Performance of application segments in the global automotive rack and pinion steering system market

The global automotive rack and pinion steering system market is expected to grow at a CAGR of 4.20% during the forecast period. Based on the application, the global automotive rack and pinion steering system market has been segmented into passenger cars and commercial vehicles.

Increasing urbanization is increasing the long-distance commute. This is increasing the demand for passenger cars, which is enhancing the intensity of competition among OEMs and their suppliers. To maintain a competitive advantage and sustain in the market, the automotive manufacturers are continuously investing in technological advancements. In addition, the rising number of vehicles is increasing pollution levels, which is forcing the government to implement regulations on reducing vehicular emissions. Therefore, automotive manufacturers are under pressure to offer advanced technologies that reduce vehicular emissions.

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The rack and pinion steering system is one such development in the global automotive steering system market as it has fewer components and provides better steering control with a higher fuel economy than the fewer components and provides better steering control with a higher fuel economy than the recirculating ball steering system. Thus, the increasing adoption of rack and pinion steering system in passenger cars, is expected to drive the growth of the passenger cars segment of the global automotive rack and pinion steering system market during the forecast period.