Global Automotive Tie Rod Assembly Market, By Type (Steering Tie Rod Assembly, Straight Tie Rod Assembly), Application (Passenger Cars, LCVs, HCVs) - Industry Trends and Forecast to 2029
Market Analysis and Size
Automotive tie rod assembly is considered a crucial part of a vehicle as it transmits power from the rack gear or steering centre link to steering knuckle. These parts help the wheels in turning at the angle that is necessary. A sleeve joint is used to join inner and outer tie rods that enables steering mechanism to be modified.
Global Automotive Tie Rod Assembly Market was valued at USD 773.61 million in 2021 and is expected to reach USD 1100.16 million by 2029, registering a CAGR of 4.50% during the forecast period of 2022-2029. “Passenger Car” accounts for the largest vehicle type segment in the respective market owing to the high consumer preference for economic vehicles. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
The automotive tie rod assembly is known to be one of the integral component of the steering system of a vehicle. Automotive tie rod assembly assists the steering rack in steering mechanism. It is a thin structural rod that is widely utilized for binding, and transmits force to the steering knuckle from the steering hub or rack gear.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Steering Tie Rod Assembly, Straight Tie Rod Assembly), Application (Passenger Cars, LCVs, HCVs)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Ample Auto Tech Pvt. Ltd. (India), G.S. Autocomp Pvt. Ltd. (India), Sme Lifting (Italy), Peter Eisenreich GmbH (Germany), BO-INNO GmbH. (Germany), JULI SLING CO.,LTD (China), Ocap Chassis Parts Pvt. Ltd. (India), FAI Automotive (UK), Powers & Sons (US), Honssion Auto Chassis System (Zhejiang) (China), and Patmax Union Corporation (China), among others
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Market Opportunities
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Automotive Tie Rod Assembly Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Growth in the Automotive Industry
The rise in automotive industry across the globe acts as one of the major factor driving the growth of automotive tie rod assembly market. The increase in demand for passenger cars and growing awareness for safety has a positive impact on the market.
- Government Initiatives
The surge in government initiatives towards 4 wheeler safety through publicity and promotions, or through implementation of regulations. These activities encourage customer to focus on robust safety systems that further expands the market.
- Increase in Sales of Premium Vehicles
The surge in adoption of automotive tie rod assembly with noiseless operation in premium vehicles further influence the market. Also, the higher sensitivity of automotive tie rod assembly for instant response drives the market.
Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the automotive tie rod assembly market.
Opportunities
Furthermore, advent of innovative technologies in the automotive designs extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments emission further escalate the growth of spark plug market.
Restraints/Challenges faced by the Automotive Tie Rod Assembly Market
On the other hand, shifting focus towards electric vehicles are expected to obstruct market growth. Also, maintaining balance between low cost, high performance, and durability of tie rod assembly is projected to challenge the automotive tie rod assembly market in the forecast period of 2022-2029.
This automotive tie rod assembly market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive tie rod assembly market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
COVID-19 had a Major Impact on Automotive Tie Rod Assembly Market
The COVID-19 had a negative impact on the automotive tie rod assembly market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for automotive tie rod assembly market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the automotive tie rod assembly market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Automotive Tie Rod Assembly Market Scope
The automotive tie rod assembly market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Steering Tie Rod Assembly
- Straight Tie Rod Assembly
Application
- Passenger Cars
- LCVs
- HCVs
Automotive Tie Rod Assembly Market Regional Analysis/Insights
The automotive tie rod assembly market is analyzed and market size insights and trends are provided by country, product type, material, sales channel, application, vehicle type and engine layout.
The countries covered in the automotive tie rod assembly market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the automotive tie rod assembly market because of the increase in the demand for cars in the U.S. and Canada.
Europe is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in demand for demand for infrastructure in developing regions.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Automotive Tie Rod Assembly Market Share Analysis
The automotive tie rod assembly market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive tie rod assembly market.
Some of the major players operating in the automotive tie rod assembly market are
- Ample Auto Tech Pvt. Ltd. (India)
- G.S. Autocomp Pvt. Ltd. (India)
- Sme Lifting (Italy)
- Peter Eisenreich GmbH (Germany)
- BO-INNO GmbH. (Germany)
- JULI SLING CO.,LTD (China)
- Ocap Chassis Parts Pvt. Ltd. (India)
- FAI Automotive (UK)
- Powers & Sons (US)
- Honssion Auto Chassis System (Zhejiang) (China)
- Patmax Union Corporation (China)
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