Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Motor Vehicle Steering and Suspension Components (except Spring) Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
How Will the Motor Vehicle Steering and Suspension Components (except Spring) Market Grow Between 2024 and 2025?
The global market for motor vehicle steering and suspension components (excluding springs) has seen significant expansion in the past years. It is expected to increase from $99.96 billion in 2024 to $106.82 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%.
How Much Will the Motor Vehicle Steering and Suspension Components (except Spring) Market Be Worth in 2029?
The market for motor vehicle steering and suspension components (except spring) is predicted to increase and reach an estimated cost of $143.53 billion in 2029. This expansion indicates a compound annual growth rate (CAG
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Which Motor Vehicle Steering and Suspension Components (except Spring) Market Drivers Are Linked to Revenue Growth?
The key drivers in the motor vehicle steering and suspension components (except spring) market are:
• Rise in the production of electric and autonomous vehicles
• Increasing use of lightweight materials in vehicle component manufacturing
• Improved and enhanced driver assistance systems
• Enhanced ride comfort and handling due to advanced suspension systems
Which Segments Are Expected to Grow in the Motor Vehicle Steering and Suspension Components (except Spring) Market?
The motor vehicle steering and suspension components (except spring) 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, After market
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What Are The Key Trends Impacting Growth In The Global Motor Vehicle Steering and Suspension Components (except Spring) Market?
The key trends in the motor vehicle steering and suspension components (except spring) market are:
• The advent of electric and autonomous vehicles is influencing the future of the market.
• The use of lightweight materials in production is emerging as a significant trend.
• Enhanced driver assistance systems (ADAS) are shaping future market advancements.
• The increased focus on ride comfort, handling, and global urbanization is seen as a future trend at play.
Who Are the Key Competitors in the Global Motor Vehicle Steering and Suspension Components (except Spring) Market?
Major players in the motor vehicle steering and suspension components (except spring) market are:
• Bosch Limited
• Hyundai Motor Company
• Tenneco Inc.
• Denso Corporation
• Hella GmbH & Co. KGaA
• JTEKT Corporation
• Knorr-Bremse AG
• Nexteer Automotive Group Limited
• thyssenkrupp AG
• ZF Friedrichshafen AG
• Magna International Inc.
• Aisin Seiki Co. Ltd.
• Continental Automotive Systems Inc.
• Asama Coldwater Manufacturing Inc.
• Global Steering Systems LLC
• Maval Industries LLC
• American Showa Inc.
• Atsco Remanufacturing Inc.
• KYB Americas Corporation
• Raytech Powertrain LLC
• NSK Americas Inc.
• San-Ei Seiko America Inc.
• Hutchinson Aerospace & Industry Inc.
• Yamada North America Inc.
• Fox Factory Holding Corp.
• NSK Steering Systems America Inc.
• Key Electronics of Nevada Inc.
• Key Safety Restraint Systems Inc.
• Reman Gotec Plus Sun LLC
• Mevotech LP
Where Is the Motor Vehicle Steering and Suspension Components (except Spring) Market Growing Fastest Between 2025 and 2029?
Asia-Pacific was the largest region in the motor vehicle steering and suspension components (except spring) market in 2024
