Jan 8, 2018   SOURCE: BusinessWire

Top Trends in the Global Automotive Tie Rod Assembly Market- Technavio

Technavio’s latest market research report on the global automotive tie rod assembly market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

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Technavio has published a new market research report on the global automotive tie rod assembly marke ...

Technavio has published a new market research report on the global automotive tie rod assembly market 2017-2021 under their automotive library. (Graphic: Business Wire)

One of the key factors resulting in the growth of the global automotive tie rod assembly market is the rising infrastructure demand in APAC. The rapidly growing economies in APAC have led to a notable boom in the infrastructure sector. India, the Philippines, and China are anticipated to boost Asia's spending on infrastructure development and capital projects in future.

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The top three emerging market trends driving the global automotive tie rod assembly market according to Technavio research analysts are:

  • Application of lightweight materials
  • Integration of steer-by-wire technology
  • Rise in e-commerce

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Application of lightweight materials

The current trend in automotive innovation is toward lightweight design. 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. The major benefits of lower weight design are that they require low energy as compared with conventional materials. The importance of lightweight material has dramatically increased in the recent years due to the consistently stringent emission norms for protecting the environment.

According to Amey Vikram, a lead analyst at Technavio for automotive components, “The parts of steering systems and suspension have seen several instances of lightweight design application for knuckle or control arm. However, there are a few cases of tie rod assembly design changes. This is relatively much lighter than the other automotive parts. However, automakers and parts manufacturers are interested in reducing the size of the tie rods to counter the weight-related target that is predetermined in units of gram-force during the proto-design stage.”

Integration of steer-by-wire technology

The market demand for smooth and comfortable driving is growing. Therefore, automotive manufacturers are shifting their resources toward steer-by-wire technology. This eliminates the need for hydraulic components while retaining traditional steering linkage or removing the steering linkage.

Steer-by-wire system uses electric motors to turn the wheels. 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 M&HCVs, front-end loaders, forklifts, and other similar commercial applications, but this technology is still in the early phase of adoption.

Rise in e-commerce

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 is no longer merely a consideration or an experiment, but is integral to their business strategy. Automotive e-commerce giants in the US such as Amazon have struck multiple deals with several auto parts suppliers to sell their products directly through the Amazon website.

“The automotive market segment in EMEA and APAC is expected to grow because of the increasing average age of vehicles and the growing number of vehicles on the road. Furthermore, the rising numbers of accidents across the world with the availability of lucrative automotive insurance deals are poised to increase the demand for aftermarket replacement parts,” says Amey.

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