Manual Rack & Pinion Steering System Market is expected to rise at a Significant CAGR during the Forecast Period
With racks and pinion, the rotary motion is converted to linear motion. Pinion and rack steering systems are used as part of the linear actuator.
Increasing adoption of manual rack and pinion steering systems to spur the market growth
As these systems require conversion of rotational motion into linear motion the use of these gears is prevalent in conventional manual systems as well as in modern power steering. Hence, the increasing adoption has contributed to the market growth. In addition, the safety systems that are developed have changed the entire automotive sector. Moreover, the number of accidents has decreased by the use of safer technologies as the efficiency rate of such driver assist technology has increased.
Whereas, the major factor that is obstructing the market growth is the high costs of manual rack and pinion steering systems. In addition, the increasing costs of the raw material will also hamper the growth of the target market.
COVID-19 pandemic impacted many countries and caused disruptions in many industries. People are now more concerned about their safety and are avoiding physical contact and are preferring to stay home and opt to work from home this has drastically impacted public mobility. Also, due to strict government restrictions, mobility has been reduced as the use of public transport in cities was shut down. Hence, due to lockdown restrictions, the overall rack and pinion steering systems supply chain was disrupted and was negatively impacted.
The manual rack & pinion steering system market is segmented on the basis of product type the market is bifurcated into lateral two-end output and central output. Also, the market segmentation for the manual rack & pinion steering system market can be done on basis of end-user or applications. Hence, by end-user is bifurcated into aftermarket and OEM (original equipment manufacturer).
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to the presence of major manufacturing and production industries in this region. Hence, this region is expected to grow the rack and pinion steering systems market at a high rate.
Some of the major players operating in the global manual rack & pinion steering system market include NSK, CARDONE, Coram Group, ThyssenKrupp, Kostal of America Inc., Schaeffler, Oetiker, Flaming River Industries Inc., JTEKET Corporation, C.O.B.O International Italy, Atlantic Automotive Enterprises, KHK Gears, SHOWA CORPORATION, Bosh, ZF Friedrichshafen AG, Pailton Engineering Ltd, Gibbs Gears, Mando Halla Company, Nexteer automotive, JTEKT CORPORATION and GENERAL RICAMBI., among others.