An integral component of the steering system of a vehicle is the automotive tie rod assembly. The main function of the automotive tie rod assembly is to tie the steering rack to the steering mechanism. It is a thin structural rod that is used for binding and can only hold tensile loads. There is an external and internal end to the tie rod. It transmits force to the steering knuckle from the rack gear or steering hub. This will allow the wheels to turn at the angle that is necessary. The inner and outer tie rods are joined by a sleeve joint that allows the steering mechanism to be modified.
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Automotive Tie Rod Assembly: Market Dynamics
Rising demand for passenger cars along with increasing awareness for safety are the primary driving factors expected to accelerate the implementation of automated tie rod assembly in automotive. Subsequently, expected to bolster the growth of automotive tie rod assembly market.
Government authorities across the globe are making numerous efforts for 4 wheeler safety through implying regulations or through publicity and promotions. These activities are expected to drive customer focus for implementing robust safety systems. Which, in turn, is creating positive prospects for the automotive tie rod assembly market growth during the forecast period.
Increasing adoption of automotive tie rod assembly with noiseless operation in premium vehicles coupled with advent of innovative technologies in the automotive designs are expected to fuel the growth in demand for automotive tie rod assembly. In addition, higher sensitivity of automotive tie rod assembly for instant response is likely to propel the growth for automotive tie rod assembly market.
Demand from the market for smooth and convenient driving is rising. Automotive producers are now moving their resources towards steer-by-wire technology. This removes the need for hydraulic components while preserving or eliminating the steering linkage from conventional steering connections.
To turn the wheels, the steer-by-wire mechanism uses electrical motors. Sensors are used to assess the appropriate steering force and the driver is provided with haptic feedback by the steering feel emulators. The technology has been incorporated in some forklifts, front-end loaders, M&HCVs, and other related commercial applications, but this technology is still in the early adoption process.
Impact of COVID-19 Crisis on Automotive Tie Rod Assembly market:
The ongoing COVID-19 crisis has severely affected the global economy. According to the International Monetary Fund, the global economy is expected to fall below -3% subsequently effecting all the international trades. With the economic activities in the globe coming to an almost standstill, the pandemic has affected the business, demand, trade and supply chains of many industries.
The production activities for almost all the industries, including automotive, have been halted which has resulted in the reduction in demand for automotive tie rod assembly market. However, as the economic activity resumes, the automotive tie rod assembly market is expected to recover with a moderate rate over the coming years.
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Automotive Tie Rod Assembly Market: Regional Outlook
North America is expected to have dominance in terms of volume and value share in the global automotive tie rod assembly market on the grounds of significant increase in the demand for cars in the U.S. and Canada.
The growing demand for infrastructure in APAC is one of the main factors resulting in the growth of the global market for automotive tie rod assembly. APAC’s fast-growing economies have contributed to a notable boom in the infrastructure industry. In the future, India, the Philippines and China are projected to increase Asian spending on infrastructure growth and capital projects.
The demand for automotive tie rod assembly in Latin America and Middle East & Africa is projected witness remarkable growth on account of economic growth and increasing urbanization. Subsequently expected to booster the growth for automotive tie rod assembly market.
Automotive Tie Rod Assembly Market: Key Market Participants
- Ample Auto Tech Pvt. Ltd.
- G.S. Autocomp Pvt. Ltd.
- Ocap Chassis Parts Pvt. Ltd.
- FAI Automotive
- Powers & Sons
- Honssion Auto Chassis System (Zhejiang)
- Patmax Union Corporation
The research report presents a comprehensive assessment of the automotive tie rod assembly market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The research report provides analysis and information according to the automotive tie rod assembly market segments such as geographies, product type, operation and application.
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Automotive Tie Rod Assembly Market: Segmentation
The global automotive tie rod assembly market is segmented by type and application
basis of type :
- Steering Tie Rod Assembly
- Straight Tie Rod Assembly
basis of application:
- Passenger Cars
- LCVs
- M&HCVs