Steering Tie Rod Market Outlook – 2027
A steering tie rod is an integral part of the steering mechanism in an automobile as it is a lean structural bar or rod which is used as a tie and it is capable of carrying only ductile loads. The rod tends to transmit a force from the rack gear to the steering knuckle, which enables the wheel to turn while the vehicle is moving. This tie rod comprises two ends such as an outer end and an inner end. The outer end of a tie rod is connected to an adjusting sleeve which enables the length of the tie rod to be highly adjustable and these adjustments are then used to set the alignments angle of the vehicle. Hence, tie bar ends help to direct the steering of a vehicle, thereby making it possible for the wheels to turn while speeding as well. Tie rods generally exist in pairs on each tire, which enables the angling and cornering of the tire without producing too much torque on the wheel, however deep the turn maybe. Tie rods or tie bars are essential to the handling and steering of a vehicle, these rods are not prone to the regular tear and wear like other automotive parts. Instead, these tie bar ends only get damaged when the vehicle drives up on curves and encounter road problems or hit potholes that exert their impact behind the tire and to these tie rods.
COVID-19 scenario analysis:
- As novel coronavirus spread across the globe, the auto component manufacturing companies are set to defer their planned capital expenditures (CAPEX) to preserve cash and cope with supply chain disruptions.
- The domestic auto industry is set to decline in double digits this year and therefore, almost all the companies in the component space are redrawing their strategic roadmap for the near term.
- The majority of the tier-I component makers will focus more on consolidating capacities rather than expanding at least for the short-term in order to preserve cash.
- The billion dollars industry is suffering due to prolonged slowdown with capacity utilization shrinking to half of its value due to the crisis which has been further aggravated post the coronavirus outbreak.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the application of lightweight materials and the integration of steer-by-wire technology are expected to spur the demand for steering tie rod during the forecast period. Moreover, tie bars could last for longer, but their longevity could be affected by certain driving conditions. Adverse road conditions, minor accidents, and driving obstacles can cause the tie bars to function incorrectly, which is a significant restraint for the automotive tie roads market. Furthermore, digitalization has increased the adoption of e-commerce framework for selling parts online for most of the automotive companies, developing an auto part e-commerce strategy are expected to offer lucrative opportunities for the market.
The steering tie rod market trends are as follows:
Application of lightweight materials
The new growing trend in automotive innovation is toward lightweight design. Moreover, the lightweight automotive designs are developed by replacing the existing materials with more advanced aluminum, magnesium, plastic, or composite materials, applying manufacturing technology, or adopting optimization techniques. In addition, the major benefits of lower weight design are that they require low energy as compared with conventional materials. Thus, the importance of lightweight material has dramatically increased in recent years, due to consistent stringent emission norms for protecting the environment and the continuous adoption of lightweight steering tie rod is expected to boost the steering tie rod market in the forecast period.
Integration of steer-by-wire technology
The market demand for smooth and comfortable driving is growing globally. Hence, the automotive manufacturers are now shifting their resources toward steer-by-wire technology, which eliminates the need for hydraulic components while retaining traditional steering linkage or removing the steering linkage. The Steer-by-wire system uses electric motors to turn the wheels. The sensors are used to determine the steering force required and the steering feel emulators provide haptic feedback to the driver. The system is implemented in certain medium and heavy commercial vehicles (M&HCV), front-end loaders, forklifts, and other similar commercial applications, but this technology is still in the early phase of adoption and is expected to grow in the forecast period.
Key benfits of the report:
- This study presents the analytical depiction of the steering tie rod market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the steering tie rod market share.
- The current market is quantitatively analyzed to highlight the steering tie rod market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed steering tie rod market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the steering tie rod market research report:
- What are the leading market players active in the steering tie rod market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Steering Tie Rod Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Vehicle Type |
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 By Propulsion |
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 By Region |
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 Key Market Players | KDK Forging, Mando Corporation, FAI Automotive Plc., Ditas, MAS Industries, Federal-Mogul, Sankei, ACDelco, TRW Automotive, Crown Automotive |
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