A tie rod is an integral part of the steering mechanism in an automobile. It is a lean structural rod or bar which is used as a tie and is capable of carrying only ductile loads. This tie rod comprises an inner end and an outer end. The rod transmits a force from the rack gear to the steering knuckle, which enables the wheel to turn. The outer end of the tie rod is connected to an adjusting sleeve that enables the length of the tie rod to be highly adjustable and this adjustment is then used to set the alignment angle of the vehicle. Therefore, tie bar ends help to direct the steering of a vehicle, thereby making it possible for the wheel to turn. Tie rods generally exist in pairs on each tire which enables the angling and cornering of the tire without producing too much of torque on the wheel, however deep the turn may be. Tie bars or tie rods are essential to the handling and steering of a vehicle. These rods are not prone to the regular wear and tear 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.
Tie rods or tie bars are necessary in a vehicle in order to allow for accurate turning, enhance the handling of the vehicle, create banking in the tire and create deeper turning radii. Tie bar ends are attached to the top and bottom of the tire to keep it secure, thereby allowing for ease of handling and fine changes in the direction. Most modern vehicles use a steering system named rack and pinion that incorporates tie rods in order to help turn the wheels. These rods are attached on both the ends of the steering rack and with the rolling of the pinion over the slotted rack, the tie rods assist in pushing and pulling the front tires when the steering wheel turns. Thus, tie rods provide an integral function to the steering of the vehicle and thus the overall safety of the car. Tie bars could last for long years, 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. Therefore, owing to their high usage and importance, it is recommended to have the tie bars inspected at regular intervals.
The global automotive tie rod market can be segmented on the basis of types into heavy duty tie rod ends, precision tie rod ends, steering tie rod ends, and ball joints tie rod ends. In addition, the market can be geographically classified into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is anticipated to emerge as the most lucrative and the fastest growing regional market for automotive tie rods from 2016-2024, owing to the presence of major emerging markets for automobiles such as Japan, China, South Korea, and India. The rapidly increasing vehicle production coupled with the upward progression of the automotive industry in these countries, owing to the steady support from governments is set to steadily steer the growth of the automotive tie rod market in Asia Pacific during the forecast period.
Major players in the global automotive tie rod market include Federal-Mogul (U.S.), TRW Automotive (U.S.), ACDelco (U.S.), Ditas (Turkey), Mando Corporation (South Korea), Sankei (Tokyo), KDK Forging (U.S.), Mevotech (Canada), MAS Industries (Canada), FAI Automotive Plc (U.K.) and Crown Automotive (U.S.) among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.