geography (APAC, North America, Europe, South America, and the Middle East and Africa). 

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• The passenger car segment is estimated to witness significant growth during the forecast period. The growing urban population, constituting over half of the global total, drives increased demand for passenger cars due to longer commutes. This intensifies competition among OEMs and suppliers, prompting continuous investments in technological progress to maintain a competitive edge in the automotive sector. To sustain market presence, automotive manufacturers consistently invest in technological advancements.

Based on geography, the global automotive rack and pinion steering system market is segmented into APAC, North America, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive rack and pinion steering system market.

• APAC is estimated to contribute 58% to the growth of the global market during the forecast period. APAC, driven by China, India, Thailand, Indonesia, and South Korea, is among the world's fastest-growing economies. The region's rapid economic growth from 2020 to 2021 significantly raised per-capita income, enhancing consumer purchasing power and driving increased automobile sales. This growth has also spurred infrastructure and industrial development, fueling demand for commercial vehicles, particularly in developing countries like China and India, making APAC the world's largest and fastest-growing automotive market.

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The Increasing adoption of electric power steering is a key factor driving market growth. The demand for rack and pinion steering systems in automobiles is on the rise due to the increasing adoption of Electric Power Steering (EPS). This trend is driven by the automotive industry's focus on enhancing driver safety, comfort, and convenience, as well as improving fuel efficiency. The implementation of EPS, especially in entry-level vehicles, has increased because it enhances a vehicle's fuel efficiency. This development reflects the industry's commitment to advancing Automotive Steering Systems, including Rack and Pinion, Power Steering, Steering Gear, and Steering Mechanism. It also highlights the ongoing innovations in Automotive Components, such as the Steering Column, Steering Rack, and Pinion Gear, to improve Vehicle Dynamics and overall Automotive Safety.

The increasing popularity of steer-by-wire systems is a major trend in the market.

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What are the key data covered in this Automotive Rack And Pinion Steering System Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Automotive Rack And Pinion Steering System Market between 2023 and 2027
• Precise estimation of the size of the Automotive Rack And Pinion Steering System Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Automotive Rack And Pinion Steering System Market industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Automotive Rack And Pinion Steering System Market companies

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Related Reports:

The All-terrain Vehicle (ATV) Steering System Market size is estimated to grow at a CAGR of 4.34% between 2023 and 2028. The market size is forecast to increase by USD 102.88 million.

The commercial vehicle steering system market size is estimated to grow at a CAGR of 5.5% between 2022 and 2027. The market size is forecast to increase by USD 3,807.87 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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