Pitman Arms Global Market Report 2024

A pitman arm is a crucial steering component present in automobiles and trucks, responsible for converting the angular motion generated by the steering box sector shaft into the linear motion necessary for steering the wheels. Pitman arms play a key role in connecting the steering linkage, ensuring precise steering control, and contributing to safe and predictable steering performance and maintenance.

The primary types of steering mechanisms associated with pitman arms include manual steering gear, recirculating ball, and parallelogram steering gear. A manual steering gear, also referred to as a manual steering mechanism or system, enables the driver to control the vehicle's direction by physically turning the steering wheel. Various materials used in the construction of pitman arms include steel alloys, iron alloys, and carbon composites. These components are incorporated in various types of vehicles, including commercial vehicles, passenger cars, and electric cars, and are distributed through different sales channels such as online and offline.

The pitman arms market research report is one of a series of new reports from The Business Research Company that provides Pitman arms market statistics, including pitman arms industry global market size, regional shares, competitors with a pitman arms market share, detailed pitman arms market segments, market trends, and opportunities, and any further data you may need to thrive in the pitman arms industry. This pitman arms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pitman arms market size has grown strongly in recent years. It will grow from $10.02 billion in 2023 to $10.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period can be attributed to various factors, including trends within the automotive industry, regulatory changes, economic conditions, consumer preferences, and the dynamics of the competitive landscape.

The pitman arms market size is expected to see strong growth in the next few years. It will grow to $13.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be attributed to factors such as global economic trends, environmental regulations, consumer preferences in mobility, strategies for market expansion, and the resilience of supply chains. Significant trends expected in the forecast period include the adoption of advanced materials, integration of smart technologies, the development of electric power steering (EPS) systems, the advancement of variable ratio steering systems, and the adoption of eco-friendly and sustainable manufacturing practices.

The anticipated increase in the demand for automobiles is expected to drive the growth of the pitman arms market in the future. Automobiles, which are motorized vehicles designed for personal transportation, rely on various components for their proper functioning. The pitman's arm holds particular significance in the steering system of an automobile, converting the driver's rotational steering input into lateral movement that directly influences the front wheels. An illustrative example is the report published by the European Automobile Manufacturers' Association (ACEA) in March 2022, revealing that Chinese automakers produced 20.7 million vehicles in 2021, marking a 7.1% increase. Additionally, the global production of cars rose by 2.7% to 63.2 million in 2021. Hence, the growing demand for automobiles is a key driver behind the expansion of the pitman arms market.

The increasing emphasis on vehicle safety is expected to contribute to the growth of the pitman arms market. Vehicle safety measures aim to minimize the risk of accidents and injuries. Pitman arms play a crucial role in enhancing vehicle safety by translating the rotational movement of the steering wheel into the lateral movement of the front wheels, enabling drivers to control the vehicle's direction. This focus on safety is evident in a survey conducted by Mobility Outlook in November 2021, where approximately 58% of respondents expressed a willingness to stretch their budget for safety ratings, and around 75% preferred vehicles with four or five-star safety ratings. Consequently, the growing emphasis on vehicle safety acts as a driving force behind the growth of the pitman arms market.

The difficulty in locating generic Pitman arms stands as the primary challenge that restricts the growth of the Pitman arms market during the forecast period. This challenge has the potential to escalate the costs of replacement components, making it more arduous for customers to find the specific parts they need. Consequently, this may lead to a decrease in the popularity of Pitman arms, with a potential shift towards more economical alternatives. For example, as reported by the Model T Ford Club of America, Pitman arms can be challenging to find. The report highlights a common misconception among individuals who believe a new Pitman arm is necessary due to a perceived lack of roundness in the ball. However, those familiar with these automobiles understand that the ball is intentionally not perfectly round, creating difficulties for buyers in obtaining the necessary components. Thus, the difficulty in finding generic Pitman arms serves as a constraint on the growth of the Pitman arms market.

Major companies in the Pitman arms market are actively focusing on innovative solutions, such as the integration of folding steering systems technology, to drive revenues. The term 'folding steering system' refers to technology that enables adjustments to the steering wheel's angle and position, catering to driver preferences and enhancing comfort. For instance, in October 2021, Hyundai Mobis Co. Ltd., a South Korea-based automotive parts and systems manufacturing company, introduced a folding steering system. This technology allows the steering wheel to be folded and unfolded, optimized for future mobility vehicles to create more interior space and innovative design. The redundant design of key electronic components, including sensors and Electronic Control Units (ECUs), ensures the car can maintain normal steering in emergencies. Both the new foldable steering system and the steer-by-wire (SBW) steering system are compatible.

In June 2023, inMusic Brands Inc., a U.S.-based company specializing in music technology and audio equipment, acquired Moog Inc. for an undisclosed amount. This acquisition expands inMusic Brands' portfolio with innovative companies focusing on performance and production instruments. Moog Inc., a U.S.-based company manufacturing Pitman arms for vehicle steering systems, is expected to benefit from the acquisition, addressing ongoing challenges faced as a small manufacturing business.

Major companies operating in the pitman arms market report are Robert Bosch GmbH, ZF TRW Automotive Holdings Corp., OES Genuine, Federal-Mogul Motorparts LLC, Moog Inc., Dorman Products Inc., Allstar Performance Automotive Inc., Mevotech LP, Powers and Sons LLC, Beck/Arnley Worldparts Inc., Omix-Ada Inc., Jeg's Automotive Inc., Skyjacker Suspensions, Skyjacker Suspensions, URO Parts Industries Inc., ACDelco LLC, Vierol AG, Driveworks Ltd., Rare Parts Inc., Howe Racing Enterprises Inc., RT Offroad, Flaming River Industries Inc., Yec Co. Ltd., Raybestos Brake & Chassis, Proforged LLC

Asia-Pacific was the largest region in the pitman arms market in 2023. The regions covered in the pitman arms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the pitman arms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The pitman arms market consists of sales of rack-and-pinion steering systems, power steering, and worm and roller steering. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Pitman Arms Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on pitman arms market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for pitman arms ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pitman arms market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Steering Type: Manual Steering Gear; Recirculating Ball; Parallelogram Steering Gear
• 2) By Material: Steel Alloys; Iron Alloys; Carbon Composites
• 3) By Vehicle Type: Commercial; Passenger Cars; Electric cars
• 4) By Sales Channel: Online; Offline
• Companies Mentioned: Robert Bosch GmbH; ZF TRW Automotive Holdings Corp.; OES Genuine; Federal-Mogul Motorparts LLC; Moog Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.