The motor vehicle steering and suspension components market is on a strong growth path, rising from $98.44 billion in 2023 to $106.84 billion in 2024, indicating a CAGR of 8.5%. Growth is driven by innovations in vehicle customization and enhanced comfort. By 2028, the market is expected to reach $147.5 billion, with a CAGR of 8.4%. Key drivers include the adoption of adaptive suspension systems.
Major Driver In The Motor Vehicle Steering and Suspension Components Market
The motor vehicle steering and suspension components market (excluding springs) experiences growth influenced by the poor quality of roads. These components play crucial roles in maintaining motor vehicle stability on rugged terrain. Roads plagued by potholes and uneven surfaces accelerate the wear and tear of steering and suspension components, heightening the risk of accidents. The deterioration shortens their lifespan and escalates the need for replacements. Notably, India boasts the world's second-largest road network after the United States, yet a significant proportion of the population lacks access to well-maintained roads. The absence of road maintenance standards results in rough conditions, driving the demand for motor vehicle steering and suspension components. Market sizes for 2023, 2024, and 2028 are instrumental in understanding market dynamics and predicting future trends accurately.
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Motor Vehicle Steering and Suspension Components Market Competitive Landscape
Hyundai Motor Company, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental Automotive Systems Corporation, Thyssen Krupp AG, Magna International Inc., Aisin Group, Tenneco Inc., BENTELER International AG, Knorr-Bremse AG, Nsk Steering Systems America Inc., Hella KGaA Hueck & Co., DigiKey Corporation, Nexteer Automotive Group Ltd., Fox Factory Holding Corp., KYB Americas Corporation, Gotec Plus Sun LLC, Japan Precision Instruments Inc., YAMADA North America Inc., Asama Coldwater Manufacturing, Global Steering Systems LLC, Hutchinson Aerospace & Industry Inc., Raytech Corporation, Maval Industries LLC, San-Ei Seiko America Inc., Showa Corporation, Atsco Remanufacturing Inc., Breed Corporation
Key Motor Vehicle Steering and Suspension Components Market Trend
The latest trend in the industry is 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 magnetised 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.
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Motor Vehicle Steering and Suspension Components Market Segmentation
The motor vehicle steering and suspension components market covered in this report is segmented –
1) By Type: Steering Components, Suspension Components
2) By Application: Commercial Vehicle, Passenger Car
3) By End Use: OEM, Aftermarket
By Geography:The regions covered in the motor vehicle steering and suspension components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the motor vehicle steering and suspension component market in 2023.
The Motor Vehicle Steering and Suspension Components Global Market Report 2024 furnishes information about the global motor vehicle steering and suspension components market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
