The centre and drag link market is set to thrive at a CAGR of 6.65% during the forecast period. The market holds a value of US$ 1.41 billion in 2022 while it is anticipated to hold a value of US$ 2.68 billion by 2032.
Attributes
Details
Market Size (2022E)
US$ 1.41 Billion
Market Size (2032F)
US$ 2.68 Billion
Value CAGR (2022 to 2032)
6.65%
The centre and drag links relate to the drop and steering gearbox to the steering wheel. The rising automotive industry, along with the transformation of steering technology, is fueling the sales of centre and drag links.
The centre and drag links play a crucial role in the vehicle balancing as it wanders or pulls to the left or right once it is bad or loose, ending up as the reason why tires wear unevenly. The vehicle loses alignment once traveling down the road. Thus, the demand for centre and drag links has increased.
Heavy-duty vehicles with advanced power steering adopt the centre and drag links that are flexible with different steering technology. A rise in urbanization and industrialization have been two strong factors for the sales of centre and drag links. The engineering companies work on the strength and longer shelf life of the center and drag link.
Vendors use forged steel composition results for a better and stronger component. Advanced centre and drag links come with a bearing design that enables grease to flow through so that the friction gets reduced around the stud. This gives the centre and drags link strength and stability.
With an increasing end-user inclination towards better and more efficient vehicle components, vehicle component manufacturers need to design products meeting challenges, especially for commercial vehicles. The new supercars involve advanced machinery that further requires string response and integration between the centre and steering drag and drag, expanding the centre and steering drag link market size.
End users try to get it installed for the like-new steering response that it provides with tighter tolerances and conventional cover plate design, delivering more durability and life. Thus, people get it installed for lighter steering with an enhanced response. With the developing automotive infrastructure in emerging economies such as China and India, new outlets and brands have started producing spare parts for different automobiles, such as centre and drag links.
The producers make sure that there is 100% integration between the steering drag and track rods to provide and enhance the steering handling experience for the end users. However, alternative technology and the advent of electric vehicles have slowed down the growth of the centre and drag link market.
Center link is used for transmission of motion from inner tie rods to pitman arm on both sides of a vehicle as compared to center link, which connects to an idler arm. While driving, center link allows the driver to turn front wheels in desired direction. Center and drag link assemblies offer smooth functioning of the vehicle and result in less vibrates and wobbles, thus easy to drive.
Center and drag link assemblies are essential components of steering wheel, which is intended to maintain front wheel and front axle lineup. Center and drag link manufacturers are keen on developing products, which overcome challenges such as extreme temperatures, uneven terrain, bad ground conditions, safety and reliability.
With increasing end user inclination towards better and efficient vehicle components, the vehicle component manufacturer’s need to design products meeting aforementioned challenges especially for commercial vehicle vehicles
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Centre and Drag Link Market Segmentation
Center and drag link market is segmented on the basis of Gross Vehicle Weight (GVW), ball size range, end use industry and product type. Based on the type of GVW applications, the market is segmented into less than 8,000 lb. GVW, between 8,000-15,000 lb. GVW, and more than 15,000 GVW.
On the basis of ball size type, the segmentation includes 1 to 1.5 inch, 1.5 to 1.75 inch and 1.75 to 2.75 inch. Center and Drag link assemblies are used across various end use industries including agriculture, forestry, off-road vehicles, mining, and military. The segmentation is also done by the product type, which majorly includes light-duty vehicle, medium-duty vehicle and heavy-duty vehicle.
Geographically, the center and drag link market is segmented into seven regions namely North America, Western Europe, Japan, Asia Pacific Excluding Japan, Middle East and Africa and Latin America. Also, Asian countries offer low-cost labour, the developed products are less expensive as compared to those manufactured in developed regions of the world.
Centre and Drag Link Market Dynamics
Technological advancements in automotive industry is one of prominent factors driving the demand for development of more durable and strong products such as center and drag links. Moreover, due to fragmented nature of market, number of players in the center and drag link market has increased in recent years.
This has further led to improved product development at affordable prices, which is fuelling the market growth. In addition, growing automotive industry particularly across countries such as India and China is further expected to increase demand for steering wheel components such as center and drag link among the end-users.
Manufacturers of steering wheel system are focused on extensive research and development (R&D) in order to achieve a defined top-line growth. Apart from R&D gaining significant share in the aftermarket is a concern for manufacturers in North America.
Thus, improvement in stock keeping units (SKUs) with an aim to increase coverage of products for different vehicle models might offer surge in unit shipment sales and result in competitive pricing. Furthermore, this is predicted to lead towards enhanced product availability at affordable prices for end users particularly in North America and increase in market share of respective companies.
However, large number of suppliers does lead to increased product availability, which results in low quality and less efficiency and thus, hampering the market growth of high-end center and drag link assemblies.
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Centre and Drag Link Market Key players
Some of the players in the centre and Drag link market include Federal-Mogul Corporation, KOREA Central CO., LTD., Rane (Madras) Ltd., Powers & Sons, LLC, ZF TRW and Moser Engineering among others. Original steering parts manufacturers across the globe are focused on developing quality products in compliance with reliability and durability. This has thus, led to slow replacement rates, which is indirectly leading towards market demand for center and drag link shipments in the aftermarket.
The report covers exhaustive analysis on
Global Centre and Drag Link Market Segments
Global Centre and Drag Link Market Dynamics
Historical Actual Market Size, 2013 - 2015
Global Centre and Drag Link Market Size & Forecast 2016 to 2026
Value Chain
Global Centre and Drag Link Market Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Global Centre and Drag Link Market Drivers and Restraints
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Regional analysis for Centre and Drag Link Market includes
North America
US & Canada
Latin America
Brazil, Mexico, Others
Western Europe
EU5
Nordics
Benelux
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
Australia and New Zealand (ANZ)
Greater China
India
ASEAN
Rest of Asia Pacific
Japan
Middle East and Africa
GCC Countries
Other Middle East
North Africa
South Africa
Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Frequently Asked Questions
What is the Growth Outlook for Centre and Drag Link Market?
The market is likely to register a CAGR of 6.65% through 2032.
What is the Current Valuation of the Market?
The market is currently valued at US$ 1.41 Bn in 2022.
How is the Future of the Market?
The market is likely to grow to a valuation of US$ 2.68 Bn by 2032
Which is the Leading Region in the Market?
Asia Pacific is likely to be a leading market during the forecast period.
