Pitman Arms Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Pitman Arms Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 27, 2024 /EINPresswire.com/ -- The pitman arms market has shown robust growth in recent years, with expectations to continue expanding significantly. Starting from $10.02 billion in 2023, the market is projected to grow to $10.79 billion in 2024, achieving a Compound Annual Growth Rate (CAGR) of 7.7%. It will grow to $13.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. This growth trajectory is driven by trends in the automotive industry, regulatory shifts, economic conditions, consumer preferences, and competitive dynamics.

Rising Demand for Automobiles Drives Market Growth
The rising global demand for automobiles is a primary driver fueling the growth of the pitman arms market. Automobiles, powered by internal combustion engines, electric motors, or alternative fuels, rely on pitman arms to convert steering inputs into wheel movement. According to the European Automobile Manufacturers' Association (ACEA), global vehicle production increased to 63.2 million units in 2021, underscoring the pivotal role of pitman arms in steering systems.

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Key Players and Market Trends
Major companies such as Robert Bosch GmbH, ZF TRW Automotive Holdings Corp., Moog Inc., and Dorman Products Inc. are actively innovating in the pitman arms sector. Innovations include advanced solutions like folding steering systems, which enhance driver comfort and adaptability. For instance, Hyundai Mobis Co. Ltd. introduced a foldable steering system optimized for future mobility vehicles, highlighting the industry's focus on technological advancement.

Segments:
• Steering Type: Manual Steering Gear, Recirculating Ball, Parallelogram Steering Gear
• Material: Steel Alloys, Iron Alloys, Carbon Composites
• Vehicle Type: Commercial, Passenger Cars, Electric Cars
• Sales Channel: Online, Offline

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific emerged as the largest region in the pitman arms market in 2023 and is expected to maintain its leadership position throughout the forecast period. The region benefits from robust automotive production and increasing adoption of advanced steering technologies.

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Pitman Arms Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Pitman Arms Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on pitman arms market size, pitman arms market drivers and trends, pitman arms market major players, competitors' revenues, market positioning, and market growth across geographies. The pitman arms market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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