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Motor Vehicle Steering And Suspension Components Global Market Report 2022 – By Type (Steering Components, Suspension Components), By Application (Commercial Vehicle, Passenger Car), By End Use (OEM, Aftermarket) – Market Size, Trends, And Global Forecast 2022-2026

What is the definition of the motor vehicle steering and suspension components market?

The motor vehicle steering and suspension components market consists of sales of motor vehicle steering and suspension components (except spring) and related services which are used for keeping the wheels of the motor vehicle firmly intact with the ground. Motor vehicle steering components consist of a group of parts including the steering wheel, steering column, and shaft, tie rods, steering arms used to transmit the movement of the steering wheel to the wheels enabling the right and left movement of the wheel. The suspension components comprise tires, the air in the tires, shock absorbers, struts, arms, bars, linkages, bushings, and joints used to connect the vehicle to its wheels to allow relative motion between the two. The suspension components of a motor vehicle provide supports to the vehicle, absorb bumps and other shocks and allow the vehicle to turn in response to steering input from the drive.

How will the motor vehicle steering and suspension components market drivers and restraints affect motor vehicle steering and suspension components market dynamics? What forces will shape the motor vehicle steering and suspension components industry going

The motor vehicle steering and suspension components market growth is aided by the poor quality of roads. However, some motor vehicle steering and suspension components market restraints include the growing popularity of electric vehicles all over the world, which restrains the market growth.  

What is the forecast market size of the motor vehicle steering and suspension components market?

The motor vehicle steering and suspension components market is expected to reach $196.04 billion in 2026 at a rate of 6.1%.

How is the motor vehicle steering and suspension components segmented?

The global motor vehicle steering and suspension components market is segmented -
1) By Type: Steering Components, Suspension Components 2) By Application: Commercial Vehicle, Passenger Car 3) By End-Use: OEM, Aftermarket

Which region has largest share, and what is the market size and growth by geography according to the motor vehicle steering and suspension components global market report?

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Who are the key players of the motor vehicle steering and suspension components market?

Top competitors in the motor vehicle steering and suspension components market are Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, and ZF Friedrichshafen.

What are the key trends in the motor vehicle steering and suspension components market?

Major trends influencing the motor vehicle steering and suspension components market include the development of suspension systems using the new magnetic ride control (MRC or MagneRide) technology developed by General Motors (GM). The magnetic damper technology improves the performance of the suspension system and provides a smooth driving experience. The technology uses a fluid infused with magnetized particles acting as electronically-controlled shock absorbers, which respond to changing driving conditions and speed in real-time making the shock absorbers adapt to the changing terrain. Such absorbers along with the automobile sensors respond to the terrain every five milliseconds.  

What are the major opportunities in the motor vehicle steering and suspension components market and the approaches companies can take to take advantage of them?

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How does the motor vehicle steering and suspension components market relate to the overall economy and other similar markets?

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